Following the December 14 preview of the work-in-progress, bipartisan Emergency COVID Relief Act of 2020, K·Coe Isom experts have reviewed the bill’s proposed $748 billion emergency assistance benefits intended for American Workers and Small Businesses.
“In short, we’re very optimistic about the section regarding business expenses that were paid for with the proceeds of Paycheck Protection Program (PPP) loans,” says Shellee Callahan, CPA and principal at K·Coe Isom. “As it is written right now, business expenses paid for with the proceeds of PPP loans would be tax deductible under this bill.”
The proposed bill is 525 pages in length, and outlines emergency relief surrounding PPP, unemployment assistance, vaccine development and distribution, testing and tracing, health provisions, transportation, child care, agricultural and fisheries assistance, postal service assistance, nutrition, rental assistance, and student loans.
“We’re hopeful this bipartisan effort will move through Congress swiftly, as we cannot foresee any roadblocks that should stall it,” states Brian Kuehl, principal and director of government and public affairs for K·Coe Isom.
K·Coe will continue to monitor the bill’s movement and will provide updates regarding impacts on your business. Contact a K·Coe advisor with questions.