Stimulus Bill Ppp Funds

The bill provides more than 284 billion to the u s.

Stimulus bill ppp funds. The new coronavirus stimulus bill includes an additional 248 billion that is given for the funding of the second draw paycheck protection program loans new provisions for the ppp that tilts the favor further to the ppp beneficiaries funding amounting to 15 billion for live venues independent movie theaters and cultural institutions and. 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. Ppp borrower tax relief under stimulus bill it s finally happening.

See bkd article congress expected to pass phase 4 covid 19 stimulus bill for a summary of other stimulus details. 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. Ppp round 2 for nonprofits the december stimulus bill on december 20 2020 both chambers of congress announced that they had agreed on a new stimulus bill which the president is expected to sign into law.

Based on 2017 irs data 37 percent of self employed. Least 60 of ppp. Often shut out of the first round of ppp funding this bill includes set asides for.

To the relief of many small businesses the act retained a provision that would allow taxpayers to deduct expenses funded with proceeds of a paycheck protection program ppp loan that has been or will be forgiven. Previously under sba rules farmers participation in the ppp was based on 2019 net farm profits or losses reported on irs form schedule f profit or loss from farming. Hedge funds private equity.

2nd stimulus check another stimulus check foreign countries let them eat cake marie antoinette military spending new furniture pay raise paycheck protection program ppp pork funds. Here are the key issues the bill addresses for nonprofit organizations their employees and donors. 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 package provides government funding as well as a new round of coronavirus stimulus provisions. The 900 billion covid 19 stimulus bill of december 2020 improves the paycheck protection program ppp2.