Congress' coronavirus relief bill brings welcome change to old PPP biz loans; funds new borrowers

Congress has passed a bipartisan bill offering as much as $267.5 billion more for Paycheck Protection Program loans and $13.5 billion for Economic Injury Disaster Loans. For struggling businesses, a second round of loan money could make the difference between survival and closing up shop. The most welcome change? Small business owners who receive PPP loans — whether last round or the next round — can deduct the expenses for which they use loan money on their taxes. The American Institute of CPAs president and CEO Barry Melancon said this latest COVID-19 Relief Bill provides “much-needed econom…

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