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PPP Revisions Target Smallest Businesses
The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It is also changing several program rules to expand eligibility for the 100% forgivable PPP loans.
2021 Tax Calendar
To help you make sure that you do not miss any important 2021 deadlines, we have provided this summary of when various tax-related forms, payments and other actions are due.
Paycheck Protection Program: Update to Loan Forgiveness Applications
On January 19, 2021, revised PPP Loan Forgiveness Applications were released. The forms address significant changes in the recent law and simplify the loan forgiveness process for borrowers with loans of $150,000 or less.
Grants for Shuttered Venue Operators
The Consolidated Appropriations Act of 2021 (the Act), signed into law on December 27, 2020, includes $15 billion for Grants for Shuttered Venue Operators.
Paycheck Protection Program Reopening for First and Second Draw Loans
On January 8, 2021, the Small Business Administration (SBA) announced that the Payroll Protection Program (PPP) will reopen this week. The application deadline is March 31, 2021 or when the funds are exhausted.
New Stimulus Package Extends and Expands the Employee Retention Credit
The Employee Retention Credit (ERC) was created by the CARES Act on March 27, 2020 to encourage businesses to keep employees on their payroll and continue providing health care benefits during the coronavirus pandemic. The ERC is a refundable payroll tax credit for wages and health care costs paid by an employer whose operations were fully or partially suspended due to a COVID-19 related governmental order or experienced a significant reduction in gross receipts.
President Signs a New Stimulus Package
On December 21, 2020, Congress passed the Consolidated Appropriations Act 2021 (the “Act”), a massive tax, funding and spending bill that contains a nearly $900 billion coronavirus aid package. The emergency coronavirus relief package aims to bolster the economy, provide relief to small businesses and the unemployed, deliver checks to individuals, and provide funding for COVID-19 testing and the administration of vaccines.
Significant Changes in the Paycheck Protection Program in Recent Legislation
Congress passed the Consolidated Appropriations Act (the “Act”) yesterday which includes a new round of COVID-19 stimulus. President Trump is expected to sign the Act into law this week.
The Nanny Tax Is Not Just for Nannies: Who is Considered a Household Employee?
As many of us look forward to putting 2020 in the rear view mirror, an inclusive punch list of items needed to support, process and file your personal tax returns includes information on any household employees. A shifting trend towards working from home may impact household worker roles by either downsizing – or actually expanding – their employment landscape.
Chicago “Cloud Tax” Increase
As part of the 2021 Chicago budget, the Chicago Personal Property Lease Transaction Tax, commonly referred to as the “cloud tax,” has been approved for an increase. Effective January 1, 2021, this Chicago tax will increase from 7.25% to 9%.