Congress is hoping to be Santa’s 2020 helper.
Just before midnight last night Congress overwhelmingly passed legislation – the Consolidated Appropriations Act, 2021 – to both fund the continued regular running of the federal government and to provide economic help to both individuals and businesses affected by the current pandemic (https://docs.house.gov/billsthisweek/20201221/BILLS-116HR133SA-RCP-116-68.pdf). While the legislation has not been signed into law at the time of this writing, it is expected that the President will sign the Act.
The Act provides for a new round of Paycheck Protection Program (PPP) funding, makes Sec. 501(c)(6) not-for-profit organizations (Chambers of Commerce, trade associations, etc.) eligible for loans for the first time, offers businesses facing severe revenue reductions the opportunity to apply for a second PPP loan and gives expanded PPP assistance to many hospitality businesses including hotels and restaurants.
A lot to digest,
5,593 pages to digest to be precise
At 5,593 pages long extracting and digesting the economic relief and tax provisions for our clients is going to take some time and the team at Scholl & Company, LLP is on the task. While we work on keeping you up-to-date with economic relief from Congress and the myriad of tax matters affected by the bill, we’ve created a summary document with some highlights and a discussion about the new PPP2 possibilities. Click here to read the summary with information about the updated PPP2 program.
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Your success is our bottom line.
With more than 35 years of experience in public accounting and business consulting, Bret Scholl, CPA and his team at Scholl & Company, LLP have extensive experience providing not only traditional accounting services but many specialized business consulting services. We have helped businesses across the county weather the current pandemic economic challenges and stand ready to help you or your business. We offer a free no-obligation consultation – by phone or video conference – during which we can discuss your concerns, questions and review your opportunities. To schedule your free consultation just call us at (831) 758-5966 or email help@schollcpa.com.