Relief is Here Again! PPP2 Stimulus and Business Tax Benefits
The Consolidated Appropriations Act, 2021 (the “CAA”), signed into law on December 27, 2020, is the second-largest federal stimulus package of 2020, following the CARES Act. The CAA provides $900 billion in COVID relief and reserves $284 billion for small businesses through a second round of Paycheck Protection Program (“PPP”) forgivable loans, or as some are calling it, PPP2. But relief for businesses does not end at PPP loans. The CAA also provides additional tax…