Paycheck Protection Program (PPP2) – Second Time Borrowers

The Consolidated Appropriations Act, 2021 was signed on December 27, 2020, which included provisions to the Paycheck Protection Program for second time borrowers. For businesses that took advantage of the PPP loans in 2020, the opportunity to apply has opened for 2021. Click here for information regarding PPP2 second time borrowers.

Paycheck Protection Program (PPP2) – First Time Borrowers

The Consolidated Appropriations Act, 2021 was signed on December 27, 2020, which included provisions to the Paycheck Protection Program for first time borrowers. For businesses that did not take advantage of the PPP loans in 2020, the opportunity to apply for PPP2 loans has opened. Click here for information regarding PPP2 first time borrowers.

Tax Provisions of The Consolidated Appropriations Act, 2021 (the CAA 2021), Signed into Law on December 27, 2020

The Consolidated Appropriations Act, 2021 (the CAA 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. It was preceded by the CARES Act, which was signed into law on March 27, 2020. The CAA 2021 contains numerous business and individual tax provisions in addition to its spending and other non-tax components. The tax provisions are outlined here.

All taxpayers now eligible for Identity Protection PINs

The IRS launched the Identity Protection PIN (IP PIN) program nearly a decade ago to protect confirmed identity theft victims from ongoing tax-related fraud. In recent years, the IRS expanded the program to specific states where taxpayers could voluntarily opt into the IP PIN program. Now, the voluntary program is going nationwide. Learn more here.

Energy-Related Tax Breaks Are Extended in the New Law

The massive economic stimulus and government spending law, which was signed on December 27, 2020, extends several energy-related tax breaks. Before the Consolidated Appropriations Act (CAA) was signed, these federal income tax breaks (often called "extenders") were set to expire on December 31, 2020. Extenders are tax breaks that Congress has repeatedly allowed to expire before generally restoring them — often retroactively. Here are some of the tax credits extended in the CAA.

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