December 22, 2020   //   COVID-19 Tax   //   By Ashley Grabenhofer

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Monday night, the U.S. Senate and House of Representatives passed a COVID-19 relief bill. This bill will provide $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for small businesses.

The Consolidated Appropriations Act, 2021, provides fresh PPP funding, makes Sec. 501(c)(6) not-for-profit organizations eligible for loans for the first time, offers businesses facing severe revenue reductions the opportunity to apply for a second loan, and also ensures tax deductibility for business expenses paid with forgiven Paycheck Protection Program (PPP) loans.

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