Congress is to vote on the new Stimulus deal and it is expected to pass the legislation within the next 2-3 days.
Here are the basics:
Individuals under a certain income level [TBD] to get an additional $600 per adult and child.
An override of the IRS’ position that expenses paid with PPP money would not be deductible. Therefore, forgiven PPP loans will NOT be taxed as income.
A 2nd round of PPP forgivable loans for businesses that suffered a 30% or more drop in gross revenue (not counting the prior PPP as revenue). Schedule E taxpayers (landlords) not included.
A 2nd chance for businesses eligible for the 1st round of PPP loans, but for some reason were unable to be funded.
A more simplified forgiveness application for PPP loans under $150,000.
A 2nd round of targeted disaster loan money for businesses that suffered a 30% or more drop in gross revenue, including certain hard-hit industries, education and public transportation, with a priority to economically and socially disadvantaged individuals, veterans, and businesses in low income communities.
Unemployment benefits extended to individuals for 11 weeks with a $300 enhancement.
I will announce more specifics as the law is passed and signed by the President, and as details are announced.