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On December 27, 2020, following an unexpected delay, President Donald Trump signed stimulus legislation that legislatively overruled the IRS’s position that expenses funded with forgiven Paycheck Protection Program (“PPP”) loans were not deductible. The new legislation, known simply as the Consolidated Appropriations Act, 2021 (the “Act”), also expands the scope of the PPP program and enhances other benefits created in the original Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) or the Families First Coronavirus Response Act (the “FFCRA”). This client advisory describes some of the potential tax benefits expanded or enhanced under the new legislation.