Congress overwhelmingly passed a $900 billion COVID-19 relief bill Monday night, Dec. 21, that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits and provides more than $300 billion in aid for small businesses.
The legislation also ensures tax deductibility for business expenses paid with forgiven Paycheck Protection Program (PPP) loans, provides fresh PPP funding, makes Sec. 501(c)(6) not-for-profit organizations eligible for loans for the first time and offers businesses facing severe revenue reductions the opportunity to apply for a second loan. See the key provisions here.
The relief package ties to a $1.4 trillion resolution to fund the U.S. government through September 2021. President Donald Trump is expected to sign the bill into law.