My CPA is going with this probability. But who knows? In retrospect I think it’s fair, and struggling businesses “in need” getting PPP loans are liable to have all kinds of expense deductions whether they want them or not!
On the other hand, look at this legislative “Hail Mary” from CPA group:
https://www.journalofaccountancy.com/news/2020/may/expenses-reimbursed-by-ppp-not-tax-deductible-paycheck-protection-program.html