Individuals are getting more stimulus checks and expanded unemployment benefits with the the new COVID relief bill that has been passed by Congress.
The benefit for business, though, is likely even greater. The bill recharges the Paycheck Protection Program so businesses can get loans to help themselves stay afloat. But, the qualifications for getting a PPP loan may have changed compared to last time.
If your business is not eligible for another PPP loan, the bill does have you covered in other ways.
“Those businesses that have been hard hit, that have had declines in their revenue, but hang onto their employees can also get quarterly tax credits that are refundable for keeping their employees on staff,” said Leslie Boyd, a CPA in Fishers to WISH-TV.
She said the bill also makes it so meals are tax deductible for employers that eat out. Such as a work lunch for their employees or for clients. Boyd said this is a great way to encourage employers to eat out and pump some money into struggling restaurants.
This provision of the bill will last for the entirety of 2021.