The New Coronavirus Stimulus Legislation, the New PPP Loan Program, and the SBA Loan Forgiveness Application Process (NCSL)

At the very end of 2020, the President signed the Consolidated Appropriations Act, 2021 (CAA 2021), which contained many new tax rules and changes to existing tax rules, including new provisions relating to a new PPP loan regime and new rules relating to PPP loan forgiveness.

Knowing and applying these new and revised rules is essential for any tax practitioner who will be preparing 2020 income tax returns and advising regarding 2021 transactions, including applying to the SBA for PPP loan forgiveness in 2021. This program will cover the new and revised tax changes contained in the CAA 2021 and will cover the new PPP loan forgiveness regime as well as the new PPP loan program.

• CAA 2021 changes to the PPP loan program, including new rules governing PPP loan forgiveness
• Deductibility of PPP loan expenditures
• Appealing PPP loan forgiveness denials
• The $600 recovery rebate for 2020
• Changes to the Employee Retention Credit
• Extension of the FFCRA sick and family leave credit through March 2021
• Changes to Federal Unemployment Assistance program
• Differences between an EIDL and a PPP loan
• Eviction protection through January 2021
• Deferred payroll tax – deadline to pay it back
• 100% deductibility of business meals
• Changes relating to charitable contributions
• Tax extenders

• Understand new tax changes resulting from the CAA 2021
• Understand the new PPP loan forgiveness regime and the new PPP loan program