{"id":3578,"date":"2020-12-22T09:27:50","date_gmt":"2020-12-22T14:27:50","guid":{"rendered":"https:\/\/bronswick.com\/?p=3578"},"modified":"2020-12-22T09:27:50","modified_gmt":"2020-12-22T14:27:50","slug":"new-covid-19-relief-bill","status":"publish","type":"post","link":"https:\/\/bronswick.com\/2021\/2020\/12\/22\/new-covid-19-relief-bill\/","title":{"rendered":"New COVID-19 Relief Bill"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n

New COVID-19 Relief Bill<\/h3>\n

Last night, the U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill<\/a> that provides more than $300 billion in aid for small businesses, $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and clarifies tax ramifications for PPP loan recipients. President Trump is expected to sign the COVID-19 stimulus bill today.<\/p>\n

Key Provisions in the Bill Include<\/h3>\n

$325 Billion in Aid for Small Businesses.<\/strong> The bill provides more than $284 billion to the SBA for first and second PPP forgivable small business loans and allocates $20 billion to provide Economic Injury Disaster Loan (EIDL) Grants to businesses in low-income communities. In addition, shuttered live venues, independent movie theaters, and cultural institutions will have access to $15 billion in dedicated funding.<\/p>\n

Tax Deductibility for PPP Expenses.<\/strong> Business expenses paid with forgiven PPP loans are tax-deductible. This supersedes previous IRS guidance that such expenses could not be deducted.<\/p>\n

PPP2 Loans.<\/strong> Some PPP recipients may be able to apply for another loan of up to $2 million, provided they have 300 or fewer employees, have used or will use the full amount of their first PPP loan and can show a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019.<\/p>\n

Business Tax Benefits.<\/strong> The bill extends the employee retention tax credit and several expiring tax provisions and temporarily allows a 100% business expense deduction for meals (rather than the current 50%) as long as the expense is for food or beverages provided by a restaurant. This provision is effective for expenses incurred after December 31, 2020, and expires at the end of 2022.<\/p>\n

$600 Payment for Most Americans.<\/strong> $166 billion is allocated for economic impact payments of $600 for individuals making up to $75,000 per year and $1,200 for married couples making up to $150,000 per year, as well as a $600 payment for each child dependent.<\/p>\n

Unemployment Benefits.<\/strong> $120 billion to provide workers receiving unemployment benefits a $300 per week supplement from December 26 until March 14, 2021. This bill also extends the Pandemic Unemployment Assistance (PUA) program, and the Pandemic Emergency Unemployment Compensation (PEUC) program.<\/p>\n

Let Us Help<\/h3>\n

Please contact us with questions or to discuss your specific situation. We will help you through these difficult financial decisions.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_column_text] New COVID-19 Relief Bill Last night, the U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill that provides more than $300 billion in aid for small businesses, $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and clarifies tax ramifications for PPP loan recipients. President Trump […]<\/p>\n","protected":false},"author":3,"featured_media":3579,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[5,18],"tags":[],"class_list":["post-3578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-news"],"_links":{"self":[{"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/posts\/3578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/comments?post=3578"}],"version-history":[{"count":0,"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/posts\/3578\/revisions"}],"wp:attachment":[{"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/media?parent=3578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/categories?post=3578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/tags?post=3578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}