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  • Peter F Cicciari EA

New Tax Law


PAYCHECK PROTECTION PROGRAM (PPP) LOANS & SMALL BUSINESS SUPPORT

The legislation includes over $300 billion for first and second forgivable PPP loans.

Unlike the prior loan program, this round will truly be limited to small businesses

that incurred a loss of revenue. Eligibility is limited to:

• Businesses with 300 or fewer employees that have sustained a 25%

revenue loss in any quarter of 2020 as compared with the same period in

2019.

• Small 501(c)(6) organizations that are not lobbying organizations and that

have 150 employees or fewer, such as local chambers of commerce,

economic development organizations, and tourism offices.

• Certain 501(c)(6) nonprofits and Destination Marketing Organizations with

300 or fewer employees that do not receive more than 15 percent of their

revenue from lobbying.

• Local newspapers and T.V. and radio stations previously made ineligible

by their affiliation with other stations.

Forgivable Expenses – will be expanded to include covered (COVIDTRA Sec

304):

• Payroll costs – Including additional group insurance payments, including

vision, dental, disability and life insurance.

• Operational Costs

• Property Damage Costs

• Supplier costs on existing contracts and purchase orders, including the

cost for perishable goods at any time.

• Investments in facility modifications and personal protective equipment

needed to operate safely and technology operations expenditures.

The term

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