Don Farmer’s The Consolidated Appropriations Act, 2021

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