Coronavirus Stimulus Bill, Federal Tax, SBA

COVID-19 Relief Bill Provisions

On Dec. 27, President Trump signed a law that provides COVID-19 relief and makes consolidated government appropriations for the fiscal year. There are several tax provisions in the law. For example, eligible taxpayers can claim a 100% business meal deduction in 2021 and 2022 when they buy the food from restaurants. (Currently, this is a 50% deduction.) The law will also provide a second round of direct payments and boost unemployment benefits. The direct payments will be up to $600 to individuals under a certain income threshold, and an additional $600 per child. Also included in the law are more money and tax breaks for businesses taking Paycheck Protection Program (PPP) loans. Reach out to Cg for more information. © 2020