New Relief Package Set to Allow PPP Covered Expense Deductibility, Expanded Credits and Stimulus Payments
Congress has finally settled on a new COVID-19 stimulus legislation – The Emergency Coronavirus Relief Act of 2020, which expands the employee retention credit, extends various expiring tax credits, distributes stimulus payments and allows the deductibility of Paycheck Protection Program (PPP)-funded expenses, even if forgiven.
The $900 billion bill, the second-largest next to the Coronavirus Aid, Relief, and Economic Security (CARES) Act in U.S. history, would initiate the following relief measures, among others:
Direct stimulus payments of $600 to most Americans.
Enhance unemployment benefits by $300 per week through March.
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