On December 21, 2020, Congress finally delivered much needed relief to American taxpayers. After many months of contentious negotiations, Congress passed, and President Trump signed into law, a $900 billion COVID-19 relief package with tax benefits for both individuals and business entities. Also included was a long-awaited change to the Paycheck Protection Program that will allow borrowers to deduct expenses paid with PPP funds as well as additional funding for another round of PPP loans.
We want to provide you with a brief summary of the key provisions of the bill. Watch your email and our website for additional information as we analyze the 5,600-page Consolidated Appropriations Act of 2021.
As always, please contact us if you have any questions. (more…)