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As you’ve no doubt heard, Congress has reached agreement on a second round of coronavirus-related economic relief. The new stimulus deal totals $908 billion in aid for individuals and businesses and is the second-largest economic stimulus package ever, behind only the $2 trillion CARES Act that Congress enacted in March.

Both houses of Congress were expected to approve the relief package shortly. The bills will then go to President Trump for his signature.

Details about the package are still trickling in, but The Washington Post has published a comprehensive, top-line summary of the new agreement. For the time being, it appears the package will include:

  • A second round of stimulus payments, this time up to $600, to workers and families.
  • Another round of PPP relief for small businesses, this time totaling $325 billion.
  • Expanded PPP eligibility for 501(c)(6) organizations.
  • Simplified one-page forgiveness for PPP loans of up to $150,000.
  • Deductibility of PPP loan expenses.

We have been advocating for major parts of this legislation for the past six months, and it appears the bill includes most of our items. However, it does NOT include coronavirus-related liability protections for businesses or new spending for state and local governments.

This joint statement from House Speaker Nancy Pelosi and Senate Democratic Leader Chuck Schumer offers more details about the agreement.

We will continue to monitor congressional discussions and will update you as developments warrant. Keep an eye on our federal tax and practitioners communities for breaking updates.

In the meantime, the new PPP funds won’t last long, so you’ll want to act fast. A great way to start is to create your account now on CPA.com’s Business Funding Portal, which offers business financing solutions for CPA firms and their clients. The portal’s features include PPP applications, a one-stop shop for every client’s funding applications, PPP loan forgiveness, and more. Set up your account here.

CPA Day 2021: We need you!
Since employer liability protections were not included in the latest federal relief package, individual states will determine on their own whether to offer such protections.

That’s just one of the many reasons why we need you to join us at CPA Day. It’s scheduled from 8 to 10 a.m. on Jan. 21, it’s free, it’s worth 2 hours of CPE, and best of all, it’s virtual, so you can attend from home! Most important, it’s the best way to let our lawmakers know where we stand on the issues. The more CPAs who register, the louder our voice becomes. Register here.

We will let you know when we know more. Until then, please accept our best wishes for a wonderful holiday season and a very Happy New Year!

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