Stimulus Package Ppp Tax

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.

Stimulus package ppp tax. Expenses used for ppp forgiveness are now tax deductible. In addition to more paycheck protection program funds available congress passed tax relief for small businesses. 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.

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. There is welcome relief for small businesses. Ppp borrower tax relief under stimulus bill it s finally happening.

In its massive new pandemic relief and stimulus package congress has significantly modified the paycheck protection program ppp to allow for second draws from the program to simplify the loan forgiveness process to provide restaurants access to greater relief and to extend the program through march 2021. New stimulus ppp package. In addition to more paycheck protection program funds available congress passed tax relief for small businesses.

There is welcome relief for small businesses. What you need to know late on december 21 2020 congress passed its latest stimulus package. These guidelines cover loans taken under the original cares act and second draw loans.

Provides tax deductions and other relief. 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 900 billion covid 19 stimulus bill of december 2020 improves the paycheck protection program ppp2.

The new stimulus package also clears up the controversial issue of ppp deductibility and taxation. The bill which runs over 5 000 pages expands the paycheck protection program ppp which was originally established when the cares act was enacted earlier this year. 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.