Congress passed the Consolidated Appropriations Act, 2021 (the Act) on December 21, 2020. The Act, which is 5,593 pages, contains a number of stimulus measures designed to address the economic impact of the coronavirus crisis. While the bill has not become law as of the date of this blog, it is expected to be signed by the President quickly and then become law. Key provisions of the Act include:
- Under the CARES Act, expenses paid with Paycheck Protection Program (PPP) proceeds could not be deducted if the PPP loan was forgiven. The Act now permits taxpayers to deduct expenses paid with PPP ...
The COVID-19 or Coronavirus has disrupted demand in many industries and is wreaking havoc on budgets and cash flow projections. On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or Act), H.R. 748, became law. The CARES Act seeks to incentivize employers to retain their employees and to provide enhanced unemployment benefits for employees who are not retained. The CARES Act contains a number of tax related provisions to assist employers.
Paycheck Protection Program
The Act establishes a forgivable loan program (the Paycheck Protection Program ...