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On december 27 2020 president trump signed the 2021 consolidated appropriations act which also contained the latest stimulus relief bill part of that bill was the economic aid to hard hit small businesses nonprofits and venue act which made changes to all paycheck protection program ppp loans re opened the ppp program for new loans and allowed certain borrowers to obtain a second ppp.
Stimulus bill update ppp tax. Additionally rs f continues to work with clients regarding ppp loan forgiveness and tax planning as well as other provisions of federal stimulus measures and the cares act. In this new act congress is purposefully choosing to give ppp borrowers the same tax break that mr. Gilitz received by not expanding section 108 to include ppp loans.
Please contact your rs f client advisor for assistance with any ppp stimulus or planning matters as we near the end of 2020 and finally begin 2021. New stimulus bill brings ppp aid tax relief to small business if you are a small business owner the covid 19 stimulus package that congress passed on monday evening december 21 2020 has some. The bill also specifies that business expenses paid with forgiven ppp loans are tax deductible.
This is the largest bill ever passed by congress at over 5 500 pages. It contains over 900 billion of additional stimulus funding and provides for several key tax extenders and other tax changes.
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