We already covered in Part 1 highlights of the PPP loan changes such as loan forgiveness issues, and another round of PPP loan funds available, also called the PPP2 loan program. In this posting we will cover other topics that were also included in this legislation. Please note this is not a comprehensive list, and we may offer other updates at a later date.
- Extension of unemployment benefits as a $300 per week supplement (effectively extending the prior unemployment benefits offered through March 14, 2021).
- Increases deductible meals deduction to 100% (from 50%) for ordinary and necessary business meals that are purchased from a restaurant.
- Simplifies PPP loan forgiveness application for loans of $150,000 or less.
- Eliminates the requirement that PPP loan borrowers deduct the EIDL advance amount from their PPP forgiveness amount.
We help many other individuals and businesses with tax reporting, general tax compliance and advice. If you do not feel comfortable taking care of these filings, reach out to us at [email protected].
Anthony Momany, Managing Member, Capstone CPA Group PLLC