Festivus for the Rest-of-Us OR None-of-Us?

Happy Holidays!

Just a quick update on what we thought was going to be a Festivus Miracle. We hung our stockings and went to bed thinking that stimulus checks and tax-free loan forgiveness were wrapped and sitting under the tree. Then, in what is either a Grinch-like change of heart OR a flimsy attempt to remain relevant, Trump refused to sign the bill before flying off to Florida--siding with Democrats no less--demanding MORE zeros on what will most likely be the last checks that the American public will see with his signature.

We do think that an aide package will arrive soon as the funding bill needs to pass by Monday to avoid a government shutdown. If there will be any changes to the current bill, we cannot say; most likely this reality-tv president's holiday cliffhanger just delays the season finale already written out by Congress.

So instead of our originally scheduled email to help you unwrap the holiday details of this much needed stimulus package, we are only able to wish you a safe and un-newsworthy extended weekend.

If you want to know more about what is in the unsigned bill that is sitting on the President's empty desk, below are a few highlights with links to longer articles.

Stimulus Checks: $600 Per Person

Trump is holding up the bill demanding $2000/person. Democrats love the idea. It doesn't look likely to pass. The details would be similar to the payments in July: phased out with income and considered an advance credit on your 2020 tax return (the term "advance" might be a misnomer if Trump waits much longer to sign the bill).

PPP Wars: Episode 2 - Attack of the (c)Loans

Attack might be the wrong word (but the right Star Wars nerdism)...if this bill passes, it's more of A New Hope:

A second round of forgivable loans for businesses that had > 25% drop in sales for any quarter of 2020 vs. the prior year's sales in the same quarter.
Easier loan forgiveness application for loans under $150,000.
Tax Deductibility for Expenses Paid with Loans: this makes the loans totally tax free!
EIDL Advances would no longer lower loan forgiveness.

Extended Unemployment Benefits

An 11 Week Extension of Unemployment Benefits including $300 per week in additional Pandemic Unemployment Assistance.

Save Our Stages

As if we didn't already know First Avenue was the premiere music venue in the country, the CEO of First Ave and chairperson of a newly created National Independent Venue Association persuaded Amy Klobuchar to take up their cause and procured $15 BILLION in aide for music venues and theaters nationwide. This will (hopefully) keep venues afloat with funding of up to 45% of their annual operating costs. We really hope that Klobuchar's still-wet star on the side of First Ave wasn't a premature victory lap!

There is a lot more in this HUUUGE bill, but I smell holiday pop-overs and chestnuts on an open fire; we'll send more info if/when this festivus bill moves from the current Airing of Grievances into an actual Feat of Strength. We hope you're all staying safe this holiday season. We look forward to seeing you (on video chat) soon... I'm guessing that like us, you're ready to move on from 2020, so let's file that tax return early, get a vaccine and get on with what is bound to become known as the Roaring Twenties 2.0!

-- Mark, Alyssa and The Fox Tax Quaranteam

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