Pandemic Relief Update
December 23, 2020
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.
About Jennings, Strouss & Salmon, P.L.C.
For over 75 years, Jennings Strouss has been dedicated to providing clients with strategic legal guidance to help them seize every opportunity. The firm is well-known for its rich heritage, commitment to community, and long-lasting relationships. We have a deep understanding of business and law. When you work with us, you’ll have a team of legal experts who are dedicated to your vision of success.
Through our offices in Phoenix, Peoria, and Tucson, Arizona, and Washington, D.C., we leverage resources both regionally and nationally to serve our expanding client base. Jennings Strouss is deeply rooted in each of our locations’ legal and business communities, and especially instrumental in helping shape the dynamic growth of Arizona and many of its institutions. The firm promotes a pragmatic, results-oriented approach, coupled with a healthy, well-managed, and friendly atmosphere of collaboration.
Our primary areas of practice include advertising and media law; agribusiness; automobile dealership law; bankruptcy, restructuring, and creditors’ rights; construction; corporate and securities; eminent domain and condemnation; employee benefits and pensions; energy; estate planning and probate; family law and domestic relations; finance; healthcare; insurance defense; intellectual property; labor and employment; legal ethics; litigation; medical malpractice; mergers and acquisitions; professional liability defense; real estate; surety and fidelity; and tax.