Legislation Update: New COVID-19 Stimulus Package

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Last night, Congress approved a new stimulus package for businesses and individuals in an effort to provide additional COVID-19 relief. This bill is expected to be signed into law by the President very soon.
Among many things, the new stimulus package will provide the following:
  • All business expenses paid for with forgiven PPP loans are deductible, in addition to the forgiveness being non-taxable income
  • $284 billion for additional PPP loans (click here to see who is eligible for a second loan)
  • $600 stimulus payments to 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
  • Creates a simplified forgiveness application process for loans of $150,000 or less
  • Continuation and expansion of the Employee Retention Credit
  • Additional tax credits for businesses that provide paid leave
  • 100% deductibility of business meals in a restaurant in 2021 and 2022
  • Additional $300 supplement per week for workers receiving unemployment benefits until March 14, 2021
  • Extension of moratorium on evictions through January 31, 2021
  • Funding for additional emergency food assistance

For more detailed information, a trusted resource, The Journal of Accountancy, has provided a summary of the legislation.

We will continue to provide important updates as information becomes available. If you have any questions or concerns, please contact your HAC advisor directly for assistance. We are here to assist you.

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