Details Of Stimulus Package Ppp

The recently introduced and much anticipated stimulus bill titled the consolidated appropriations act 2021 the act has been passed by the senate and the house of representatives and is now awaiting signature from the president. What you should do immediately to take advantage of these programs. Late on december 21 2020 congress passed its latest stimulus package.

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Below are details of small business provisions of the new stimulus package and as importantly.

Details of stimulus package ppp. Stimulus package dec 27 2020 this evening president trump finally signed the pandemic relief bill clearing the way for long overdue help to start reaching the american people. Blasnik cpa cgma partner. While the package provides far more money for k 12 schools than the first stimulus bill in march the funds still fall short of what both sectors say they need to blunt the effect of the pandemic.

Clearing up confusion about potential tax liabilities associated with ppp funding was a key benefit identified by the auto care association aca as well. Eligible families will receive an. The bill which runs over 5 000 pages expands the paycheck protection program ppp which was originally established when the cares act was enacted earlier this year the stimulus bill allocates 284 billion for new ppp loans.

The package will extend aid to millions of struggling households through stimulus checks enhanced federal unemployment benefits and money for small businesses schools and child care as well as. The latest federal stimulus package not only extends the ppp program but also provides 284 billion in additional funding. Keep in mind that this.

The stimulus package is finally here with just days left in 2020. You must use 60 of your second draw loan on payroll expenses to qualify for loan forgiveness. The bill also added a simplified one page forgiveness application for loans of 150 000 or less.

Ppp 2 0 and other business relief. The new stimulus package also clears up the controversial issue of ppp deductibility and taxation. This happened sunday evening around 8pm eastern time after a full week of uncertainty as to whether he would sign this law.

The package sends direct stimulus payments of 600 to individuals half the amount provided in the first round of checks which went out in the spring. It s a giant last minute bill some 5 593 pdf pages long but fortunately you don t have to read the whole thing.