Stimulus Package Update Ppp

The second largest federal stimulus package of 2020 provides 900 billion in covid relief.

Stimulus package update ppp. The small business administration sba has 10 days to issue guidance on the application process. In its massive new pandemic relief and stimulus package congress has significantly modified the paycheck protection program ppp to allow for second draws from the program to simplify the loan. New funding new rules simplified application.

Sandherr noted that the caa includes 10 billion in needed funding to help address pandemic induced. Special to usa today. Ppp updates from the stimulus package 12 28 2020 back in mid november we wrote this article stating that expenses paid with paycheck protection program ppp loan proceeds are not deductible.

As part of the federal stimulus package the employee retention credit erc is extended to july 1 2021. December 29 2020 the consolidated appropriations act of 2021 has been signed into law by the president. Employee retention credit is explained in details in this separate article.

House pushes senate to approve 2 000 stimulus checks the relief package casts a wide net with a variety of measures aimed at addressing the needs of millions of americans. As i will continue to update information as i get it. Businesses may now take the erc and the ppp but the wages used in computing the erc are not forgivable costs under the ppp program.

Ppp 2021 284b stimulus package. Second ppp appears inevitable with new stimulus bill by micpa dec 15 2020 the last two weeks of the year are suddenly upon us and many are wondering if congress will be successful in their endeavor to pass a second stimulus package. What s in the stimulus package for small businesses ppp loans and cultural grants.

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