We are tracking the pending legislation to provide emergency relief from Covid-19. The latest summary is attached here: Emergency Coronavirus Relief Act of 2020
As it stands now, the bill will include:
PPP expense deductibility (currently, expenses paid with PPP funds cannot be deducted for tax purposes).
Second round of PPP funding of $300 billion for businesses that had a 30% reduction in revenues in any quarter in 2020
501c6 organizations would be included with limitations
Automatic loan forgiveness of $150,000 or less.
The legislation could pass by Friday at midnight. Once it passes, Treasury and SBA are expected to move quickly to implement.
Please be mindful of these pending developments and be prepared to put in applications as soon as possible if eligible.
We will keep you informed