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Employee retention credit is explained in details in this separate article.
Stimulus package ppp taxable. Make time to understand the changes made in the new stimulus package and how you. Lawmakers agreed on a 900 billion covid stimulus package over the weekend. The new stimulus package also clears up the controversial issue of ppp deductibility and taxation.
Original and second draw ppp loans will not be taxable when forgiven. 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. You must use 60 of your second draw loan on payroll expenses to qualify for loan forgiveness.
The 900 billion covid 19 relief package passed monday provides 284 billion for a revised paycheck protection program ppp and clarifies that businesses can claim tax deductions for expenses paid for with forgiven ppp loans. One of the biggest is that ppp expenses are now tax deductible and the forgiven loan is still not taxable. 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.
The measure sets aside 284 billion towards forgivable small business loans under the paycheck protection program. As part of the federal stimulus package the employee retention credit erc is extended to july 1 2021. No longer taxable perhaps the most exciting news from the new stimulus package is the limit placed on taxing ppp loans.
Under the new law the loans are tax free. What s in the stimulus package for small businesses ppp. Mnuchin decided businesses could not deduct expenses used to qualify forgiveness thus making an equivalent amount to ppp funds taxable.
The bill also added a simplified one page forgiveness application for loans of 150 000 or less.
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