What is the difference between section 179 and bonus depreciation?

Earlier there were many differences, but in the year 2020, both are almost same and technically does same - deduction expense on account of investment in equipment, machinery and software. Section 179 was brought in IRCas an incentive to small businesses as there is a cap on investments whereas the bonus depreciation suits large businesses. Since both provisions relate to depreciation, section 179 deduction is taken first, followed by Bonus Depreciation – unless the business had no taxable profit, because the unprofitable business is allowed to carry the loss forward to future years.