After several days of uncertainty, the President has signed into law a broad government funding bill that includes over $900 billion in COVID-19 relief.
The new law calls for $600 stimulus payments to qualifying individuals, the second round of PPP funding for eligible businesses and a simplified forgiveness process for borrowers with loans of $150,000 or less.
The bill will allow a business to fully deduct any expenditure made using PPP funding that has been granted forgiveness under the CARES Act legislation and will override the previous position taken by the IRS that such expenditures would not be deductible.
We will be supplementing this communication as we continue to analyze the almost 6,000 pages of the new law.
Please feel free to contact us with any questions about the impact this new legislation may have on you or your business.