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.
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