ASU 2016-02 is effective for nonpublic entities for the calendar year 2022. The effective date was changed from the calendar year 2021 as a result of COVID-19. Early adoption of the new standard is permitted for all entities. All companies with lease agreements will be affected. Industries that could be significantly impacted include those with multiple locations (retail operations) and [...]
IRS Releases Details on American Rescue Plan Tax Credit for Paid Leave to Help Small Businesses Through The American Rescue Plan Act of 2021 (ARP), President Biden offers a tax credit to small and mid-size employers with less than 500 employees. This tax credit is referred to as the “ARP Tax Credit” or “paid leave tax credit.” It is being [...]
Starting Friday, April 30 the U.S. Small Business Administration (SBA) will open registration for restaurants for the Restaurant Revitalization Fund (RRF). Applications may be submitted Monday, May 3, 2021. What is the RRF? On March 11, 2021, the U.S. Small Business Administration announced details regarding the $28.6 billion Restaurant Revitalization Fund (RRF) created to help businesses recover from the economic [...]
SBA Updates for Paycheck Protection and Economic Injury Disaster Loan Programs The SBA’s PPP and EIDL Programs have been an invaluable support to numerous businesses since the initiation of the economic shutdown and mandates caused by COVID-19 in 2020. Each program has been enhanced and extended to help entrepreneurs as this pandemic continues. PPP Updates On March 30th, President Biden [...]
A qualified retirement plan may make a Qualified Disaster Loan to a qualified individual up to $100,000 from December 27, 2020, until June 25, 2021. The Consolidated Appropriation Act (CAA) defines qualified disasters as a major disaster that the President declares during the period beginning on January 1, 2020, and ending on February 25, 2021, but which must have occurred [...]
This year taxpayers will have an additional month to file returns, The IRS and Treasury Department announced the April 15 tax-filing deadline and tax payments will be postponed to May 17, 2021. This date will also be the deadline for Individual taxpayers to submit an extension to file their returns until October 15, 2021. However, taxes that are due must [...]
The Consolidated Appropriations Act offers grants to Shuttered Venue Operators SVOs to offer relief to performing arts venues, movie theaters, and museums. This $15 billion grant program offers grants up to $10 million to eligible organizations. Applicants may qualify for grants equal to 45% of their gross earned revenue with a $10 million max. $2 billion SVO grants have been [...]
The American Rescue Act is expected to cost $1.9 trillion This stimulus bill follows closely behind prior relief legislation of the Consolidated Appropriations Act, 2021 ($900 billion) and the CARES Act ($2 trillion). A vote is anticipated by the end of February. It is expected that act that includes a third round of stimulus payments will pass with little opposition [...]
Over 4.5 million small business owners, 85% of round 1 PPP loans, are currently eligible for PPP loan forgiveness. The 1-page PPP loan forgiveness application lifts the burden of cumbersome paperwork from borrowers with first or second draw loan amounts of $150,000 or less. Form 3508S was released on January 19, 2021. Updated versions of forms 3508 and 3508EZ with [...]
On December 27, 2020, the Economic Aid Act was enacted, which provides additional months of debt relief payments for certain SBA borrowers. If your loan was approved on or before September 27, 2020, and was funded after September 28, 2020, it is eligible to receive debt relief payments by the SBA for 6 months. These are considered first-round Section 1112 [...]
