The Consolidated Appropriations Act, 2021 Approved by Congress

Published on: 12/22/2020 By: Gorfine, Schiller & Gardyn

Late Monday evening, Congress approvedĀ The Consolidated Appropriations Act, 2021 (the Act) that contained a number of tax provisions, but more importantly, a number of additional COVID-19 relief measures for individuals and businesses.

Highlights of the Act are as follows:

  • Additional direct stimulus payments to individuals
  • Paycheck Protection Program expenses paid from PPP grants are now tax deductible
  • Round 2 of the Paycheck Protection Program has been authorized for businesses that can show revenue declines of 25%
  • Enhanced tax credits provided for employee retention and sick and family leave
  • Return of 100% deduction for meals

As the details of the bill come out, we will follow up with additional information as more is released. Please contact us for clarifications and additional information.

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