The Consolidated Appropriations Act, 2021 (the “Act”) was passed by Congress on December 21, 2020, and signed into law by President Donald Trump on December 27, 2020. This is the second-largest federal stimulus package approved by Congress this year following the $2 trillion CARES Act passed in March 2020.
One of the scary aspects of leaving my job as VP of North American Sales at a multibillion-dollar international company was the uncertainty. How would we build a business from a base of podcast fans? How would we create revenue from something that is free to listen to? How would I productize myself? Now that it’s been three years, we are starting to get some of these answers.
On Sunday December 27, 2020 President Trump signed the Consolidated Appropriations Act of 2021 (the Act) which included several enhancements to the Employee Retention Credit (ERC). The most prominent change is that businesses that received a loan pursuant to the Paycheck Protection Program (PPP) are now eligible for the ERC.
Below is a summary of the proposed details on the Emergency Coronavirus Relief Act that was recently released. The proposed legislation includes significant updates to the Paycheck Protection Program (PPP). If approved, the bipartisan bill will make $267.5 billion additional funds available for PPP loans and $13.5 billion for Economic Injury Disaster Loans also overseen by the Small Business Association.
IRS Notice 2020-75 (‘the Notice”) was issued on November 9, 2020 and announced that the Department of the Treasury and the Internal Revenue Service intend to issue Proposed Regulations to clarify that State and local income taxes imposed on and paid by a partnership or an S corporation on its income are allowed as a deduction by the partnership or S corporation in computing its non-separately stated taxable income or loss for the taxable year of payment. Furthermore, the Proposed Regulations will provide certainty to individual owners of partnerships and S corporations in calculating their state and local tax deduction payments.
The Small Business Administration (SBA) published in late October that it will begin issuing loan necessity questionnaires to Paycheck Protection Program (PPP) borrowers with PPP loans of over $2 million. The loan necessity questionnaires will be utilized by the SBA to review the PPP borrower’s good-faith certifications of economic need. There are two versions of the questionnaire: Form 3509 that will be used by for-profit borrowers, and Form 3510 that will be used by non-profit borrowers.
The JobsOhio Inclusion Grant has been getting off the ground the past month and may provide up to $50,000 in grant money for eligible projects.
The Ohio TechCred Program is open again and employers once again DO NOT have to identify specific employees (current and/or prospective employees) on the application this round. The employees will need to be identified when filing for reimbursement. This makes the program much more flexible for employers that know what credentials/trainings will be needed but are not sure which employees will be receiving those credentials/trainings!
It’s the morning commute, and traffic is stopped in both directions as I wait for new goslings and their parents to cross the road. The goslings are a bit wobbly and must be shown the right direction as they learn their way. I admire the cute creatures as they continue their journey and observe the reaction of others in their cars taking pictures of the adorable, fluffy animals. The stopped traffic was inconvenient, yet everyone seemed to give grace to these new little ones finding their way.
Scrolling through Facebook I stumbled across an ad and read a quote the ad highlighted:
"Life isn’t about waiting for the storm to pass…It’s about learning to dance in the rain!" – Vivian Greene.