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SMALL BUSINESSES AND THE COVID RELIEF BILL

Legislation just signed by President Trump includes $284 billion for 1st and 2nd forgivable Paycheck Protection Program loans. It expands eligibility for local newspapers, as well as local TV and radio broadcasters. The legislation provides $20 billion for Economic Injury Disaster Loans.
Businesses receiving PPP loans may take tax deductions for expenses covered by forgivable loans. The new law extends the tax credit for needy employers who keep employees on payroll. It allows those receiving tax credits to qualify based on their 2019 incomes.