Trump Signs Consolidated Appropriations Act Into Law

After a lengthy delay, President Trump signed the Consolidated Appropriations Act into law on Sunday night. As a reminder, the act includes the below provisions:
  • All business expenses paid for with forgiven PPP loans are deductible, in addition to the forgiveness being non-taxable federal income
  • $284 billion for additional PPP loans (click here to see who is eligible for a second loan)
  • $600 stimulus payments to individuals making up to $75,000 per year and $1,200 for married couples making up to $150,000 per year; as well as a $600 payment for each child dependent (pending a vote later today, December 28, in the House to potentially increase the payment to $2,000 for individuals)
  • Creates a simplified forgiveness application process for loans of $150,000 or less
  • Continuation and expansion of the Employee Retention Credit
  • Additional tax credits for businesses that provide paid leave
  • 100% deductibility of business meals in a restaurant in 2021 and 2022
  • Additional $300 supplement per week for workers receiving unemployment benefits until March 14, 2021
  • Extension of moratorium on evictions through January 31, 2021
  • Funding for additional emergency food assistance 
If you have questions about how this will impact you and your business, please reach out to your Smith Leonard advisor.
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