We held a virtual seminar on January 12, 2021 to unpack the pertinent elements of the latest COVID-19 Relief package: “Paycheck Protection Program 2 and the Consolidated Appropriations Act, 2021.” Presented by Steve Moyer, CPA PFS CGMA CSEP and Brent Thompson, CPA CMA CGMA, highlights included a review of:
- Business Provisions
- Loan Forgiveness and Forgiveness Applications for PPP1
- New Second Round of PPP Funding (PPP2)
- Changes in Employer Credit for Paid Family and Medical Leave
- Changes to the Deferred Payroll Tax Rules
- Changes to and Expansion of the Employer Retention Credit
- Changes to Meal Deductions
- Individual Provisions
- Second Round of Economic Impact Payments
- Changes to Child Tax Credit and Earned Income Credit Rules
- Changes to Certain Contribution Rules
- Temporary Changes for Health and Dependent Care Flexible Spending Accounts (FSA)
- Numerous Disaster Relief Provisions, Energy-Related Provisions, Pension and Health Provisions and more.
Here is a summary of the legislation from AICPA. Watch the recording of the seminar and access a PDF file of the presentation. If you have any questions, please contact us via phone at 215-723-4881 or via email.