COVID-19 Update: Beaird Harris has shifted a significant number of our team members to work remotely.
We continue to serve and care for our clients, just as we always have, and are available by phone, video or email.
Beaird Harris will be closed on Friday, July 3rd in observance of the Independence Day holiday.
December 22, 2020
The agreement includes $300 per week in enhanced unemployment benefits and $600 direct stimulus payments to many Americans, along with a new round of subsidies for hard-hit businesses, funds for education, public transit, welfare programs, health care providers, theater operators and rental assistance.
The bill is over 5,000 pages and it will take time to digest and interpret all the provisions. Here are some highlights of the final bill:
PPP Borrower Tax Relief
Business Meals Will Be Fully Deductible
Simplified Applications for Loans Under $150,000 and to a More Limited Extent for Loans Between $150,000 and $2,000,000
EIDL Advance Non-Taxable and Retroactively No Longer Reduces PPP Loan Forgiveness
New Round of PPP Loans for Eligible Companies
A New Targeted EIDL Program For Businesses Hardest Hit by the Coronavirus
A Number of Expiring Provisions Have Been Extended
This bill provides much needed relief to small businesses affected by the Coronavirus. This bill is over 5000 pages and many lawmakers admit they did not read it prior to voting on it. It is likely there will be many changes, corrections and conflicting interpretations of this bill. You can rest assured that we continue to monitor these updates and changes closely and keep you informed of key provisions. We are honored to be a part of your team and hope that you and your family have a healthy and wonderful holiday.
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