New Stimulus Bill And Ppp

In december 2020 the federal government passed a new 900 billion stimulus that includes 284 billion in additional paycheck protection program ppp funding for small businesses.

New stimulus bill and ppp. In an important move for pandemic hit businesses that took or plan to take a paycheck protection program ppp loan the 900 billion stimulus bill set to pass this week allows companies to deduct business expenses paid for with ppp funds even if the funds are forgiven. Small business association sba for first and second ppp forgivable small business loans and allocates 20 billion to provide economic injury disaster loan eidl grants to businesses in low income communities. The deal includes a 900 billion economic stimulus package that will provide relief benefits to businesses and individuals impacted by the covid 19 pandemic.

22 2020 congress passed the latest covid 19 relief bill. 22 dec 2020 new stimulus bill and ppp updates. It contains over 900 billion of additional stimulus funding and provides for several key tax extenders and other tax changes.

There is welcome relief for small businesses. Provides that employers who receive ppp loans may still qualify for the ertc with respect to wages that are not paid with forgiven ppp proceeds. The bill provides more than 284 billion to the u s.

Rules allowing new employers who were not in existence for all or part of 2019 to be able to claim the credit. Financial support for businesses. Congress at last passed a second stimulus bill this week as of this writing it is still awaiting president trump s signature and it includes a second round of ppp loans for affected small.

The bill also retroactive to the effective date of the cares act. In addition to more paycheck protection program funds available congress passed tax relief for small businesses. The proposed bill allows new and old borrowers to receive a ppp loan if they meet the requirements of an eligible entity an eligible entity will need to satisfy the necessity test that is.