After six months of negotiations, Washington has come to agreement and passed a 5,593-page bill providing COVID relief to businesses, renewing and expanding the SBA’s Paycheck Protection Program loans while allowing for a second PPP draw, permitting the deduction of PPP expenses and extending more tax relief to employers. Reversing the IRS decision and allowing PPP loan recipients to deduct their expenses was a top priority for businesses facing a surprise tax penalty of up to 37%. The new law also provides more funding for registered apprenticeships and extends federal unemployment benefits of $300 per week through March 14, 2021. Sources in Washington indicate President-elect Biden and congressional Democrats hope to follow this COVID relief bill up with a COVID economic stimulus measure in March.
COVID Relief Bill Passed
Omar S. Nashashibi is a Washington, D.C.-based lobbyist and strategic consultant. He uses his experience to help clients navigate the challenges and risks of public-policy actions and how they impact a business or industry.