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On Sunday, December 27, 2020 President Trump signed into law the $900 billion stimulus package enacted by Congress on December 21. His signature ensures that this new relief spending for individuals, families, workers, and businesses will begin to flow.
The new law includes funding for individual stimulus checks, a restart and expansion of the popular Paycheck Protection Program (PPP) (including clarification that business expenses paid with PPP loan funds are tax deductible), other new and expanded SBA loan programs, direct targeted funding to certain industries, unemployment compensation program extensions, payroll and other tax credits, and deductions. The overall legislation will take effect when signed, but individual programs and provisions may have unique effective dates that are separate from the general effectiveness date.