On Monday, December 21, Congress reached an agreement on new stimulus legislation – the Emergency Coronavirus Relief Act of 2020. House and Senate lawmakers agreed on roughly $900 billion in coronavirus relief that could pass Congress quickly as part of legislation to keep the federal government open and provide more tax incentives for individuals and businesses. With over 5,500 pages of text, the CFDA is working with CBIZ to interpret all the information and will share additional details in the coming days. There are a few key items that we would like to immediately bring to your attention:
PPP expenses ARE Tax Deductible in 2020
A new round of PPP funds will be available, capped at $2 Million IF you meet requirements
Amendment option are available IF you think you should have received more PPP money the first time you can apply for an increase
EIDL advance does not reduce forgiveness
Enhanced unemployment benefits amount of $300/week is available through March 14, 2021
Payroll taxes can be deferred until December 31, 2021
March 31, 2021 deadline to apply for Round 2 of PPP Loan
We will share more information on how this new legislation will impact the fashion industry.
