At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans). It also allows businesses to deduct ordinary…

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The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill. Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for small businesses. The legislation, the Consolidated Appropriations Act, 2021, also ensures tax deductibility for business…

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BALTIMORE, MD (December 10, 2020) Governor Larry Hogan today issued an Executive Order that waives the charging of COVID-19 unemployment insurance benefits to employers. This Executive Order prevents Maryland’s contributory employers from having their experience rating negatively impacted because they had to lay off or furlough employees due to the economic consequences of the pandemic.…

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The following is a summary of the legislation’s main points that was passed yesterday: PPP borrowers can choose to extend the eight-week period to 24 weeks, or they can keep the original eight-week period. This flexibility is designed to make it easier for more borrowers to reach full, or almost full, forgiveness. The payroll expenditure…

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