PPP Application Deadline Extended
President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021 to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications.
Single Audit Extension
On March 19, 2021 the Office of Management and Budget (OMB) issued Memorandum M-21-20 that includes a six-month extension (beyond the normal due date) for single audit submissions of organizations with fiscal year-ends through June 30, 2021. The extension applies to organizations that have not yet submitted their single audit submission to the Federal Audit Clearinghouse as of March 19, 2021.
Make the Most of the Employee Retention Credit
The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue Plan Act (ARPA) extending the credit and expanding eligibility — and the credit worth as much as $28,000 per employee for 2021 — employers should brush up on the details.
Individual Federal and Illinois Income Tax Deadline for 2020 Tax Filings and Payments Pushed Back to May 17, 2021
The Internal Revenue Service and the State of Illinois have officially moved the 2020 income tax filing deadline for individuals to May 17, 2021 from April 15, 2021. Individual taxpayers can also postpone Federal and Illinois income tax payments due for the 2020 tax year to May 17, 2021 without incurring additional penalties or interest.
The American Rescue Plan Act Provides Sweeping Relief Measures for Eligible Individuals and Families
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations, education, and state and local governments, the ARPA includes extensive relief that could directly impact your finances.
The American Rescue Plan Act Has Passed: What Is in It for You?
President Biden has signed the American Rescue Plan Act (ARPA), which includes $1.9 trillion in funding for individuals, businesses and state and local governments.
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.