Stand By for PPP Tax Deductibility, PPP Loans 2.0, and Small-Business Aid Vote
The U.S. Congress is scheduled to vote this morning on a $900 billion stimulus package to provide immediate aid to individuals and small businesses continuing to be impacted by the coronavirus pandemic. President Trump is expected to sign the bill today.
PPP Forgiven Loans
The looming question on whether or not expenses paid with PPP forgiven loans will be tax deductible will likely be answered today.
The PPP loan program will be reinstated for small businesses, including restaurants, struggling news outlets, and TV stations, theaters, and live-music venues.
Unemployed workers would get an extra $300 per week through March. The ban on evictions will be extended through January 2021.
Small-business lending programs will expand to schools, airlines, transit systems, and vaccine distribution.
Our COVID-19 advisory team will report the details of the new bill once signed into law.