Tax & AccountingAugust 07, 2020

Economic Stimulus Bill – Status 8/7

Economic Stimulus Bill – Status 8/7

As we approach the end of the day Friday, 8/7, and the shutdown of the PPP loan program tomorrow, 8/8, the Administration and Congressional leadership remain far apart on the next economic stimulus bill even as they have continued to meet in an attempt to come up with a compromise bill that both Houses of Congress and POTUS can agree upon. 

The meeting between Pelosi, Schumer, Meadows and Mnuchin ended just after 3pm EDT without any real progress being made. House and Senator members have returned home and are on “24 hour” notice to return to DC if and when a bill is agreed upon. 

POTUS has stated that he will sign a number of Executive Orders that include a payroll tax cut, eviction protections, unemployment payment extensions and student loan repayment options if an economic stimulus bill is not agreed upon this afternoon. 

No action is expected on the PPP2 bills currently in Congress in the next few days.

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Mark Friedlich
Author at Tax & Accounting
Mark Friedlich, a CPA & tax lawyer, is the principal international & corporate indirect taxation analyst for Wolters Kluwer Tax & Accounting. He is a member of the U.S. Senate Finance Committee’s Chief Tax Counsel’s Advisory Board, advisor to 14 state taxing authorities, and a member of the American Bar Association’s Tax Section and AICPA’s Tax Section leadership teams. Prior to joining Wolters Kluwer he was a Managing Tax Partner at PricewaterhouseCoopers.