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With congress in the final throes of its work for the year this week president trump signed into law a 1 4 trillion omnibus government funding bill and a 900 billion covid 19 stimulus bill.
Covid stimulus bill ppp expenses. 133 the consolidated appropriations act 2021 clarifies that business expenses paid for with paycheck protection program ppp loans are tax deductible. It temporarily makes business meals fully deductible in 2021 and 2022 and. Senate and house of representatives overwhelmingly passed a 900 billion covid 19 relief bill that provides 600 stimulus payments to individuals adds 300 to extended weekly unemployment benefits and provides more than 300 billion in aid for small businesses.
The 900 billion covid 19 relief package passed monday provides 284 billion for a revised paycheck protection program ppp and clarifies that businesses can claim tax deductions for expenses paid for with forgiven ppp loans. With stimulus 2 0 congress overruled the irs and decreed that expenses incurred using forgiven ppp funds are deductible. It also expanded ppp eligibility for nonprofit organizations and news outlets.
Deductibility of ppp funded expenses. On december 27 2020 president trump signed the caa into law. While not yet signed into law it is expected that president trump will do so soon.
The bill clarifies that gross income does not include any amount that would otherwise arise from the forgiveness of a paycheck protection program ppp loan. The bill includes 15 billion in assistance for live venues independent theaters and cultural institutions. Covid 19 relief bill addresses key ppp issues.
The 5 593 page covid 19 relief and spending bill signed by president trump h r. In mid december the us congress passed the consolidated appropriations act of 2021 caa or act which included another 900 billion in stimulus efforts tied to the covid 19 pandemic. This article summarizes a number of provisions in the 5 593 page act that are important to nonprofit organizations including churches.
Stimulus bill enables businesses to deduct ppp expenses.
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