On December 20, 2020, Congressional leaders announced they had reached an agreement on a new round of relief provisions for the ongoing COVID-19 pandemic. The Consolidated Appropriations Act, 2021 includes several extensions of earlier COVID relief from the CARES Act, including additional loans under the Paycheck Protection Program (PPP) and credits for paid leave; as well as extensions of expiring tax credits and the long awaited clarification of deductibility of expenses for income tax from forgiven PPP loans. As of December 27, the President has signed this bill into law. Click here to read the complete report.
For details on the healthcare industry impact, click here.
For details on the real estate and construction industry impact, click here.
For details on the new PPP loan updates, click here.
For details on the Employer Retention Credit changes, click here.