The long-awaited stimulus package is finally right here! But rather of experiencing you review 5,000 pages that define this bill, we thought weвЂ™d share the highlights for small enterprises.
Two Provisions You Must Know About
There is certainly a debate in Congress about deducting expenses compensated with Paycheck Protection Program (PPP) funds. Those costs are deductible, plus the loan quantity is not a part of gross income. This is certainly huge for business people, and of course all the accountants who bother about being forced to work out how that all worked.
Another bonus is the fact that the Economic Injury tragedy Loan (EIDL) improvements may also be gotten tax-free and, small enterprises are permitted to subtract the costs.