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803, 2021

American Rescue Plan Act

Categories: Blog, Covid-19|

The American Rescue Plan Act (ARPA) was passed by the Senate on Saturday, March 6 and in the House on Wednesday, March 10. The $1.9 trillion relief bill now heads to President Biden’s desk. He signed the bill into law on Thursday, March 11. Read on for details on the

403, 2021

SBA Issues New Guidelines for Calculating PPP Loans for Schedule C Taxpayers

Categories: Blog, Covid-19|

On March 3, 2021, the SBA issued a new interim rule making changes to the PPP loan calculation methodology for IRS Form 1040, Schedule C (“Schedule C”) taxpayers. This change will allow qualifying Schedule C taxpayers (which includes independent contractors, sole proprietors, and self-employed individuals) to calculate their maximum loan

2701, 2021

Changes to the Employee Retention Credit Greatly Expand Eligibility for Businesses

Categories: Blog, Covid-19|

The recently passed Consolidated Appropriations Act (“CAA”) contains retroactive changes and expansions to the Employee Retention Credits (“ERC”) that make these previously underutilized tax credits now potentially very lucrative for many small businesses.

As explained in more detail below, three main retroactive changes in the CAA making the ERC applicable to

2312, 2020

Important Changes to PPP Loans and COVID-Relief Grants

Categories: Covid-19|

On December 21, 2020, Congress passed the “Consolidated Appropriations Act, 2021” (the “Act”) and it was signed by President Trump on Sunday, December 27th. This Act contains many important tax changes and updates for the Paycheck Protection Program (“PPP”) loans (see our article here for more details on

2212, 2020

President Signs Coronavirus Relief Bill

Categories: Covid-19|

On December 22, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA2021), which includes $892 billion in coronavirus stimulus spending. The act was signed into law by President Trump on Sunday, December 27, 2020. This long-awaited and highly contested piece of legislation ties coronavirus relief funding into a

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