4.0 Credits

Don Farmer'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 (the CAA). The  CAA continues Federal unemployment benefits, provides another round of stimulus checks, extends and expands the Paycheck Protection Loan Program (PPP Loans), provides guidance and new relief for PPP Loan forgiveness, and extends more than 30 tax provisions scheduled to expire or to be reduced after 2020.



Major Topics

• PPP Loan Modifications Including 2nd Round Loans And Deductibility Of Expenses Allocable To 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 Others
• New Entities Can Obtain A PPP Loan (e.g., 501(c)(6) Organizations, Housing Co-Ops Etc.)
• Increased Deduction For Food And Beverages
• Extension Of Employer’s Sick And Family Leave Credits
• Expanded Sick & Family Leave Equivalent Credits For Self-Employed Individuals
• Extension And Expansion Of Employee Retention Credit
• Retroactive Modification Of NOL Carryback Rules For Farmers
• Economic Impact Payments (Stimulus Checks)
• Increased Charitable Contribution Deductions
• Enhanced EITC & Refundable Child Tax Credit
• New Pro-Taxpayer FSA Provisions
• Benefits For Victims Of 2020 Qualified Disasters
• Extension Of EIDL Grants And Clarification Of The Taxability Of The Grants
• Additional Payments Of Principal And Interest By The SBA On Certain SBA loans, And More




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Friday, January 22, 2021

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