Don Farmer’s The Consolidated Appropriations Act, 2021 (replay)
Description
Walter Nunnallee’s upcoming presentation will analyze the key provisions of the 5,593 page consolidated appropriations act
On December 27, 2020, the President signed the Consolidated Appropriations Act of 2021 (CAA). CAA continues Federal unemployment benefits, provides another round of stimulus checks, extends and expands the Paycheck Protection Program (PPP) Loan Program, provides guidance and new relief for PPP Loan forgiveness, and extends a long list of tax provisions scheduled to expire after 2020.
Major Topics
The following are just some of the topics Walter will review in his CAA presentation:
PPP Loan Modifications Including 2nd Round Loans and Deductibility of Expenses Related to PPP Loan Forgiveness
New Simplified Forgiveness Procedures for PPP Loans of $150,000 or less
New Expenses Qualifying for Forgiveness
New Covered Periods for Determining PPP Loan Forgiveness
Retroactive Increase in Loan Amounts for Farmers, Ranchers, and Pthers
New Entities That Can Obtain a PPP Loan (e.g., 501(c)(6) Organizations, Housing Cooperatives, News Organizations, Etc.)
A New Round of Economic Impact Payments (Stimulus Checks)
Extension of Sick and Family Leave Employer Credits
Expanded Opportunity for Self-Employed Individuals to Qualify for the Sick/Family Leave Equivalent Credits
New Pro-Taxpayer FSA Provisions
Increased Business Deduction for Food and Beverages
Increased Charitable Contribution Deduction
Modification Of NOL Carryback Rules for Farmers
Expanded Opportunity to Qualify for the EITC and Child Tax Credits
Extension and Expansion of Employee Retention Credit
Extension of 30+ Tax Breaks Scheduled to Expire or to be Reduced After 2020
Benefits For Victims of 2020 Qualified Disasters
Extension of EIDL Loan Program and Tax-Favored Treatment of EIDL Grants
Additional Payments of Principal and Interest on Certain SBA loans, and more