New Stimulus Bill And Ppp Expenses
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This is causing owners and accountants everywhere to heave a sigh of relief.
New stimulus bill and ppp expenses. This applies to ppp loans made before on or after the date of the enactment of the new bill including the forgiveness of these loans. 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. This supersedes irs guidance saying that if you paid business expenses with forgiven ppp funds the expenses would not qualify for small business tax.
The bill clarifies that qualifying business expenses paid with forgiven ppp funds will still be tax deductible. The new stimulus package also clears up the controversial issue of ppp deductibility and taxation. Little has been written about whether the new law will allow ppp borrowers to deduct the expenses that they paid to receive forgiveness and many ppp borrowers will not survive if they have a big.
The stimulus package will expand the ppp loan forgiveness program to include more eligible expenses such as supplier goods necessary to operate some business operation expenses materials. New treatment of ppp expenses. The bill also added a simplified one page forgiveness application for loans of 150 000 or less.
When congress passed the cares act lawmakers indicated that ppp funds should not be taxable. Educator expenses for protective equipment. The bill requires treasury to issue regulations or other guidance providing that the cost of personal protective equipment and other supplies used for the prevention of the spread of covid 19 is treated as an eligible expense for purposes of the sec.
The new bill extends the covered period for first draw ppp loans through march 31 2021. The 900b bill also improves and extends the employee retention tax credit and lets businesses apply for a second ppp loan. 62 a 2 d ii educator expense deduction.
New stimulus bill to allow ppp funded business expense deductions.
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