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The Internet is ablaze with news of the recently passed Coronavirus Response and Relief Supplemental Appropriations Act (Supplemental Act), which is part of the Consolidated Appropriations Act of 2021. Read on for how the Paycheck Protection Plan (PPP) changes in light of the Supplemental Act, as well as details about additional funding that is now available.
The Supplemental Act allows borrowers to use their PPP funds for additional forgivable expenses. Such expenses include:
Payment for any software, cloud computing, and other human resources and accounting needs.
Costs related to property damage due to public disturbances that occurred during 2020 that are not covered by insurance.
Updated
This article was updated Dec. 28 at 6:59 p.m. with the updated amount collected in the gofundme.com fundraiser for The Colonnade.
The Colonnade, the northeast Atlanta restaurant known for its Southern cuisine like fried chicken, vegetables and Parker house rolls, was on the brink of closing recently due to the COVID-19 pandemic.
But the 93-year-old eatery got an early Christmas present and a shot in the arm when a gofundme.com fundraiser started Dec. 16 collected $117,830, well above its goal of $100,000, as of Dec. 28.
âIt warms your heart that Atlanta is (helping), and not even just Atlanta but people who have lived in Atlanta over the course of time and they really want the Colonnade to stay in business,â said Jodi Stallings, who co-owns the Colonnade with her husband David. âEverybody has a big memory of the Colonnade. ⦠It warms my heart that everyone feels the way I feel about it, being that Iâve been there my entire life.â
COVID-19 relief bill clarifies PPP loans By: Janice Francis-Smith, Bridgetower Media December 29, 2020
10:30 am
Congress clarified some of the confusion regarding Paycheck Protection Plan loans with the $900 billion COVID-19 economic relief package agreed to on Sunday.
The new legislation contradicts the IRS’ earlier interpretation that businesses would not be allowed to deduct for expenses paid with forgiven PPP dollars. The measure also provides millions more in relief funding for small businesses, including performance venues.
The PPP loans were originally understood to be eligible for tax-free forgiveness if at least 60% of the money was spent on payroll. But a few months into the process, the IRS announced that expenses paid with the other 40% of the loan could not be deducted on 2020 tax returns, asserting that recipients would be receiving a double benefit by deducting expenses paid for by the government.
COVID-19 relief bill clarifies PPP loans By: Janice Francis-Smith, Bridgetower Media December 29, 2020
10:30 am
Congress clarified some of the confusion regarding Paycheck Protection Plan loans with the $900 billion COVID-19 economic relief package agreed to on Sunday.
The new legislation contradicts the IRS’ earlier interpretation that businesses would not be allowed to deduct for expenses paid with forgiven PPP dollars. The measure also provides millions more in relief funding for small businesses, including performance venues.
The PPP loans were originally understood to be eligible for tax-free forgiveness if at least 60% of the money was spent on payroll. But a few months into the process, the IRS announced that expenses paid with the other 40% of the loan could not be deducted on 2020 tax returns, asserting that recipients would be receiving a double benefit by deducting expenses paid for by the government.