$900 billion economic relief package – support for businesses and healthcare providers

After much negotiation, and a few twists and turns, on Sunday, December 27, President Trump signed the Consolidated Appropriations Act (the Relief Act) into law. In addition to providing Congress with a budget for the upcoming fiscal year, the Relief Act provides nearly $900 billion in coronavirus-related aid that will be allocated among numerous designated programs.

IRS issues new guidance on the deductibility of business expenses paid for with PPP funds

Last week, the Internal Revenue Service (IRS) issued Revenue Ruling 2020-27, providing clarity on the ability of a Paycheck Protection Program (PPP) loan recipient (i.e. business owner) to deduct business expenses paid for using PPP loan proceeds. The updated ruling reinforces previous guidance issued in May through Revenue Ruling 2020-32 and if not followed, may increase the audit risk of a business owner by potentially understating their total net income (or overstating their potential loss).

Federal court denies stay during appeal of ruling on gathering limits – impact for Pennsylvania businesses

On September 22, 2020, the court denied the governor’s stay request. The court held that the governor was not likely to succeed on appeal and distinguished other cases which have upheld the governor’s COVID-mitigation orders on the ground that those rulings were not based on a full factual record like the one developed in this case.

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