Stimulus Bill Ppp Tax

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.

Stimulus bill ppp tax. New stimulus bill brings ppp aid tax relief to small business small business trends. 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. 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.

Provides tax deductions and other relief. Stimulus bill resolves ppp loan deductibilty enhances employee retention credits provides other tax relief. The 900 billion covid 19 stimulus bill of december 2020 improves the paycheck protection program ppp2.

There is welcome relief for small businesses. Ppp borrower tax relief under stimulus bill it s finally happening the wealth advisor contributor december 21 2020 congress is acting today to allow ppp borrowers to deduct ppp expenses and not have to include loan forgiveness in income. Ppp borrower tax relief under stimulus bill let s hope it happens.

Included as part of the stimulus bill the bill are the covid related tax relief act of 2020 and the taxpayer certainty and disaster tax relief act of 2020. Laurie foti 4 weeks ago. In addition to more paycheck protection program funds available congress passed tax relief for small businesses.

For a discussion of other aspects of the bill see our comprehensive alert here.