Page 21 - Second Draw News Today

To embed, copy and paste the code into your website or blog: After months of stalled negotiations, Congress has passed sweeping new COVID-19 relief legislation that, among other things, revitalizes and revises the Paycheck Protection Program. The new legislation reopens the program to first time borrowers, provides greater flexibility for how borrowers may use PPP funds and also adds a mechanism by which businesses that already received a PPP loan will be able to take advantage of a new round o...

To embed, copy and paste the code into your website or blog: H.R. 133 was recently passed by Congress. Under the CARES Act, many businesses were able to receive Paycheck Protection Program loans. If the proceeds were used to pay employee compensation and otherwise meet requirements, the debt is forgiven and need not be repaid. Until now, it was understood that such loan forgiveness would not give rise to gross income for the affected businesses. However, the government was taking the position t...

Wednesday, December 23, 2020 After months of stalled negotiations, Congress has passed sweeping new COVID-19 relief legislation that, among other things, revitalizes and revises the Paycheck Protection Program. The new legislation reopens the program to first time borrowers, provides greater flexibility for how borrowers may use PPP funds and also adds a mechanism by which businesses that already received a PPP loan will be able to take advantage of a new round of “second draw” f...

To embed, copy and paste the code into your website or blog: Congress passed a wide-ranging COVID-19 stimulus package on December 22, 2020, that provides over $900 billion in aid to individuals and businesses. If signed into law, the stimulus package will address two areas of importance to small businesses: the Families First Coronavirus Response Act (FFCRA) and the Paycheck Protection Program (PPP). Families First Coronavirus Response Act Partially Extended Congress declined to extend the mand...

To embed, copy and paste the code into your website or blog: 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 forgiveness process, to provide restaurants access to greater relief and to extend the program through March 2021. The law also includes economic disaster grants and debt relief provisions, as well as bolstering the Small Business Administrat...

Many tax provisions appear in year-end coronavirus relief bill By Alistair M. Nevius, J.D. Updated:  The omnibus spending and coronavirus relief bill passed by Congress includes many tax provisions, including the extension of various expiring provisions, extensions and expansions of certain earlier pandemic tax relief provisions, and much more. The Consolidated Appropriations Act, 2021, H.R. 133, passed both houses of Congress on Dec. 21, and President Donald Trump signed the bill into law on...

New Stimulus Bill Includes Second Round of PPP Loans for Small Business and Forgiveness Rule Changes Favorable to Borrowers Congress finally passed further Covid relief, and it potentially bodes well for a range of small businesses. Grow Your Business, Not Your Inbox Stay informed and join our daily newsletter now! Email Opinions expressed by Entrepreneur contributors are their own. Congress at last passed a second stimulus bill this week — as of this writing, it is still...

Tuesday, December 22, 2020 On December 20, Congress reached a deal on a new stimulus package (the “ Package”). Included in the Package is $284 billion for a second round of the Paycheck Protection Program (“ PPP”), $15 billion is set aside for live venues, independent movie theaters, and cultural institutions, as well as an additional $20 billion for the Economic Injury Disaster Loan Program.  Additionally, clarifications are made on forgivable expenses for PPP and tax deduct...