President Trump Signs COVID Relief Bill - PPP Loans Renewed and Expanded

President Trump signed the long-awaited COVID relief bill as well as the government spending bill into law Sunday night. After the House and Senate passed the bills last week, Trump delayed signing to ask for last minute changes including an increase in direct stimulus checks and a decrease in government spending. The president indicated he would send Congress items he believes should be removed during the rescission process but Congress would have to vote to approve any changes.

As previously reported by the National Association of Wholesaler-Distributors (NAW), the parts of the relief bil in which NAW members and the overall business community were most interested have all been resolved surprisingly satisfactorily.

Specifically:

The short deadline reflects a sense of urgency to get help to struggling employers, but the timeline — over the holidays and in the midst of a presidential transition — raises many concerns. 

After the passage of the CARES Act earlier this year, there were dozens of interim rules and updates to agency FAQs that left many struggling employers confused. 

Read the full bill or reads summaries/analyses of the legislation from various sources below.

From NAW:  Summary of PPP provisions

From Forbes: What Small Business Owners Need To Know About The New Stimulus Package

From the Journal of Accountancy: COVID-19 relief bill addresses key PPP issues

From the Tax Foundation: Congress Reaches a Deal on $900 Billion in Pandemic Relief

From American Action Forum: Major Tax Policy Changes in the Consolidated Appropriations Act

From Littler Law Firm: Congress Set to Approve Additional COVID-19 Relief for Individuals, Small Businesses

 

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