Consolidated Appropriations Act, 2021: A Holiday Gift for Businesses and Individuals
December 22, 2020
Some of the many provisions in the Consolidated Appropriations Act, 2021 (the “Act”) include new opportunities for PPP Loans, technical corrections to the CARES Act, expansion of employer payroll credits, extensions for tax credits set to expire, a continuation of unemployment benefits, and quick cash payments to individuals. Congress voted for the bill’s passage late on December 21, 2020, and the President has indicated his intent to soon sign it into law.
Cherry Bekaert tax professionals are actively reading and reviewing the bill. We will provide further insights on this legislation for businesses, individuals, employers, and industries, and address what is in it for you.
We have been engaging with our clients participating in Payroll Protection Program (“PPP”) loans, since these loans were first introduced by the CARES, Act in March of 2020. The Act brings beneficial changes to the program. Please read our alert on new opportunities and benefits for PPP Loans.