Stimulus Bill And Ppp Deductions
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This is causing owners and accountants everywhere to heave a sigh of relief.
Stimulus bill and ppp deductions. Covid 19 relief bill addresses key ppp issues. Businesses have been asking to deduct ppp paid. Struggling ppp borrowers have been on a roller coaster after seeing countless news headlines showing that congress has yet to finalize their negotiations and pass the new covid 19 stimulus bill.
This supersedes irs guidance that such expenses could not be deducted and brings the policy in line with what the aicpa and hundreds of other business associations have argued was congress s intent when it created the original ppp as part of the 2 trillion coronavirus aid relief and economic security cares act p l. The 900 billion covid 19 stimulus bill of december 2020 improves the paycheck protection program ppp2. Ppp loans are forgivable and despite normal tax rules if the loan is forgiven that will not be income.
Provides tax deductions and other relief. 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. 116 136 see the dec.
But 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. The irs said no to tax deductions with ppp money but congress reversed the irs. 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.
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. The bill clarifies that qualifying business expenses paid with forgiven ppp funds will still be tax deductible.
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