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.

President Signs COVID-19 Relief Bill

January 5, 2021

On December 27, 2000, President Trump signed into law the 5,593 page Consolidated Appropriations Act, 2021 (CAA), which includes over $900 billion for pandemic-related relief, government funding of about $1.4 trillion, and a myriad of tax provisions. Please refer to our communication from December 22 for more detail on the bill. Highlights of the relief package include:

  • Stimulus checks of $600 per individual (Congress is voting on raising this to $2,000 for taxpayers and maintaining $600 for dependents). Similar to the last stimulus checks, these checks will be subject to income limits. 
  • Extension of the unemployment program. Benefits are set to be extended for approximately 11 weeks and will include a $300 per week supplement.
  • Additional funding for new PPP loans.
  • Ability to obtain a second PPP loan for small businesses facing significant revenue declines in any 2020 quarter when compared to the same quarter in 2019.
  • Deductibility of PPP loan-related expenses.
  • Business meals at restaurants will be 100% deductible during 2021 and 2022.
  • EIDL advances do not reduce PPP loan forgiveness.
  • $20 billion in funding for the new targeted EIDL program.
  • Extensions of the following relief programs:
    • Employee payroll tax deferral through December 31, 2021.
    • Families First Coronavirus Response Act (FFCRA) tax credits through March 2021.
    • Employee Retention Tax Credit (ERTC)

Guidance and regulations related to this second round of PPP have not been issued.  We will provide updates as guidance and regulations are issued in the following weeks.

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