New Stimulus Package Ppp Deduction

Provides tax deductions and other relief.

New stimulus package ppp deduction. If you are a small business owner the covid 19 stimulus package that congress passed on monday evening december 21 2020 has some very good news. The covid 19 relief package set for a vote in congress would clarify that business owners can deduct expenses paid for with ppp loans which can be forgiven by the government without incurring a tax. In other words if you got a 10k eidl grant advance in 2020 you had to subtract that amount from your ppp loan forgiveness amount.

Chad pergram on the likelihood of the white house closing a coronavirus stimulus deal. If you are a small business owner the covid 19 stimulus package that congress passed on monday evening december 21 2020 has some very good news. The 900 billion covid 19 stimulus bill of december 2020 improves the paycheck protection program ppp2.

Are the new fha loan limits. 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. In addition to more paycheck protection program funds available congress passed tax relief for small businesses.

The deduction benefit could generate more than 100 billion in tax savings for business owners according to brookings institution estimates. The new bill repeals section 1110 e 6 of the cares act which required ppp borrowers to deduct the amount of their eidl advance from their ppp forgiveness amount.