On April 29, 2021, California Governor Gavin Newsom signed California Assembly Bill 80 (“A.B. 80”), which largely conforms to federal rules regarding deductibility of expenses paid with funds from forgiven Paycheck Protection Program (“PPP”) loans.
While the first COVID-related legislation was enacted over a year ago, resulting programs are still ongoing or just getting started. Below is the latest on relief programs available for businesses impacted by the pandemic:
The IRS issued Notice 2021-21 to provide additional guidance on the postponement of the federal April 15 tax deadline to May 17, 2021 for individuals.
A significant change for HEERF II funds compared to the HEERF I funds is that lost revenues are now specifically considered to be allowable costs.