Check out our 3-page PDF below for the latest COVID relief options currently available. Once the SBA releases information on the programs listed on the 3rd page, we’ll be sure to update our resource. As always, please reach out with any questions you have!
The American Rescue Plan Act of 2021 was signed into law on March 11th. Most of the relief in this $1.9 trillion plan comes in the form of tax credits and stimulus checks, which the IRS has already been sending out. We’ve summarized the main tax-related points below for you.
This afternoon, the IRS issued a notice extending the filing deadline and payment deadline (regardless of the amount of tax owed) for individual returns to May 17. This extension automatically applies; therefore, no form needs to be filed in order for the change to take effect. The relief does NOT apply to estimated tax payments […]
Today, the Treasury and SBA issued the guidance on updated PPP loan procedures for qualified Schedule C filers applying for a first or second draw loan. In order to benefit from these new regulations, a sole proprietor, independent contractor, or self-employed individual must file a Schedule C with their individual income tax return. It is […]
02/26/2021 – PPP Round 2 Changes for Sole Proprietors, Self-employed Individuals, and Independent Contractors
Earlier this week, the White House announced a number of changes to the Paycheck Protection Program. The SBA and Treasury have not issued any guidance on these updates as of this afternoon, so we are not sure how they will practically be put into play yet. In the meantime, we have summarized the key points […]
The SBA released multiple documents last night related to 1st and 2nd round PPP draws in 2021 as well as forgiveness applications submitted in 2021. The links on our PPP Page have been updated to reflect these new applications. Another document the SBA issued consolidated all of the rules they had previously issued related to […]
Before the Consolidated Appropriations Act 2021, any employer who received a Small Business Administration Loan under the Paycheck Protection Program (PPP loan) of the CARES Act was ineligible to receive the employee retention credit (ERC). The Consolidated Appropriations Act 2021 now allows eligible businesses who previously received PPP loans to claim the employee retention credit retroactively to […]
01/15/21 – Employee Social Security Tax Deferral (updated to reflect changes in Consolidated Appropriations Act (CAA))
The Consolidated Appropriations Aid Act extended the repayment period of deferred employee taxes. On August 8, 2020, President Trump signed a Presidential Memorandum directing Treasury Secretary Mnuchin to permit the postponement of the withholding, deposit, and payment of the employee’s share of Social Security tax (6.2%), as well as the employee’s share of Railroad Retirement […]
01/14/21 – Paid Sick Leave and Expanded Family and Medical Leave (updated to reflect changes in Consolidated Appropriations Act)
The Consolidated Appropriations Act contains provisions that extend the refundable tax credits associated with paid sick and family leave under the FFCRA. It extends the refundable tax credits available to employers who provide paid sick and family leave related to the coronavirus (COVID-19) pandemic as enacted in the FFCRA through March 31, 2021. Note that […]
Late Friday night, the SBA announced that the application window for PPP loans would reopen today (1/11/21) for community financial institutions that serve minority- and women-owned businesses. Community financial institutions are private financial institutions that are 100% dedicated to providing funding to low-income, low-wealth, or other disadvantaged groups and communities. Eligible PPP borrowers served by […]