COVID Economic Aid Relief Package Agreed On Dec. 20

*We will be updating this article as we receive more information. December 20, 2020

**Please view the latest article with updates in regards to PPP deductibility here.

The much-anticipated official announcement from the United States Congress has finally arrived via an announcement from Senate Majority Leader Mitch McConnell on the Senate floor. Today, December 20, 2020, McConnell announced the Senate has come to an agreement on the Coronavirus Economic Aid Package. Senate Minority Leader Charles Schumer confirmed the announcement from the Senate floor as well.

According to Majority Leader McConnell, the emerging agreement on virus aid would include the following pieces:

  • Targeted second draw of Paycheck Protection Program
  • Funding for logistics for Vaccine distribution
  • Funding for Federal unemployment benefits extended
  • Funding of Direct Impact Payments
  • Repurposing $560B from previous unused funding from the CARES Act

In the days since COVID-19 began, The Georgia Society of CPAs (GSCPA) has actively monitored action by the US House and Senate closely, and initiated conversations with both the IRS and Georgia Department of Revenue (GDOR) to ask that much needed relief is provided for tax payers and tax practitioners affected by the ongoing COVID-19 pandemic.

GSCPA has led numerous conversations with Senator Perdue’s office, Congressman Loudermilk’s office, the IRS, the Department of Treasury, and the GDOR, specifically Tax Commissioner, David Curry regarding what this means for Georgians.

GSCPA will share more information and guidance as it becomes available.

Please stay tuned to GSCPA’s social media channels and web site for breaking news.