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 [...]
The American Rescue Plan Act fully subsidizes premiums for COBRA health coverage from April 2021 through September 2021 and requires special COBRA election periods and extensive new COBRA notices. COBRA Subsidy The bill provides a 100% subsidy for COBRA continuation coverage for “assistance eligible individuals” — that is, COBRA qualified beneficiaries. This group includes any employees along with their spouses [...]
Consolidated Appropriation Act, 2021 (H.R. 133)- Second Draw Paycheck Protection Program (PPP) and Expanded Employee Retention Tax Credits (ERTC), was signed on December 27, 2020. The Consolidated Act authorizes the U.S. Small Business Administration (SBA) to guarantee Paycheck Protection Program (PPP) Second Draw Loans. The Paycheck Protection Program has $284 billion in available funds for small businesses to apply for [...]
PIN Opt-In Program from the IRS will be expanded to all taxpayers. Until now, an Identity Protection PIN, or IP PIN was for fraud victims and was used to prevent future fraudulently filed tax returns. Now, eligible taxpayers may obtain an IP PIN. IP PINs are valid for one calendar year, and a new IP PIN must be obtained each [...]
