Overview of Latest COVID-19 Relief Package
On Dec. 27, 2020, the president signed into law the Consolidated Appropriations Act, 2021. This massive piece of legislation includes a $900 billon COVID-19 relief package that provides additional assistance for small businesses, extends unemployment insurance benefits, delivers stimulus checks to individuals, and extends and expands several existing tax provisions.
On Jan. 6, 2021, KSM professionals discussed some of the key provisions including:
- Paycheck Protection Program (PPP)
- PPP Expense Deduction Reinstated
- PPP Round 2 Funding Process
- Employee Retention Tax Credit
- Stimulus Payments to Individuals
- Other Tax-Related Provisions
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