The huge stimulus bill passed at the end of 2020 included significant additional coronavirus related relief. However, there is much more to the legislation than the much-discussed unemployment funds and $600 economic impact payments. Of greatest significance, Congress provided for a second round of PPP loans and included a significant “extender” package.
December Coronavirus Relief Bill Overview. Additional Eligible Expenses. New Statutory Language. Second Draw Loans. Farmers and Ranchers. Other Provisions. Disaster Tax Relief.
CPAs, financial professionals, enrolled agents and attorneys.
The total deductibility of expenses satisfied with forgiven PPP funds. Expanded eligible PPP loan expenses. Simplified forgiveness applications for loans less than $150,000. The ability to increase prior PPP loans because of regulatory changes. Special PPP rules for farmers and ranchers. Increased Second Draw Loans for hotels and restaurants. An expanded Employee Retention Credit. An extension of the Sick and Family Leave Credit. Restored $10,000 EIDL grant for certain businesses. Deductibility for business meals. Above the line charitable deduction100% AGI charitable deduction limit. Special disaster rules for retirement funds. “Extenders” addressing the medical deduction floor, tuition & fees, home loan discharge, energy property, and more.
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- Robert Keebler, AICPA Learning
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