January 10, 2021

Hello and Happy New Year

December 27, 2020 President Trump signed a new law that passed new funding sources for Americans and businesses.

• 2nd round of stimulus money known as Economic Impact Payments of $600
• Confirmed that the money we spent our PPP money on is now fully deductible.
• PPP forgiveness will no longer be reduced by the EIDL Advance
• Simpler forgiveness process is coming
• New PPP opportunities

In regards to the last bullet point, I have added a new article to our website explaining the re-opening of the PPP for First Draw Loans and the adding of the PPP Second Draw Loans. Take a few minutes to read my recap and then click on the links to read the details.

Shari

Shari L. McConnell, CPA
THE TAX AUTHORITY, P.C.