Although there will be further guidance coming on the particulars of the latest COVID Stimulus bill from a regulatory standpoint, the legislation became law when the President signed the bill last week. Of primary import to small business owners, the law restores the tax deductibility of business expenses that were paid for with PPP loan funds, a change in the regulations governing PPP loan forgiveness. In addition, the law replenishes funding for the Paycheck Protection Program with an additional $325 billion while also changing several of the rules governing use of PPP funds. While allowing a second draw for qualified businesses (must demonstrate a 25% loss of revenue year over year in any quarter of 2020), it also makes some important formulaic changes in the eligibility criteria. Further SBA and Treasury Guidance will be expected over the next several weeks. Aside from the Paycheck Protection Program, the law made some other changes of which you will want to take note, including extension of the Employee Retention Tax Credit (ERTC) and an allowance for extension of the FFCRA family and medical leave in addition to enhanced and extended unemployment benefits of $300 per week for 50 weeks rather than the current cutoff after 39 weeks. The ERTC is increased from the previous 50% to 70% of salaries up to $10,000, meaning a tax credit may be available for $7,000 per employee per quarter for qualified businesses with fewer than 500 employees.