On December 21st, Congress passed a $900 billion pandemic relief package that was signed into law by the president on December 27th. The bill comes with a second round of direct stimulus payments and expanded unemployment benefits along with a new round of aid for small businesses and tax deductibility for expenses paid with forgiven PPP loans. It includes $20 billion to provide Economic Injury Disaster Loan (EIDL) Grants to businesses in low-income communities. Shuttered live venues, independent movie theaters, and cultural institutions will have access to $15 billion in dedicated funding while $12 billion will be set aside to help business in low-income and minority communities.

At 5,593 pages long, the bill is not light reading material for the breakfast table. We put together a list of articles that succinctly summarize the portions of the bill containing COVID relief and PPP legislation (and not the portions that focused on the Dalai Lama or Smokey the Bear.) Links to these articles are below. 

Forbes – Stimulus Payments, Paycheck Protection Program Expense Deductibility Headline Tax Changes In Latest Covid Relief Package 

Journal of Accountancy – COVID-19 relief bill addresses key PPP issues 

Tax Foundation – Congress Reaches a Deal on $900 Billion in Pandemic Relief 

Nation’s Restaurant News – 8 Key Things Restaurant Operators Should Know About the New COVID-19 Relief Bill 

National Restaurant Association – What the COVID-19 Relief Bill Means for Restaurants

Consequence of Sound – Congress Allocates $15 Billion to Independent Theaters and Concert Venues As Part of New Relief Package 

AICPA – Tentative Timeline for Second Round of PPP

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