The IRSand the Treasury released guidance Thursday April 8, 2021 on a temporary exception to the 50% limit that businesses can deduct for food or beverages from restaurants during the pandemic.
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On Monday, President Joe Biden announced a series of changes to the Paycheck Protection Program designed to make the program more accessible to underserved borrowers, including a two-week period beginning on Wednesday (February 24, 2021) where only businesses with fewer than 20 employees can apply for loans.
On January 8, 2021, the U.S. Small Business Administration (SBA) released the Borrower Application Form, SBA Form 2483, for businesses applying for a First Draw PPP Loan or requesting an increase in their First Draw PPP Loan. Existing borrowers seeking a Second Draw PPP Loan will need to submit the Second Draw Borrower Application Form, SBA Form 2483-SD.
On January 6, 2021, the U.S. Small Business Administration (SBA) issued the Interim Final Rule on Second Draw Loans (the IFR). The IFR announces the implementation of section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act), a component of the Consolidated Appropriations Act, 2021 (the Act), which authorizes the SBA to guarantee additional loans under the Paycheck Protection Program (PPP).
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.
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.
We are so excited to introduce you to Kendall, one of our newest team members! He is a Staff Accountant in our Audit & Assurance Services group making things happen in Dayton on the daily!