On December 27, 2020, President Trump signed off on the “Coronavirus Response and Relief Supplemental Appropriations Act.” Embedded in this massive relief bill was the “COVID-Related Tax Relief Act of 2020.” To learn about the highlights of this bill, please review our recent blog: Breaking News: COVID-19 Relief Bill Just Passed Making PPP Loan Related Expenses Deductible and Providing a 2nd Round of PPP Loans. Additionally, just yesterday, the House approved the $2,000 stimulus checks that President Trump had requested. It remains to be seen if this legislation will pass the Senate.
The passing of the Coronavirus Response and Relief Supplemental Appropriations Act is great news for businesses who were facing a large tax bill due to the prior non-deductibility of PPP-related expenses and for those needing additional assistance. The Small Business Administration (SBA) must still create new application steps to move forward with the second round of loans.
The Moore Colson team will be hosting a webinar to assist you in understanding how this bill will impact you and your business as soon as the SBA issues guidance. If you need assistance applying for the 2nd round of PPP loans or calculating and applying for forgiveness for your original PPP loan, the Moore Colson team is here to help. Click here to contact us.
We expect important updates to this new stimulus package, so be sure to subscribe here to get our news and alerts as they are released and for details on our upcoming webinar.
Bert Mills, CPA, is the Managing Partner at Moore Colson. In his role, Bert sets the vision and mission of the Firm and works closely with the Firm’s leadership to drive and implement strategies.
Andy Starnes, CPA, is a Partner and Tax Services Practice Leader Moore Colson. Andy’s specialties include corporate tax compliance and planning, business consulting and multi-generational planning with a focus on the construction, professional services and staffing industries.
Chris Arnone, CPA, is a Partner and Business Assurance Practice Leader at Moore Colson. Chris has over 20 years of experience providing audit, accounting and consulting services for companies in the transportation, manufacturing, distribution, staffing, private equity and venture capital industries.
Tyler Wright, CPA/ABV/CFF, CFE, is a Director in the firm’s Consulting Practice. Drawing on 15 years of experience as an external auditor, internal auditor, and forensic accountant, Tyler provides accounting and financial advice in forensic investigations and commercial disputes.