Congress Approves $900B Stimulus Relief Package
It's official! Late last night, Congress passed the $900 billion COVID-19 relief bill by very comfortable margins - 359-53 in the House and 92-6 in the Senate. President Trump is expected to sign the 5,600-page(!) bill in the next few days.

We're thrilled to see that our efforts with the federal delegation paid off; 501(c)(6) organizations were included in the Paycheck Protection Program (PPP) and our PPP loan forgiveness concerns were addressed.

I'd imagine 5,600 pages of legislation wasn't on your holiday reading list, so we called in the reinforcements. We've scheduled five different dates for a two-hour webinar (below) to help understand the package and what's applicable to you and/or your clients.

We've also included some of the highlights of the approved package below.
Upcoming Webinars
We'll likely be adding more webinars in the coming weeks, but we wanted to get the information you need as quickly as possible.

We're pleased to offer a two-hour webinar, "Stimulus Package: Update and Analysis of Individual and Business Tax Changes," on five different dates:
Highlights of the Stimulus Package
Below are highlights of what's included in the package, which combines $900 billion for COVID-19 relief along with a $1.4 trillion government-wide funding plan.

  • Establishes a temporary $300 per week supplemental jobless benefit for 10 weeks from December 26, 2020 to March 14, 2021.
  • Extends several CARES Act unemployment programs that were scheduled to end on Dec. 31, 2020; many benefits will taper off through early April.
  • Extends and changes eligibility requirements for the Pandemic Unemployment Assistance (PUA) for self-employed and gig workers. 

  • Individuals making less than $75,000 in the previous tax year will receive $600 direct stimulus payments, with couples earning less than $150,000 getting $1,200. There will be an additional $600 payment per child.
  • The amount will be reduced by $5 for each $100 that an individual’s AGI exceeds the above thresholds, cutting off at those earning more than $99,000.
  • According to Treasury Secretary Steven Mnuchin, direct deposit stimulus checks could start as early as next week.

  • Extends the Paycheck Protection Program (PPP), including providing $284 billion in forgivable loans to help small businesses. 
  • Businesses with less than 300 employees will be eligible to apply for a second loan.
  • There is some of the funding reserved for minority-owned businesses, and $15 billion specifically designated for live venues, independent movie theaters, and museums.
  • This time around, 501(c)(6) organizations (excluding unions) will now be eligible to apply, and the language codifies federal rules that ensures churches and other faith-based organizations are eligible to apply.
  • The language clarifies that expenses paid with the proceeds of a forgiven PPP loan are deductible.

  • Includes several tax credits, including Craft Beverage Tax Relief, Employee Retention Tax Credit (ERTC), Health Coverage Tax Credit (HCTC), Medical Expense Deduction Expansion, New Markets Tax Credit (NMTC), and Work Opportunity Tax Credit (WOTC).

  • Provides $13 billion in additional funding to the Supplemental Nutrition Assistance Program (SNAP).

  • Includes more than $60 billion for pandemic-related expenses such as increased testing and vaccine purchase and distribution.

  • Includes $54.3 billion for K-12 schools and $22.7 billion for higher education.

  • Extends the eviction moratorium until January 31, 2021 and provides $25 billion in rental assistance for those who lost income as a result of the pandemic.

  • Includes $45 billion in transportation funding for airlines, state highways, airports, buses, and other transit systems including Amtrak.

  • The language also includes a tax break for corporate meal expenses, referred to by some as the “three martini lunch” tax deduction. The measure allows a deduction for the full cost of a business meal on federal taxes, up from the current 50%.