How Will The New Stimulus Bill Affect You!
Finally “Coronabus”, the Coronavirus Relief & Omnibus Agreement, has been passed by Congress! This massive 5,600-page bill was highly anticipated by millions of individual Americans and small businesses!
It has not been signed into law yet but it is very close!
This $900 billion legislation has something for every business:
- Tax Credits
- Tax Deferment
- Tax Planning Opportunities
And some of the best news is that expenses covered by PPP loans are now fully deductible! I know, many of our clients were concerned about this deduction.
The bill will re-open the PPP loan program to some businesses. You will need to meet a few criteria to be able to apply for the second round of PPP funds.
Some industries can get 3.5x monthly payroll and some even qualify for grants of up to 45% of 2019 gross revenues!
There is $15 billion in grants that will be awarded to some hardest hit businesses.
The legislation has also extended the expiration of some tax credits and tax deferment.
It looks like this bill will pass in the coming days making it one of the largest bills in history.
There are many other nuances hidden throughout.
Will your business qualify for the second round of PPP? Do you need help figuring it out?
Let’s talk! Click here to schedule a call.