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The new coronavirus stimulus package that just passed Congress provides for certain small businesses to apply for a second Paycheck Protection Program loan through March 31, 2021. Small businesses that have already taken out a PPP loan and used up the funds may qualify for another loan through this program. Rates are fixed at 1% with a two-year term, you can apply for up to 100% forgiveness, and the loan requirements are more restrictive than the first round of PPP funding.
Congress passed a bill approving a second round of $900 billion in coronavirus relief to be issued through mid-March of 2021. In addition to more funds, the bill clarifies some very important key information for businesses. The president is expected to sign the bill into law soon.
Here is a summary of the items that are most significant to your small business.
If you have, let your payroll provider know so you are sure to claim your payroll tax credits.
The Families First Coronavirus Response Act (“FFCRA”) provides for refundable payroll tax credits for employers in order to assist with the cost of providing Coronavirus-related leave to their employees. This tax credit went into effect on April 1, 2020 and will remain in effect until December 31, 2020.
LISC invites small business owners in rural locations across the country to apply for the LISC-Lowe's Rural Relief Small Business Grants program.
This new IRS effort is called the Taxpayer Relief Initiative, and it aims to help those financially affected by COVID-19.
Taxpayers who owe taxes always had options to get help through payment plans and other tools from the IRS, and now they are expanding those tools. The revised COVID-related collection procedures will be helpful to taxpayers, especially those who have a record of filing their returns and paying their taxes on time. Here are the highlights of the Taxpayer Relief Initiative: