The Country waits while Congress continues the back and forth on the latest version of a Bipartisan COVID-19 Emergency Relief Act of 2020
Here are some “good” highlights:
- Forgivable expenses on a second PPP loans will include supplier costs and investments in facility modifications and PPE.
- Expenses paid with PPP proceeds will be tax deductible — apparently these members of Congress believe that is what they intended in the March CARES Act. Unclear whether it is retroactive from the summary Team GRC obtained.
- $138 billion in unspent first-round PPP loan funding will be re-purposed into this new PPP round.
TWO highlighted provisions may not benefit your stores:
- All pandemic unemployment benefits are extended by 16 weeks from December 26th, if the bill passes.
- Supplemental federal unemployment benefits will cover an extra $300 per week (over traditional benefits) for 16 weeks – a reduction from the CARES Act amount.