Stimulus Package Ppp Loan Deductible

After months of disagreement congress finally approved a second stimulus package on december 20. Up to 600 for individuals and 1 200 for a married couple. The bill provides another much needed round of individual stimulus payments albeit smaller than those available under the cares act.

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Highlights including deductibility of expenses for ppp loan recipients posted on december 22 2020 the house and senate passed a new stimulus legislation that will include direct payments to americans jobless benefits and funds for businesses and vaccine distribution which the president signed on december 27th.

Stimulus package ppp loan deductible. For the majority of ppp borrowers the only but very significant change in the ppp rules will be to provide confirmation that they will not lose the income tax deduction. It also clarifies that deductions are allowed for expenses paid with proceeds of a forgiven ppp loan effective. 900b stimulus package confirms ppp expenses will be deductible sent to trump for signing consolidated appropriations act 2021 the act itself contains over 5 500 pages of legislation.

Eligible business expenses paid with ppp loan proceeds now are tax deductible even if the ppp loan is forgiven. The covid 19 relief package worth 900 billion includes 284 billion for the popular paycheck. You can get forgiveness for this ppp loan by spending at least 60 on payroll expenses wages salaries retirement group health insurance etc and a maximum of 40 on other qualifying expenses.

Reps push for ppp loans to be made tax deductible as part of the latest coronavirus relief package posted at 4 37 pm on december 20 2020 by jacob b. The second largest federal stimulus package of 2020 provides 900 billion in covid. The following is a very brief summary of the provisions we feel are most relevant to most businesses and individuals.

The package specifies that forgiven ppp loans will not be included in taxable income.

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