I have it on good authority (Janet Spies) that PPP loan proceeds are not considered gross receipts for purposes of Texas franchise tax.
The bill passed last night overrides Rev. Rule 2020-27 and Notice 2020-32. It provides that expenses paid with PPP loan proceeds are deductible! We are redoing tax estimates and clients are pleased!
This bill also provides for an easier forgiveness application for loans of $150,000 or less!
AICPA published a good article summarizing the key provisions of this 5,600+ page law.