January 8, 2021 Late in the day on December 20, 2020, leaders in Congress announced that they had reached an agreement on a new round of relief for the ongoing COVID-19 pandemic and economic stimulus. The Consolidated Appropriations Act, 2021 finally took shape after several days of negotiations between the Democrats and GOP on Capitol Hill. The President finally received the bill on Christmas Day, and showed no sign he intended to sign the bill. Over the long holiday weekend, members of Congress on both sides of the aisle urged the President to sign the bill. Finally, late on December 27, he signed the bill into law. What This Means For You The act includes several extensions of popular provisions of earlier COVID relief and stimulus acts passed in 2020. This includes additional loans under the Paycheck Protection Program (PPP) (including the allowance of a second round of loans for certain small businesses), relief for the hard-hit transportation industry, additional funding for programs related to vaccines and virus testing, and further expansion of federal unemployment assistance (providing $300 a week in unemployment payments, half of the amount received under the acts passed in the spring). There is a lot to consider about how this consolidated appropriations act will impact your situation. KatzAbosch has obtained an excellent summary of the newly issued provision. To read more about what’s included in the act and how it may impact your tax situation, click the “Download” button below. Download Special Tax Briefing Report How KatzAbosch Can Help KatzAbosch will continue to provide additional in-depth updates around this matter. In the meantime, if you have questions or concerns on how any of the new provisions or available funding may impact your situation, please contact your KatzAbosch representative, or contact us by clicking here. To learn more about our: PPP services, click here. Tax services, click here Have more questions about the impact of the coronavirus on your business? Visit KatzAbosch’s COVID-19 Resource Center for up-to-date information.
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