By Church Law & Tax
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PPP Second Draw Loans
A prior recipient of a PPP loan may apply for a PPP Second Draw Loan, but must meet the following criteria:
Employ no more than 300 employees (changed from 500 employees previously)
Reduction in gross receipts greater than 25%
Not engaged in political/lobbying activities
Not publically traded
Limited connections to China (see specifications)
Forgiveness of PPP loans of $150,000 or less
Covered period redefined
Qualifying expenses expanded
Pandemic Unemployment Assistance
Emergency paid sick leave (CARES Act)
Employee Retention Credit Extended
Individual Impacts
Individual stimulus payments - $600
Paid family and medical leave credit extended
Student loan payment exclusion extended
Charitable contribution deduction extended to non-itemizers
Charitable contribution limitations modified
Healthcare and dependent care Flexible Spending Accounts may carryover
Teacher deductions for personal protection equipment and supplies
Assistance with COVID 19 – related funeral expenses
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