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 […]
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 […]