PPP2 Coming Imminently!

The Coronavirus Relief & Omnibus Agreement looks like to be unveiled any minute. It looks like we’re about to have PPP round 2.

This HAS NOT BECOME law but here are a few of the items coming in the draft….

Business:

• Extension and expansion of the PPP including:
• A second round of loans for small businesses with 25-30% reduction in quarterly revenue from 2019 to 2020
• Modifications to better serve nonprofits, restaurants, live venues, independent movie theaters, and cultural institutions
• Forgiveness simplification for loans of $150,000 or less
• Deductibility of expenses paid for with PPP funds may be included
• Need to wait for the official bill to be released
• Provides $20 billion to restart and extend EIDL grants
• $15 billion grant program for live venues, theatres, museums, zoos
• Extended and improved Employee Retention Credit
• Tax credit to support employers offering paid sick leave

Individual:

• Stimulus checks of up to $600 per adult and child
• Enhanced unemployment benefits through March of 2021, with $300 per week
• Strengthened Low Income Housing Tax Credit
• Improved Earned Income Tax Credit & Child Tax Credit that allows a lookback to 2019 income
• 100% deduction for business meal expenses for 2021 and 2022
• Permanent Lower excise tax rates for beer, wine, and spirits makers

Extensions:

• Mortgage debt forgiveness exclusion from income extended five years
• Extension of the New Markets Credit & Work Opportunity Tax Credit (WOTC)
• Extended clean energy tax credits

If you want to walk through your options and new changes, let’s talk.

Talk Soon,

~ Steven

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