Empire State Development (ESD) recently announced more than $3 million in “Raising the Bar” Restaurant Recovery Funds to assist restaurants in New York State during the COVID-19 pandemic. This grant funding has been made possible through financial donations led by Diageo North America and supported by Coastal Pacific Wine & Spirits (a division of Southern Glazer’s Wine & Spirits) and will be implemented by the non-profit National Development Council (NDC). The “Raising the Bar Restaurant Recovery Fund” will help eligible restaurants adjust their operations to the impacts of COVID-19 and adherence to New York State’s public health and safety measures during the winter months when outdoor dining is limited.
Applications will open January 11, 2021. For more information, please see: https://esd.ny.gov/raising-bar-restaurant-recovery-fund
Join Tim O’Hearn, SCOPED Executive Director Judy Cherry, Public Health Director Deborah Minor, and Schuyler Hospital CEO Rebecca Gould. We will provide updates on current statistics and status, vaccination protocols, and information on recently adopted federal stimulus programs. There will be ample time allowed for community feedback and questions.
Join Zoom Meeting 1/7/2021 @ 3pm
Meeting ID: 811 9632 6743
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Expenses Paid for with PPP Loan Funds are Now Deductible
After many months of debate and consternation, Congress has finally
overridden the guidance issued by the IRS and Secretary Mnuchin
regarding deducibility of expenses paid for with PPP loan funds.
The Relief Act states “no deduction shall be denied, no tax
attribute shall be reduced, and no basis increase shall be denied,
by reason of the exclusion from gross income provided by” Section 7A
of the Small Business Act (formerly Section 1106 of the CARES Act).
In other words, subject to The Relief Act being signed into law by
the President or an override by Congress of a veto, the PPP expenses
that were paid with the proceeds of a forgiven loan will be tax
deductible for federal income tax purposes.
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