Tax Season 2021

Call Us Now To Schedule An Appointment!
secure plus financial

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.

secure plus financial

Related Updates

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.

Read More »