03/03/2021 – Updates on PPP Loans for Schedule C Filers

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 […]

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01/16/21 – Employee Retention Credit (Important New Benefits)

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 […]

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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 […]

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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 […]

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1/11/21 – PPP Window Reopens Today for Certain Borrowers

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 […]

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