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Blog

New Economic Relief and Budget Package

Lisa Perkins

December 21, 2020

NOTE: We’re tracking the economic relief and spending bill to see when it will arrive. Changes may occur before final and signed, so stay tuned!

What’s included:

  • $600 checks for individuals ($1,200 MFJ) and qualifying children. However, there are phase-out limits for amounts over $75,000 for Singles, $112,500 HOH, and $150,000 MFJ.
  • Special charitable deduction in 2021. Taxpayers can get an above-the-line deduction for charitable donations outside their standard or itemized deduction ($300 Single or $600 MFJ). That means your adjusted gross income (AGI) is reduced by the amount that you donated to a qualified tax-exempt charity.

April Morning on Capitol Hill

  • $319 billion for small businesses, with $284 billion in loan funding for the Paycheck Protection Program. If you have fewer than 300 employees and have had your revenue fall by 25% you may be eligible for a second PPP loan. 
    • Expanded eligibility that includes nonprofits, and local media companies, such as TV and radio
    • Deductibility of covered expenses. In other words, if you had eligible expenses that were covered by the PPP Loan: such as payroll costs, utilities, or rent/lease, these will still be deductible. In fact, the expenses that are considered covered have expanded slightly to include items such as certain operating expenses.
    • The application for forgiveness of PPP loans under $150,000 has been simplified
    • EIDL Advances will not need to be deducted from the PPP forgiveness amount and are not included in gross income.
  • Employer tax credit for employers that offer paid sick leave and extended ETRC
  • 100% deductible meals in 2021, 2022; normally, this is 50%. Enjoy those lunch breaks and after-hours!

We’ll keep you updated.

Full text: https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-116HR133SA-RCP-116-68.pdf

 

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