FUNDING VIRUS SURVIVAL AND MORE

摘要

The economic impact of the coronavirus pandemic and recovery is expected to continue for months and potentially even years. As Congress and other government agencies attempt to save different areas of the economy, every pressure cleaning business owner and manager should understand the many resources available to help with that recovery. The Coronavirus Aid, Relief, and Economic Security (CARES) Act lifted the Tax Cuts and Jobs Act (TCJA) restriction that limited the deduction of business interest to 30 percent of adjusted taxable income to 50 percent-at least for 2019 and 2020. While there continues to be no limitation on deducting business interest for smaller pressure washing businesses, the CARES Act specifically earmarked funds for businesses and other eligible applicants, with a major portion coming from the Payroll Protection Program (PPP).