PPP EIDL Grant Update 11-22 ($120 Million in Relief Grants) $185 MILLION State Gives PPP Loan

($185 MILLION GRANTS NOW) PPP loan, EIDL, and Small Business Grant Update Trump Cares Act money still being release into the economy. PPP loan Forgiveness Update for Sunday, November 21st, 2020.

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Congress blasts IRS for limits on forgiven PPP Loan Tax Breaks.

In a joint statement, they claim the Treasury is depriving small businesses of much needed economic relief by forcing them to choose between getting their PPP loans forgiven or claiming write-offs on expenses.

The law stated that the forgiven loan won’t be taxed, but didn’t specify whether companies could still write off the expenses they covered with that money.

Senate Finance Chairman Chuck Grassley and Democrat Ron Wyden said, “Regrettably, Treasury has now doubled down on its position in guidance that increases the tax burden on small businesses.”

The congressional reaction to the guidance puts additional pressure on the Treasury and the IRS to allow taxpayers to claim the expense deductions.

The lawmakers said they are working to include language in year-end legislation clarifying that taxpayers qualify for expense deductions even if their loans are forgiven.

We hope that this pressure allows this to be included in the next government spending legislation.

Main announced that 1,200 small businesses and nonprofits will receive another round of grants of up to $54 million to come mid-December.

This the second round of grant using part of the $200 million received to them from the CARES Act funds allocated for struggling businesses and nonprofits.

According to the Bangor Daily News, “Businesses and nonprofits can use the grant money to pay rent and utilities and to buy business-related equipment or personal protective equipment.
They continued: “Of the grants, 1,107 went to businesses and 115 to nonprofits to total $53.6 million and averaged $43,000 per grant.”

This is fantastic news for the small businesses in Maine.

And finally, another $120 million in grants will go to Wisconsin small businesses.

Applications ended in early November with over 48,000 applicants but as they were awaiting their grant, the governor has increased it by $70 million.

Governor Tony Evers announced Friday that an additional $70 million had been added to the second round of grants to support small businesses.

The total investment in the “We’re All In” grants is $185 million since the first round was dispersed.

The funding will be distributed by mid-December. As the Holiday season is proving to be challenging for small businesses, we hope that more states are doing all they can to help.
I hope you found this video entertaining and informative

I’m Andrew Cartwright, please be safe out there

Take care, love ya

Sources:

https://www.bloomberg.com/news/articles/2020-11-19/congress-blasts-irs-for-limits-on-forgiven-ppp-loan-tax-breaks

https://bangordailynews.com/2020/11/20/business/maine-to-give-out-another-54m-in-small-business-grants/
https://www.jsonline.com/story/money/business/2020/11/20/wisconsin-small-businesses-receive-120-million-covid-19-grants/6354563002/

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Видео PPP EIDL Grant Update 11-22 ($120 Million in Relief Grants) $185 MILLION State Gives PPP Loan канала Andrew Cartwright