Congress Revises PPP Rules: Allows PPP Second Round, Reverses IRS Position on Deductibility
By EsqSocial Corporation 29/12/20
Congress has come bearing gifts this holiday season to those businesses hit hard by the ongoing COVID-19 crisis. On December 21, 2020, Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the “Act”), which among other things, extends the current Payroll Protection Program (the “PPP”) and provides additional funding to small businesses; makes changes to the existing PPP rules; allows certain borrowers to obtain a second round of PPP loans; and reverses the IRS...
By: Nossaman LLP