On Monday 12/21/20, Congress passed the Consolidated Appropriations Act, 2021, which provides tax deductibility for business expenses paid with forgiven Paycheck Protection Program (PPP) loans, provides additional opportunities for PPP funding, gives $600 stimulus payments to individuals, gives additional unemployment benefits, and provides around $300 billion in aid for small businesses.

To read more about some of the key provisions, read this article from the AICPA. We will provide additional information after we have had time to analyze this new bill.

If you have questions regarding the items in this new bill, please Contact Us.