December 22, 2020   //   COVID-19 Tax   //   By PKF Mueller Solutions


Monday night, the U.S. Senate and House of Representatives passed a COVID-19 relief bill. This bill will provide $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for small businesses.

The Consolidated Appropriations Act, 2021, provides fresh PPP funding, makes Sec. 501(c)(6) not-for-profit organizations eligible for loans for the first time, offers businesses facing severe revenue reductions the opportunity to apply for a second loan, and also ensures tax deductibility for business expenses paid with forgiven Paycheck Protection Program (PPP) loans.

Click here, for more detailed information from the Journal of Accountancy.

Contact us for more information:

David J. Nissen, CPA/CVA, ABV
David J. Nissen, CPA/ABV, CVA
+1 630 524 5274