President Trump Signs COVID-19 Relief Bill

On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (H.R. 133), which, among other things, provides for the deductibility of Paycheck Protection Program (PPP) loan expenses, expands the employee retention credit, allows taxpayers to deduct 100% of restaurant business meals for 2021 and 2022, and authorizes $600 stimulus payments to eligible individuals. In a statement issued on December 27, President Trump indicated he will work with Congress to increase stimulus payments to $2,000 per adult ($600 per child) and remove items from the bill that he regards as wasteful.

 

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This publication is provided by Caroprese & Company as a service to its clients and colleagues.  The information and content included in this publication should not be construed as technical advice.  Questions regarding any matters discussed in this publication should be directed to Brandon Caroprese whose contact information is listed below:

Brandon Caroprese, CPA, MST
Tel. (973)-475-8090
Email. bcaroprese@caroprese.co

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