Much of the COVID-19 relief provisions passed by Congress expire 12/31/2020. We do not know if Congress will pass additional relief. One way to stay informed is at the IRS webpage “Coronavirus Tax Relief and Economic Impact Payments”.
As you start thinking about preparation of your 2020 income tax returns, keep in mind that the economic stimulus payment you received is not reportable as income. Your 2020 return will include a reconciliation of this payment, to ensure you receive any additional funds for which you qualify. Note that you will not have to repay any excess funds you received.
Businesses that received a Paycheck Protection Program (PPP) Loan, and then received forgiveness of all or part of the loan, will not have to report the forgiveness as income. However, expenses paid with the forgiven portion of the loan proceeds will not be deductible.
Scams are on the rise. Be extra careful.
Stay safe. Be well.