American Rescue Plan Act of 2021

American Rescue Plan Act of 2021 President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law on Thursday afternoon. This $1.9 trillion stimulus package contains additional funding and expansion of tax credits to qualifying small businesses, assistance to various industries that were impacted by the COVID-19 pandemic, namely restaurants, direct stimulus payments…

PPP and the Employee Retention Credit (ERC)

PPP and the Employee Retention Credit (ERC)New legislation from the Consolidated Appropriations Act, 2021 creates a chance for some companies to take advantage of both Paycheck Protection Program (PPP) loans and the Employee Retention Credit (ERC). Several changes specific to the ERC can provide an opportunity for additional relief for companies. The significant changes that…

PPP 1 VS PPP 2

PPP1 is winding down but for some there are still considerations. Since the tax liability on the PPP loan has been eliminated, but the expenses used to offset the PPP1 funding can be deductible, this could create a Net Operating Loss. The CARES Act included a Net Operating Loss Carryback feature. In short, if your…

PPP Application Dates Announced

The application window for Paycheck Protection Program (PPP) forgivable loans will open Friday for lenders with $1 billion or less in assets, the US Small Business Administration and Treasury announced. The opening, which will take place at 9 a.m. ET and applies for both first- and second-draw PPP loans. The program will begin accepting applications…

Consolidated Appropriations Act

The recently enacted Consolidated Appropriations Act, 2021 contains a wide range of tax, appropriations, and other provisions, including pandemic-specific provisions and extensions of provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.¬†Although the following is quite long, we believe it provides an excellent summary of some of the key tax provisions of the…