COVID II Bill PPP and other related key business provisions

December 29, 2020

Authored by Joseph W. Boucher

President Trump signed this bill Sunday December 27.

The article by the Journal of Accountancy is an excellent summary.

https://www.journalofaccountancy.com/news/2020/dec/covid-19-relief-bill-addresses-key-ppp-issues.html

Some Key highlights:

  1. The PPP program has more funding.
    •  Expands which businesses qualify to include other tax exempts such as destination marketing organizations.
    •   For business not previously applying they can now do so now.
    •   For business who previously received funds they can reapply for up to $2mm if they have less than 300 employees and have a 25% or greater loss of revenue.
  1. Clarifies that the expenses related to forgiven PPP loans are tax deductible.

There are many other provisions which may apply to businesses and individuals.  We at Neider & Boucher are prepared to answer any and all questions.