Has your small business taken advantage of one or more of the COVID-19 relief programs authorized by the American Rescue Plan for 2021? If so, you need to be aware of your potential tax liability for federal and state taxes. 2020 and 2021 were not typical tax years thanks to the trillions pumped into the… Continue reading Business Tax Ramifications From COVID Relief Measures
Category: CARES Act
COVID and Small Business: What To Expect From Congress in 2021
We have a new Congress and a new President and his administration. What will that mean for your small business when it comes to help, assistance, and guidance from the government? Congress has held sessions with experts. The President is making this a priority in the face of this pandemic. In an address in January,… Continue reading COVID and Small Business: What To Expect From Congress in 2021
COVID-19 And Your Business Tax Returns (Tax Year 2020)
The global COVID-19 pandemic sent the entire world into an economic crisis. Some small businesses are feeling the effects of this more than others, but all US small businesses need to understand how the pandemic and resulting legislation might impact their 2021 business taxes for the 2020 tax year. How New COVID Laws May Affect… Continue reading COVID-19 And Your Business Tax Returns (Tax Year 2020)
How To Create New Sources Of Revenue (COVID)
Finding new sources of revenue could mean survival for your business. If your business has taken a hit during this COVID pandemic economy, then new streams of revenue could be just the vaccine your business needs. Congress has lent some business relief and assistance — although more than 13% of businesses refused to take the… Continue reading How To Create New Sources Of Revenue (COVID)
COVID-19 Updates: What Help is Still Available?
We keep seeing the headlines of the government running out of funding assistance for businesses. Congress keeps extending deadlines and funding programs. So, what help is still available to help your business survive the current COVID-19 economic crisis? Three key programs are currently open to applications and have funding available. Paycheck Protection Program: Congress reopened… Continue reading COVID-19 Updates: What Help is Still Available?
Paycheck Protection Program Open Through August 8th, 2020
Congress has extended the Paycheck Protection Program through August 8th, 2020. That means small businesses, through their SBA 7(a) lender can apply for the PPP loans. The goal of the Paycheck Protection Program is to enable businesses to keep their employees on the payroll during the coronavirus crisis, a time when many companies might be… Continue reading Paycheck Protection Program Open Through August 8th, 2020
Update: SBA Reopened The Economic Injury Disaster Loan (EIDL)
The SBA recently made the announcement below about the reopening of the Economic Injury Disaster Loan (EIDL) program. This is a different announcement than the recent update on the Paycheck Protection Program, which is a forgivable loan. The EIDL is a fixed rate, long-term loan to help businesses hurt by the coronavirus crisis cover general… Continue reading Update: SBA Reopened The Economic Injury Disaster Loan (EIDL)
Pandemic Unemployment Assistant: The CARES Act
Many aspects of unemployment are handled at the state level, including the length of benefits, etc. Your eligibility will also filter through your state, so be sure to start there. The key part of the CARES Act unemployment provisions is that the $600 weekly benefit is available to just about everyone, including independent contractors and… Continue reading Pandemic Unemployment Assistant: The CARES Act