Darla Mercado | CNBC
Details of Senate Republicans’ version of a coronavirus aid bill are starting to emerge. Accountants question whether it will provide enough relief to small businesses.
GOP lawmakers expect to release their aid bill next week. The proposal is expected to call for another round of stimulus checks and an extension of the enhanced federal unemployment payments – albeit “based on approximately 70% wage replacement,” according to Treasury Secretary Steven Mnuchin.
Small businesses – many of which are feeling the squeeze as coronavirus continues to rage – also get additional relief.
“According to Treasury Secretary Steven Mnuchin, the impending coronavirus relief base package, which may be released as early as next week, will not include payroll tax deductions for small businesses who received forgivable PPP loans, though he did not rule out the payroll deduction from future relief. Small business owners should pay careful attention to other expected relief such as a renewed PPP program.” ~ Dan Gauthier, Attorney at Rose Law Group