YjA1NTM0ZGYzOWRkOTM0Yjg0MTQ3Mzc5MzhlNzQ1Y2UwOTA0Y2ZlODFkZjdi 19 A.B. In addition to these measures, the agreement provides tax relief for businesses, commits additional resources for critical child care services and funds emergency financial aid for community college students. To help guide planning, weve highlighted key topics under focus from regulators worldwide and what those developments could mean for business. 7 For additional details relating to the federal CARES Act and subsequent legislations relating to the PPP, please refer to the Deloitte Heads Up, Volume 27, Issue 8, Highlights of the CARES Act, updated September 18, 2020 (available here). Lauren is a senior associate working in the Washington National Tax practice of Deloitte Tax LLP. YjNiOTAxNmNjNzdiZTlhZGIxNjNmYmViOWVmYThmZWI3YTRmMzM0ZmZiNjBj 3 P.L. Further, AB 1577 applied only to tax years beginning on or after January 1, 2020. By: Pedro T. Rincon, CVA, Partner Osborne Rincon CPAs. YjFhOWM4Y2FkNDM3NWJjM2ZmZjE2YmFmNjhlNjc3MDJjM2Q3NjJhMmE1NDgz Sec. How to solve business problems and mitigate the risks, Make your transformation deliver on its promise. To stay logged in, change your functional cookie settings. Who should lead the charge? Overview. eligibility) criteria for receiving a second draw PPP loan for federal income tax purposes under the CAA.13 Although this requirement only applied to second draw PPP loans for federal income tax purposes, it appears to be incorporated as a general limitation for California purposes when determining whether a taxpayer is classified as an ineligible entity under A.B. Financial help for businesses - Coronavirus COVID-19 Response - California California Conforms to Federal PPP Loan Forgiveness Rules section 1106 of the CARES Act for forgiveness of the covered loan. The agreement also reflects fee relief for more than 600,000 barbering and cosmetology individuals and businesses licensed through the Department of Consumer Affairs. 2020), A.B. Read about the challenges and opportunities that could lie ahead. However,AB 80 does not permitanindividual owner or corporation that is anineligible entity to deduct PPP covered expenses. GTIL is a nonpracticing umbrella entity organized as a private company limited by guarantee incorporated in England and Wales. These pages do not include the Google translation application. 61; CAL. Watch industry leaders discuss advice on innovation. This box/component contains JavaScript that is needed on this page.

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