As another year comes to a close, we recommend finding time to reflect on 2021…
COVID-19 Update December 21, 2020
Congress has finally struck a long-sought stimulus deal to provide over $900 billion in pandemic aid. This massive omnibus bill will keep the government funded for the remainder of the fiscal year. The House is not expected to vote on the package until later this evening, setting up a late night in the Senate with a midnight deadline.
Hopefully, given the months of negotiations leading up to this vote, a quick turnaround should not mean that Congressmembers didn’t take the time to flush through the details. It’s 5,593 pages long, and if you’d like to read all of it, here is the link to the full text.
Below are some of the small business provisions included in the legislation:
- Tax deductibility of PPP loans expenses – retroactive to the passage of the CARES Act and for the second round of PPP loans
- Simplified one PPP loan forgiveness form for loans of less than $150,000
- $285 billion for a second round of PPP loans; must demonstrate 30% loss; additional funds for the restaurant industry
- 501(C)6 organizations will be eligible for PPP loans
Small Business Committee Republicans have released a fact sheet for simplicity. Click here to read a breakdown of the stimulus package section-by-section. Delta is still in the process of reviewing how all of this affects our clients and will share more info as it comes out. Please don’t hesitate to reach out with any questions specific to your business.
In a matter of months, COVID-19 upended the business world and forced organizations to make seismic shifts in their daily operations. While most executives hope the next year will bring better fortune, businesses can’t lose sight of emerging compliance trends with the potential to shift the operating environment in 2021.