COVID Relief Bill

Stimulus Checks

The bill will provide $600 in stimulus payments to individuals earning up to $75,000 and provide $1,200 to married couples making up to $150,000. Additional the bill provides a $600 payment for each child dependent.

Unemployment Benefits

The bill will provide $600 in stimulus payments to individuals earning up to $75,000 and provide $1,200 to married couples making up to $150,000. Additional the bill provides a $600 payment for each child dependent.

PPP Loan

The Act also provides many key provisions associated with those entities which took advantage of the PPP Loan provided by the first stimulus passed in April, 2020. A business, which applied for a PPP Loan initially, may apply for a second loan of up to $2,000,000 if they meet certain criteria. The new Act will also allow businesses not eligible to apply under the first act to be eligible to apply if they meet certain criteria as set forth in the Act.

One of the biggest parts of the bill that has changes is the tax deductibility for PPP expenses. This will supersede IRS guidance that such expenses could not be deducted. Now any business expense paid with forgiven PPP loans are deductible. These expenses include payroll, rent, covered mortgage interest and utilities.

Also, the new bill also allows a 100% business deduction for meals rather the current 50% as long as the expense is paid for is food and beverages provided by a restaurant. This provision will expire at the end of 2022.