The Consolidated Appropriations Act of 2021
Last night the U.S. Senate and House of Representatives passed a $900 billion COVID-19 relief bill. The measure now goes to President Trump for his signature.
The bill provides $600 stimulus payments to individuals, adds $300 per week to unemployment benefits and provides more than $300 billion in aid to small businesses.
Most important for small businesses, the Act ensures tax deductibility for business expenses paid with forgiven PPP loans, provides new PPP funds, makes Section 501(c)(6) nonprofit organizations eligible for loans and offers businesses with severe revenue reductions the opportunity to apply for a second loan.
For more details, read the article from the Journal of Accountancy at https://www.journalofaccountancy.com/news/2020/dec/covid-19-relief-bill-addresses-key-ppp-issues.html.
Please contact our office with questions at 516-409-1120.
By Sandra G. Johnson, CPA, EA, CFE