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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%.
New Guidance on Tax Treatment of PPP Eligible Expenses
On November 18, 2020, the U.S. Treasury Department and Internal Revenue Service released Revenue Ruling 2020-27 and Revenue Procedure 2020-51 clarifying the tax treatment of expenses that are eligible for PPP loan forgiveness.
Consider Reevaluating Your Tax Plans Based on the Outcome of the Presidential Election
Now that Joe Biden has been projected as the winner of the presidential election by major news outlets, you may wonder if your federal taxes will be affected. President-elect Biden campaigned on a broad agenda, including a pledge to roll back many of President Trump’s tax policies.
Mayor Lightfoot Announces Grants and Other Emergency Relief for Chicago Restaurants and Bars
On November 5, Mayor Lightfoot announced several initiatives designed to help Chicago restaurants and bars — and their workers — that have been hit hard by closures, reduced capacity limits and other measures taken to mitigate the impact of the COVID-19 pandemic.