Archive for January 2021

PPP SBA Form 3508D

On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (the Act) into law. The Act provides for significant changes to the Paycheck Protection Program (PPP) and establishes a second round of additional funding for the PPP. Over the past several weeks, the SBA has issued numerous guidance documents and forms to implement…

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SBA PPP Round 2 Guidance

On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (CAA) into law. A significant revision in this law involves extending and expanding an existing provision from prior 2020 Federal COVID-19 legislation regarding the employee retention credit and paycheck protection program. The CARES Act passed in March 2020 established the following two incentive…

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Employee Retention Credit Updates

On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (CAA) into law. A significant revision in this law involves extending and expanding an existing provision from prior 2020 Federal COVID-19 legislation regarding the employee retention credit. The CARES Act passed in March 2020 established the following two incentive programs that provide funds…

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Consolidated Appropriations Act, 2021

On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 into law. The major tax-related provisions are summarized below: COVID-19-related Tax Relief Act of 2020: Additional Recovery Rebate Credit $600 per individual (including dependents) Phase out begins at Adjusted Gross Income of $150,000/$112,500/$75,000 (Married Filing Joint/Head of Household/Others) Advance payments will be based…

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