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:
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