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.
Some Key highlights:
- 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.
- 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.