COVID-19 Update 12/22/2020

December 22nd, 2020 by

  Congress Passes $900 Billion Coronavirus Relief Bill Yesterday, a months-long stalemate came to an end when Congress passed the “Consolidated Appropriations Act, 2021.”  5,593 pages in length, the package includes another round of direct stimulus checks to individuals, extended and enhanced unemployment benefits and approximately $300 billion for the popular Paycheck Protection Program (PPP). 

COVID-19 Update 12/2/2020

December 2nd, 2020 by

  Deductibility of PPP-Funded Expenses In guidance issued on November 18th, the IRS reiterated its position that taxpayers cannot claim a deduction for any otherwise deductible expense if the payment of the expense results in forgiveness of a Paycheck Protection Program (PPP) loan because the income associated with the forgiveness is excluded from gross income