Heppner Gazette-Times, Heppner, Oregon Wednesday, January 20, 2021 -- SEVEN
Business Speak
Consolidated Appropriations Act of 2021 offers more economic relief
By Daniel Van Schoiack,
CPA member of OSCPA
and AICPA
The recently passed
Consolidated Appropri-
ations Act of 2021, (also
referred to as CAA 21) is a
$2.3 trillion spending bill,
the largest spending bill
ever enacted. The actual
bill is said to be over 5,000
pages long, while the text
posted on the congressio-
nal website is 2,124 pages.
Deep within the bowels of
this massive piece of legis-
lation are provisions offer-
ing $900 billion in stimulus
relief for the COVID-19
pandemic.
The CAA 21 offers
economic relief to farm-
ers, ranchers, businesses,
nonprofit organizations
and churches through an
extension and expansion
of the Paycheck Protec-
tion Plan (PPP). Banks are
now taking applications
for those who have not
previously applied for the
program. Also, some who
have previously received a
PPP payment might qualify
for a second draw from the
program, if they can show
a 20 percent decrease in
revenue in any quarter in
2020 in comparison to the
same quarter in 2019
The CAA 21 has made
several modifications to the
plan that will make it more
appealing for many appli-
cants. For example, farmers
and ranchers can now apply
using a formula based on
their gross income report-
ed on Schedule F, where
previously the net income
on the form was a deter-
mining factor. As a result,
farmers and ranchers who
were previously ineligible
for the program because of
negative income can now
apply. Also, some farmers
and ranchers who previ-
ously received a payment
based on their net income
can now reapply for a larger
amount based on their gross
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Although the title of the
program is the “Paycheck”
Protection Plan, allowable
expenses are not limited
to payroll cost and include
owner draws, rent, mort-
gage interest and utilities.
Recent revisions of the PPP
provide more flexibility
in the use of the funds in
some cases. For example,
the proceeds can now be
used to purchase supplies
that were under contract
prior to receiving the funds.
Also, the proceeds can now
be used to purchase perish-
able goods; that is a good
change for the food service
industry.
In a major change to
the PPP by the CAA 21,
the expenses paid with
the funds are now tax de-
ductible, even if the fund
proceeds are not subject
to repayment. However,
recipients must tread care-
fully to avoid falling into a
repayment trap. Repayment
AN D
OFF
1
can be avoided by closely
monitoring the use of PPP
funds. The Small Business
Administration has recently
released a simplified for-
giveness form 3508-S.
Another change made
by the CAA 21 allows some
employers to now utilize
both the PPP and ERC (Em-
ployee Retention Credit).
Previously both of these
programs could not be used
in the same year, now both
are allowed if not applied
to the same cost in order
to prevent double dipping.
The ERC has been revised
to allow a maximum credit
of $14,000 per employee
total for the first two quar-
ters of 2021 combined. The
credit is based on 70 percent
of qualified wages. Em-
ployers can also amend pre-
viously filed federal 2019
payroll reports to claim the
credit that was not allowed
at that time. For 2020 there
was an annual cap of $5,000
per employee based on 50
percent of qualified wages.
Besides the favorable
changes to the PPP and
ERT, the CAA 21 contains
an abundance of tax law
provisions that will benefit
a broad range of taxpayers.
The list of changes includes
100 percent allowance of
business meals provided by
a restaurant, a one year look
back for earned income, and
charitable donation deduc-
tion for taxpayers who do
not itemize. Also, as with
all tax legislation, there
are provisions that benefits
specific business segments,
including favorable depre-
ciation for motorsport facil-
ities. The results of special
interest lobby efforts are
available.
Oregon Trail
Library District to
hold board meeting
The Oregon Trail Li-
brary District will hold
a virtual board meeting
Wednesday January 20 at
6:30 p.m. The agenda will
include approval of Decem-
ber 2020 minutes and finan-
cials, district election May
18, 2021, policy schedule
and director report.
Those who wish to at-
tend should contact OTLD
at 541-481-3365 for Zoom
meeting information.
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