Update December 27, 2020: Trump has signed this bill into law, you can read more here.
Everyone in the tax community is scrambling to find a good summary of the bill – or read the actual bill. We have only been able to find draft bills and not the final legislation approved by Congress and sitting on the President’s desk for signature. While I was hoping to publish this post-signature, we waited all day Tuesday for nothing. It will likely be signed on Wednesday.
Not much, if anything, has changed from the draft we discussed last week in our article A Look at Proposed Legislation: Last Minute 2020 Curveballs. However, we did not delve into the provisions outside of the tax implications and there are a lot.
If you are looking for a good summary of the items affecting small businesses, please read this summary from the Committee on Small Business. Additionally, the wonderful Lindsay Stevenson, bookmarked a draft with everything related to the PPP and EIDL loans for your ease, which we have uploaded for you here.
While the president has not directly threatened a veto, he did say this bill is “not acceptable, it’s not enough.” He indicated that he is sending this back to congress for significant edits before he will sign it into law. He tweeted out his opinion on Tuesday night:
Update December 23: AP has written a concise summary of what is happening at the Presidential level with this bill: Trump threatens COVID relief bill, testing loyalty of GOP.
