PPP
Subscribe to PPP's Posts

American Rescue Plan Act of 2021: Key Healthcare Provisions

On March 10, 2021, US Congress finalized and passed the American Rescue Plan of 2021 (ARPA), the latest COVID-19 relief package that largely tracks President Joe Biden’s initial $1.9 trillion proposal. The ARPA extends unemployment insurance benefits and provides direct $1,400 stimulus payments to qualifying Americans, but it also makes several important health policy-related changes. These include providing funding for vaccine distribution and testing to combat the COVID-19 pandemic, making policy adjustments to the Medicaid program, facilitating health insurance coverage and providing more money for healthcare providers. The final bill also makes two narrowly focused technical Medicare payment changes.

This summary highlights notable health policy provisions of the final bill.

Access the summary.

For more information, please contact Meg Gilley, Mara McDermott, Kristen O’Brien, Katie Waldo, Rodney Whitlock or Eric Zimmerman.




COVID-19 Stimulus Package Significantly Expands CARES Act Employee Retention Tax Credits

The Consolidated Appropriations Act, 2021, which became law on December 27, 2020, makes significant changes to the employee retention tax credits available under the Coronavirus Aid, Relief and Economic Security Act (the CARES Act). The changes are generally designed to increase the availability, scope and amount of the credits. Significantly, employers that received a Payroll Protection Program (PPP) loan (or that were related to employers that received a PPP loan) may be able to claim the credit, including retroactively for periods beginning as early as March 13, 2020.

Access the article.




IRS Reasserts That Forgivable PPP Expenses Are Not Deductible, but Is Legislative Relief on the Way?

Loans under the Payroll Protection Program (PPP) are eligible for forgiveness depending upon whether and when the loan proceeds are used for qualified business expenses. Congress provided that the forgiveness of PPP loans are not includible in income. However, the Internal Revenue Service (IRS) currently takes the position that expenses funded by PPP loans are not deductible. On December 14, US lawmakers unveiled a draft of the Bipartisan Emergency COVID Relief Act of 2020, which includes a provision allowing deductions for PPP expenses that result in PPP loan forgiveness.

Access the article.




Proposed Jobs Credit Act Would Significantly Expand CARES Act Employee Retention Tax Credits

A bill titled Jumpstarting Our Businesses’ Success Credit Act of 2020, which would make significant changes to the employee retention tax credits available under the CARES Act, is currently under consideration in the US House of Representatives. In this article, we outline the proposed changes, which are generally designed to increase the availability, scope and amount of the credits.

Access the full article.




STAY CONNECTED

TOPICS

ARCHIVES