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" ... The application might look something like this: a businessowner who had high income in 2015-17 can use a loss in 2020 to get an immediate income tax refund. If Jim is a dentist and received a $150,000 PPP loan, and used it for expenses, but didn’t have an offsetting loss of total revenue, he’d have a $150,000 tax-free infusion of cash. If he used that to purchase equipment for the dental practice, he could prospectively write those purchases off under the bonus deprecation rules. If this created a loss, he could carry it back 5 years and get an immediate refund. ... "