Excerpts remove paragraph formatting?

Hi there,
excerpts are meant to be small paragraphs so they strip by default any html tags (like <p>). You can add this in the end of your functions.php to make paragraph tags visible in excerpts.

function wpse_allowedtags() {
    // Add custom tags to this string
        return '<p>';
    }

if ( ! function_exists( 'wpse_custom_wp_trim_excerpt' ) ) : 

    function wpse_custom_wp_trim_excerpt($wpse_excerpt) {
    $raw_excerpt = $wpse_excerpt;
        if ( '' == $wpse_excerpt ) {

            $wpse_excerpt = get_the_content('');
            $wpse_excerpt = strip_shortcodes( $wpse_excerpt );
            $wpse_excerpt = apply_filters('the_content', $wpse_excerpt);
            $wpse_excerpt = str_replace(']]>', ']]>', $wpse_excerpt);
            $wpse_excerpt = strip_tags($wpse_excerpt, wpse_allowedtags()); /*IF you need to allow just certain tags. Delete if all tags are allowed */

            //Set the excerpt word count and only break after sentence is complete.
                $excerpt_word_count = 75;
                $excerpt_length = apply_filters('excerpt_length', $excerpt_word_count);
                $tokens = array();
                $excerptOutput = '';
                $count = 0;

                // Divide the string into tokens; HTML tags, or words, followed by any whitespace
                preg_match_all('/(<[^>]+>|[^<>\s]+)\s*/u', $wpse_excerpt, $tokens);

                foreach ($tokens[0] as $token) { 

                    if ($count >= $excerpt_length && preg_match('/[\,\;\?\.\!]\s*$/uS', $token)) {
                    // Limit reached, continue until , ; ? . or ! occur at the end
                        $excerptOutput .= trim($token);
                        break;
                    }

                    // Add words to complete sentence
                    $count++;

                    // Append what's left of the token
                    $excerptOutput .= $token;
                }

            $wpse_excerpt = trim(force_balance_tags($excerptOutput));

                $excerpt_end = ' <a href="'. esc_url( get_permalink() ) . '">' . ' » ' . sprintf(__( 'Read more about: %s  »', 'wpse' ), get_the_title()) . '</a>';
                $excerpt_more = apply_filters('excerpt_more', ' ' . $excerpt_end); 

                //$pos = strrpos($wpse_excerpt, '</');
                //if ($pos !== false)
                // Inside last HTML tag
                //$wpse_excerpt = substr_replace($wpse_excerpt, $excerpt_end, $pos, 0); /* Add read more next to last word */
                //else
                // After the content
                $wpse_excerpt .= $excerpt_more; /*Add read more in new paragraph */

            return $wpse_excerpt;   

        }
        return apply_filters('wpse_custom_wp_trim_excerpt', $wpse_excerpt, $raw_excerpt);
    }

endif; 

remove_filter('get_the_excerpt', 'wp_trim_excerpt');
add_filter('get_the_excerpt', 'wpse_custom_wp_trim_excerpt');

Try installing the WP Editor plugin to enhance the default editor and then navigate to the /themes/olsen-light/ folder to find the file.

Let me know if this works