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After nearly a year of crushing pandemic-related shutdowns and business interruptions, companies facing serious financial challenges are beginning to see the light at the end of the COVID-19 tunnel. Vaccine distribution is underway, and the latest round of Paycheck Protection Program (PPP) funding is here. That funding is part of the “Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act,” which reauthorized the PPP from the CARES Act that ended in August 2020. The original CARES Act funding provided a total of $669 billion. The new COVID relief bill allocates an additional $284 billion and has dual primary purposes: to provide relief to small businesses that did not get it in the first round, and to allow
Biden Makes Changes To PPP Loans: What You Need To Know forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
United States: How do you spell relief? C-A-A
After months of partisan bickering and Senate inaction, Congress finally passed another round of COVID-19 relief legislation as part of the Consolidated Appropriations Act, 2021, P.L. 116-260, (“CAA”), which was signed into law on December 27, 2020. We provide a summary of the tax-related CAA provisions and key modifications to the Paycheck Protection Program (“PPP”), before discussing President Biden’s tax agenda for 2021. The CAA’s tax provisions focus primarily on providing economic relief to taxpayers by expanding provisions of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and renewing extenders. -
In brief
CAA”), which provides $900 billion in new COVID-19 relief funding, was signed into law on December 27, 2020. Section 324 of Title III of the CAA, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the “
Economic Aid Act”), introduces a new $15 billion grant program through which the U.S. Small Business Administration (the “
SBA”) will provide aid to struggling live venue operators and certain related businesses. This program offers a critical lifeline from the Federal government for the nation’s performing arts venues, movie theatres and museums. Grants made under such program are referred to by the SBA and in this publication as “
About the Interim Final Rule - On January 19, 2021, the Small Business Administration (SBA) published new Loan Forgiveness Requirements and Loan Review Procedures pursuan.