The U.S. Congress addressed some of the financial impacts businesses have suffered due to emergency health orders, and it created provisions in the Jan. 2021 relief bill to help. Here are a few:
- Repealed the provision that reduced PPP forgiveness by the amount of any EIDL advances.
- Allowed a second draw or “double-dip” of PPP loans for significantly-impacted small businesses that have already obtained a PPP loan.
- Allowed the deduction of expenses paid with forgiven PPP debt.
- Provided additional categories of non-payroll expenses that are allowable under PPP forgiveness.
- Allowing PPP loan recipients to claim the Employee Retention Credit.
- Extending the Employee Retention Credit.
This article provides more information.