New Stimulus Package Update Ppp Forgiveness

This bill contains thousands of pages of newly enacted laws including many changes to the internal revenue code.

New stimulus package update ppp forgiveness. This in depth webinar details and explains these new tax rules so that tax practitioners will be able to advise their clients regarding changes impacting 2020. 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. The second largest federal stimulus package of 2020 provides 900 billion in covid relief.

Under the new ppp program some small businesses can apply for a second ppp loan of up to 2 million. President trump has now signed the new coronavirus stimulus legislation consolidated appropriations act 2021 into law. Ppp 2021 adds additional eligible expenses for forgiveness there have been several updates to the original ppp terms over the past months and the latest round of ppp funding adds more eligible forgivable expenses so more small businesses may take advantage of this relief package.

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. In mid december the us congress passed the consolidated appropriations act of 2021 caa or act which included another 900 billion in stimulus efforts tied to the covid 19 pandemic. What the new coronavirus stimulus package means for churches new law clarifies ppp loan forgiveness process and extends ppp loan program among other provisions.

On october 8 2020 the sba along with the treasury department issued new guidance allowing borrowers with ppp loans of 50 000 or less to self certify they used the money appropriately and. Before we go further please note the ppp money comes to you in what appears to be a loan. Don t miss crucial news and insights you need to make informed investment advisory decisions.

This applies to ppp loans made before on or after the date of the enactment of the new bill including the forgiveness of these loans.