Page 22 THE SAUGUS ADVOCATE – THURSDAY, DECEMBER 31, 2020 HILL ROLL | FROM PAGE 21 brief length of sessions are misguided and lead to irresponsible late-night sessions and a mad rush to act on dozens of bills in the days immediately preceding the end of an annual session. During the week of December 21-25, the House met for a total of 21 hours and 19 minutes while the Senate met for a total of 23 hours and 59 minutes. Mon. Dec. 21 House 11:03 a.m. to 1:28 p.m. Senate 11:08 a.m. to 8:57 p.m. Tues. Dec. 22 House 12:13 p.m. to 9:10 p.m. Senate 3:52 p.m. to 7:56 p.m. Wed. Dec. 23 House 11:03 a.m. to 9:00 p.m. Senate 10:20 a.m. to 8:26 p.m. Thurs. Dec. 24 No House session No Senate session Fri. Dec. 25 No House session No Senate session Bob Katzen welcomes feedback at bob@beaconhillrollcall.com “YOUR FINANCIAL FOCUS” JOSEPH D. CATALDO DEDUCTIBILITY OF THE PAYCHECK PROTECTION PROGRAM EXPENDITURES T he Consolidated Appropriations Act, 2021 provides for the deductibility for the expenditures paid for with the Paycheck Protection Program (PPP) loan proceeds. This Act just passed both houses of Congress on December 21, 2020. President Donald J. Trump signed it into law on December 27, 2020. This reverses the Internal Revenue Service’s recent revenue rulings stating that the expenditures would not be deductible as the proceeds of the PPP loan represented tax-exempt income. This is truly having your cake and eat it too. Not only do businesses now not have to report the loan forgiveness as income, they now have the ability to deduct all of the expenditures. It’s a big win for businesses that have suffered so much as a result of the Corona Virus. The COVID-Related Tax Relief Act of 2020 (COVIDTRA), Section 276(a)(1) codifies the deductibility of the expenditures paid for with the PPP loan proceeds. COVIDTRA also provides that the tax basis and other attributes of the business’ assets will not be reduced as a result of the PPP loan forgiveness. COVIDTRA also provides for the direct payments to individual taxpayers called “recovery rebates”. As of this writing, Senate Majority Leader Mitch McConnell has blocked the increase from the $600 stimulus check to a $2,000 stimulus check. Section 307 of Title III, Continuing the PPP and Other Small Business Support in the Consolidated Appropriations Act states that if a PPP loan is not more than $150,000, it will be forgiven if the eligible recipient submits a certification to the lender with the following information: 1. A description of the number of employees that were retained due to the PPP loan 2. The estimated amount of the PPP loan that was spent on payroll costs 3. The total loan amount No other documentation will need to be provided to the lender. The PPP forgiveness amount also does not have to be reduced by any Economic Injury Disaster Loan advance. REAL ESTATE TRANSAC TIONS Copyrighted material previously published in Banker & Tradesman/The Commercial Record, a weekly trade newspaper. It is reprinted with permission from the publisher, The Warren Group. For a searchable database of real estate transactions and property information visit: www.thewarrengroup.com. BUYER1 Filion, Courtney C Disalvatore, Andrea Hohmann, Michael W Moretti, Gerald J Mcgoldrick, Roberta Warren, Cristina P Buenrostro, Salvador J Dealy, Alexa BUYER2 Haley, Mark J Cronin, Jean M Pietrzak, Catherine J SELLER1 Redmond, Joshua E Silva, Mario Ellis, Julie E Cronin, James E 7 Lindsay Terrace RT Freethy, Lawrence R Cross, Brian Byors, Justin R SELLER2 Redmond, Kellie M Hohmann, Mary Cronin, Jean M Mackenzie, Karla J Freethy, Lynn A Cross, Carrie A ADDRESS 66 Ballard St 62 Hobson St 11 Pranker Rd 9 Thomas St #C16 7 Lindsay Ter 14 Allard St 35 Adams Ave 34 Hawkes St CITY Saugus Saugus Saugus Saugus Saugus Saugus Saugus Saugus DATE 11.12.2020 11.12.2020 10.12.2020 09.12.2020 08.12.2020 07.12.2020 07.12.2020 07.12.2020 PRICE $465 000,00 $385 000,00 $420 000,00 $297 500,00 $814 500,00 $459 000,00 $550 000,00 $425 000,00
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