Update on 11th Hour Covid Relief Bill: Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act

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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.

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Liz Mason
Liz Mason is a serial entrepreneur, a giant nerd, and an involved accounting vanguard. She is the Founder of High Rock Accounting, Rebel Rock Accounting, TheDepartment.Tax, and a few other related brands. Liz speaks on a national stage, guests stars on podcasts, publishes a YouTube show (The Hot Accounts), and writes frequently. To further her passion for the advancement of the accounting profession, Liz currently serves as a Xero National Ambassador and as the Content Strategist for Tax Practice News. Liz started her career in tax at Grant Thornton (at 20) and automated a portion of her job landing her in the national tax practice. She spent a decade in large public accounting firms working on highly technical tax consulting before branching off on her own. Liz utilizes her creativity and passion at her company to uproot traditional practices and replace them with innovative concepts. She finds joy in efficient technology and her core belief is that everyone and everything can continuously improve (she says "be better" too often). When Liz isn't planning world domination in accounting, she is a die-hard skier, down for any adventure, plays the ukulele, reads everything, and has a good sense of humor. If you're looking for her, you can find her traveling the world and enjoying new food and cultures with her husband and young son. Follow Liz and High Rock Accounting on Twitter at @LizzyNorMa and @HighRockCPAs.