President Signs COVID-19 Relief and Government Funding Bill Into Law
After waiting a week, last night President Trump signed into law the Consolidated Appropriations Act, 2021 (H.R. 133). Specifically, the law contains several SWACCA-supported changes to the Paycheck Protection Program, including: (1) allowing small businesses with 300 or fewer employees and at least a 25 percent revenue decline to access a second round of PPP funding; (2) reversing an IRS ruling to allow borrowers to deduct expenses paid for with a forgiven PPP loan; (3) extending PPP eligibility to nonprofits, including 501(c)(6) organizations (subject to restrictions on their lobbying activity); and (4) providing a streamlined loan forgiveness process for PPP loans of $150,000 or less. The package also extends the refundable employer payroll tax credit for paid sick and family leave through March 2021, but it does not extend the Families First Coronavirus Response Act paid sick and family leave obligations that expire at the end of this year. The new law also continues the employee retention tax credit.
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