{"id":9929,"date":"2020-12-21T10:05:00","date_gmt":"2020-12-21T16:05:00","guid":{"rendered":"https:\/\/www.cainwatters.com\/digitalblogs\/?p=9929"},"modified":"2020-12-22T14:43:12","modified_gmt":"2020-12-22T20:43:12","slug":"relief-package-agreement","status":"publish","type":"post","link":"https:\/\/www.cainwatters.com\/digitalblogs\/relief-package-agreement\/","title":{"rendered":"Relief Package Reaches Final Agreement in Congress"},"content":{"rendered":"\t\t
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Includes new round of PPP and tax relief for small businesses<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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After nearly nine months of mostly stalled negotiations, congressional leaders have finally reached an agreement on a second stimulus bill. As we have done throughout 2020, the CWA team will be processing this information as quickly as possible to allow you to understand the potential consequences of this bill and how it affects both you and your business.<\/p>

If this bill is passed as it stands now, the most immediate and consequential result will be the ability for you to deduct eligible Paycheck Protection Program (PPP) expenses on forgiven loans. \u00a0This means a significant reduction in taxes due for most of our clients.<\/p>

Secondly, there will be additional funding for the Small Business Administration (SBA) to expand the PPP program.\u00a0 This will help new borrowers who were unable to get a PPP loan in prior rounds, but also for \u201celigible entities\u201d who received prior funds, to receive additional funds. The proposed bill states that in order to receive a second loan, the borrower must demonstrate at least a 30% reduction in gross receipts in at least one quarter in 2020 compared to 2019, and have less than 300 employees.<\/p>

It is important to remember that if this bill is passed, the SBA will have 7 days to release its own interpretation of the law and how they will administer the new loans.\u00a0 This means it will likely be well into January before we know who is truly eligible<\/em> and how you will apply<\/em> for these funds.<\/p>

Further, as expected, this law also simplifies the loan applications for all loans under $150,000 to a one-page application document.\u00a0 It is still imperative that taxpayers have the documentation to support their assertions on this simplified application, just as if they were submitting the long form application, as this information will be required if their forgiveness is ever reviewed.<\/p>

In summary, this bill will provide some relief to each of you, but there will be changes and corrections in the interpretations and meanings of the bill in the coming weeks.\u00a0 Further, the SBA will make pronouncements on their interpretation of this bill and how it relates to you.<\/p>

Please know that your CWA team will ensure you are on top of the regulations and will continue to provide updates as they are announced. Stay current on the latest legislation and more at cainwatters.com\/digitalblogs<\/span><\/span><\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Includes new round of PPP and tax relief for small businesses After nearly nine months of mostly stalled negotiations, congressional leaders have finally reached an agreement on a second stimulus bill. 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