Paycheck Protection Program Second Draw (PPP2) - 2021

SBA Second Draw - 01/08/2021

Second Draw Overview - 01/08/2021

This bill includes a new round of PPP loans.  These loans will target at-risk industries and small businesses that have suffered the greatest losses during the pandemic.  

The bill, signed Dec. 27, 2020, includes provisions eliminating the taxability of forgiven PPP loans and the non-deductibility of related expenses.  It also repeals the section of the CARES Act that required EIDL advances be deducted from loan forgiveness amounts.  Good news!

Note - Wisconsin is not following the new Act and will not allow the deductibility of the PPP expenses for 2020 income tax purposes.     02/18/2021 - Wisconsin passes legislation to exempt forgiven PPP monies from state income tax.

2021 Federal

  Banking Holidays

 

Friday Jan. 1
Monday Jan. 18
Monday Feb. 15
Monday May 31
Monday July 5
Monday Sep. 6

Monday

Oct. 11
Thursday Nov. 11
Thursday Nov. 25
Saturday Dec. 25

 

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