On Tuesday, December 21, 2020, The United States Congress passed and sent to President Donald J. Trump a new stimulus package that, among other things, provides for new stimulus payments to lower income households, as well as a new round of Paycheck Protection Loans and Economic Injury Disaster Loans, resolves tax issues related to Paycheck Protection loans and loan forgiveness, makes more retirement plan money available to participants, and temporarily reinstates deductions for business meals that will make it easier for taxpayers to support the businesses hardest hit by the continuing pandemic.  The bill, which is over 5,000 pages long, also contains numerous provisions that have little to do with economic stimulus or the pandemic, but are included as the price of solidifying the deal regarding pandemic relief.

After initially indicating that he would sign the legislation, President Trump is now calling for an increase in the amount of the stimulus payments to be made to individuals, and has expressed general dissatisfaction with the overall bargain struck by Congress.  So, the timing and content of relief is again uncertain.

Your team at Jennings, Strouss & Salmon, P.L.C. is closely monitoring the developments surrounding pandemic relief and is carefully studying the language of the existing bill.  As soon as there is a more certain outcome in this political negotiation, we will be prepared to provide to you the details about provisions that affect your families and businesses.  In the meantime, we continue to assist clients in strategies related to SBA loans, loan forgiveness, issues related to funding applications and representations, employment matters, and tax and employee benefits aspects of pandemic relief.  Please do not hesitate to call us with any questions that you have.