UPDATE: The Consolidated Appropriations Act, 2021 PASSES

Late yesterday evening Congress passed a $900 billion Covid-19 Relief bill known as The Consolidated Appropriations Act, 2021.  It contains much-anticipated provisions for both individuals and small businesses which include:

  • TAX DEDUCTIBILITY OF EXPENSES RELATED TO FORGIVEN PPP LOANS BOTH NEW AND OLD
  • $284 billion for a SECOND ROUND OF PAYCHECK PROTECTION PROGRAM LOANS (PPP2)
  • $600 stimulus payments to individuals and dependents
  • $300 addition to extended unemployment benefits
  • Temporary 100% business expense deduction for meals

If you would like to know more about the PPP Loan program or have assistance applying for the new PPP2 Loan please contact Andrew Dengel at 920-921-3356 or awd@constcpa.com