MPL General Counsel Corner – Covid Relief Package – The Details

President Trump signed the latest Coronavirus Relief Bill on December 27th.  However, there is still disagreement over the relief checks payments going to $2000 from $600 and a resolution is not likely to happen anytime soon (FYI, this article has a nice calculator to see how much you could potentially receive).  On a positive note, it has forced our elected officials to work through the Holiday season.  Lets hope this bill allows

Below are excellent overviews of the key provisions in the Bill from people who are much smarter and better at analyzing this short little read (5000+ pages) than I am.

RKL CPA

Stambaugh Ness

EisnerAmper

Trout CPA

NFIB

Other than a little light reading, I do hope that you all have a Happy New Year!  Talk to you in 2021!
A few other items we thought were of interest:  

MPL General Counsel Corner – Whoops, there is a new Covid Relief Package

It looks like the D.C. folks finally came to the table and settled on a Covid relief package.  It kind of feels like this is the “whoops baby” of all the Covid related bills.  Mom and Dad are now scrambling to figure out how they are going to pay for it over the long term.  In all seriousness, I don’t think the decision makers in Washington wanted to head back home and hear it from their constituents.  Some of the key provisions are as follows:

  • Small Business Relief funding of ~$325B of which the majority is for another round of PPP loans.
  • There is clarification about the allowance of the deduction of PPP related expenses.  Essentially, if your PPP loan is forgiven, then it is not counted as income, nor is it disallowed as an expense.
  • Unemployment benefits are renewed for 10 weeks at $300/week
  • Tax rebates of up to $600, with an extra $600 per child; payments start to phase out at $75k for individuals and $150k for couples
  • Federal eviction moratorium extended through January 31, 2021.

Of course, a few key items that will still be debated include liability protections from Covid lawsuits for businesses, schools, hospitals and other organizations and funding for State and Local governments.

I guess in some circles, Christmas is coming early this week as these Covid relief measures will be combined with a broader $1.4T spending package to keep the Government funded for the remainder of the fiscal year.

Lets hope the vaccine does the trick and we can all get back to some normalcy.

I want to wish everyone a Merry Christmas, Happy New Year, belated Happy Hannukah, or happy whatever other holiday you are celebrating.  We appreciate your business and look forward to working with you more in 2021.

A few other items we thought were of interest:  

 

Please see all of our prior updates at the this link or if you would like to be added to our email list, please click here.  

As always, please don’t hesitate to email myself (jsanders@mpl-law.com), Andy Miller (amiller@mpl-law.com), Christian Miller (cmiller@mpl-law.com) or anyone in our office with questions or comments.