Review the recently released cost-of-living adjustments (COLA) as released by the Internal Revenue Service, taking effect January 1, 2021. ...
With the passing of the of the Consolidated Appropriations Act, 2021 (the Act) on December 27, 2020, organizations exempt under Internal Revenue Code Section 501(c)(6) are now eligible for the original Payroll Protection Program (“PPP”) loan and possible forgiveness.
In order to obtain this the loan, 501(c)(6) organizations must meet each of the following requirements.
501(c)(6) organizations that are professional sports leagues and organizations with the purpose of promoting or participating in a political campaign are excluded from this opportunity.
Included in the Act is the opportunity for nonprofit organizations to receive a second round of PPP funding. 501(c)(6) organizations do not meet the definition of an eligible entity for this funding.
If you would like additional information or want to have a discussion regarding your 501(c)(6) organization qualifying for PPP funding, please contact Schneider Downs.
Review the recently released cost-of-living adjustments (COLA) as released by the Internal Revenue Service, taking effect January 1, 2021. ...
Learn more about the PPP Loan Forgiveness and Deductibility of Expenses and what is included in taxable income for Pennsylvania. ...
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