The House and Senate passed a $900 billion coronavirus stimulus package on Monday night after Democratic and Republican leaders reached a last-minute relief deal on Sunday, ending a months-long gridlock in negotiations.
The Republican-controlled Senate voted 92-to-6 to pass the stimulus bill. Earlier on Monday, the Democratic-controlled House voted 359-to-53 to pass the legislation. The stimulus package was attached to the $1.4 trillion omnibus spending bill that will keep the government running. It will now be sent to the president to be signed.
“To safely enter the economy and our schools, we must crush the virus,” House Speaker Nancy Pelosi (D-CA) said from the House floor on Monday night. “That’s why we can support this bill. It doesn’t go all the way, but it takes us down the path — a first step.
To see the full report from Denitsa Tsekova at Yahoo.com, click here.
Meanwhile, the RV Dealers Association applauds passage of the bill. Associate member Somerset CPA’s said this about its passage.
“One of the most significant provisions of the bill provides tax relief to recipients of Payroll Protection Program (PPP) funds. The language specifically states that no amount of PPP funds shall be included in gross income AND no deduction (of eligible expenses) shall be denied. The measure had the strong support of RVDA and other business groups.
The act also simplifies the forgiveness application for loans under $150,000, expands the list of eligible expenses, and repeals the provision that required PPP forgiveness be reduced by the Economic Injury Disaster Loan (EIDL) program. Finally, the PPP borrower can choose a unique “covered period” as any time frame between 8 and 24 weeks.
In addition to lifting the PPP tax burden and simplifying PPP forgiveness, the act provides additional support for small businesses through the extension and expansion of payroll tax credits, extension of SBA debt relief, a “second draw” of PPP fund, and targeted expansion of the EIDL program.”
“RVDA joined with other business group to move this provision across the finish line and I want to thank all the dealers who contacted Congressional representatives on this important issue,” said Phil Ingrassia, RVDA president
RVDA members can contact Somerset with any questions and for additional information by calling 317-472-2200 or emailing info@somersetcpas.com.