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Shedding Light on PPP Loans, Tax Changes, and the Consolidated Appropriations Act 2021

January 18, 2021 CGS3 Coronavirus/COVID-19

Latest Tax Changes Included in the Consolidated Appropriations Act 2021

Eligible businesses can now apply for a second PPP loan following the passage of the Consolidated Appropriations Act 2021, which was signed into law on December 27, 2020. The latest spending bill authorizes additional COVID-19 relief legislation, including deductions for expenses paid with PPP loans, changes to the eligibility requirement and additional eligible expenses. These and other important tax provisions could be beneficial to southern California businesses impacted by the COVID-19 pandemic.

For a full analysis of the benefits provided under the new law, read the latest article by Phil Jelsma, CGS3 partner and chair of the firm’s tax practice team.

The full article can be found in the Daily Journal here or in the Daily Transcript here (subscription required).