President Trump Signs Consolidated Appropriations Act

December 29, 2020

This weekend, while the Packers were making short work of the Titans, President Trump finally signed the Consolidated Appropriations Act of 2021. I took a look at some of what this contained last week.

As promised, the law contains new funding, $285 billion, for the Paycheck Protection Program. Even if you already received a loan, you can qualify for a second loan if you employ fewer than 300 and you saw a 25% or greater drop in gross receipts in one of the first three quarters of 2020. The law also clarifies that forgiveness of PPP loans are not taxable.

For some of you, you might also be eligible for an EIDL grant. The law provided an additional $20 billion for this program. In order to qualify, you must be located in a low income community; have suffered economic loss of greater than 30% in an eight week period from March 2, 2020, through December 17, 2020; employ 300 or less; be a qualifying business, such as a small business, non-profit, or sole proprietorship.

I will look in greater detail soon on the law’s impact on pandemic unemployment insurance and unemployment gap insurance, but if you have any immediate questions about that, reach out!

Also I am here to help if you need it with PPP loan applications or determining if you are eligible to apply for an EIDL grant. And for all of the latest news as soon as I find out, be sure to like my Facebook page and follow me on Instagram.

IMPORTANT DISCLAIMERS:
1. The information above does not constitute legal advice, nor does it create an attorney-client relationship. Please consult your attorney with specific questions.
2. As this situation is constantly changing, we will make every effort to stay current on this topic, however this information is provided as general guidance and may not apply to your situation, nor should it be relied upon exclusively. Please consult and confirm with your attorney if you have questions about these updates or their applicability.  
3. In some jurisdictions this communication/website might constitute legal advertising. The choice to hire an attorney who is right for your business should not be made based solely upon advertisements. If you would like to learn more about our firm, please click here to learn about our firm and how to contact us.
Copyright © 2020 *Law Offices of Lindsey King*, All rights reserved.*

Leave a comment

Your email address will not be published. Required fields are marked *