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American Rescue Plan - Passed the House
During the weekend, the House of Representatives approved the latest bill pertained to Biden’s American Rescue Plan.
How does this affect your business?
We provide Here are a few insights into what to expect in the forthcoming weeks:
- Increase the PPP program funding from $806.4 billion to $813.7 billion, with an additional PPP support of $7.5 billion
- The Employee retention credit is now available in Q3 and Q4, making the overall credit per employee to $28k.
- The Child Tax Credit has been expanded to provide families up to $3,600 per child for a year
- Additional non-profits that are listed in Section 501(c) are now allowed to take PPP Loans
- An additional EIDL Advance of $15B for Small Businesses that only received a portion of the $10k advance from last year for small business with the hardest hit
- Additional entities that were previously denied loans are now allowed to take PPP Second Round
- $25 billion funding for Food and Drink establishments such as restaurants
- An Additional $1.25 billion funding for the SBA Shuttered Venue Operators Grant Program
- The FFCRA received extended credit dates
- Most individuals will receive a pyament of $1,400 (same amount for claimed dependents). Checks phasing out at $75,000 in income down to zero for individuals that make $100,000 or more a year.
- Suplemental Unemployment of $400 per week through August 29, 2021
There is a lot to navigate and choosing to focus on the right items will be key.
If you want to walk through this together, schedule a free zoom meeting here:
Are you still Overpaying Taxes?
Our team of tax specialists can help you determine where the tax savings are hiding within.
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End of Year Small Business Checklist
The end of the year is a great time to review your small business financial checklist and make sure that you are ready for the upcoming year.
Santa’s Tax Savings Success Business Model
Today’s business owners are facing serious challenges that allow their business to grow. Learn from Santa’s Tax Savings Success Business.
High Interest Rate on Commercial Loans
Commercial loans are great because you can fund your business; be on the lookout for high interest rates when you apply for a commercial loan.
How Rising Inflation May Lead to Higher Tax Bills
Inflation has been rising over the past year. Taxes haven’t increased as quickly as inflation, but now it’s possible to pay more in taxes than you used to; this is because the IRS calculates taxes based on income and inflation.
2021 Tax Law Proposals Timeline
The Biden administration has introduced a series of tax proposals as part of the Build Back Better initiative to pay for new government programs such as education and infrastructure.
Bipartisan Infrastructure Bill
House has agreed to a motion to concur in the amendments made by the Senate to the Bipartisan Infrastructure Bill.