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President Joe Biden Signed the American Rescue Plan for $1.9 trillion
American Small Businesses have been able to survive the COVID-19 pandemic thanks to these relief programs:
FFCRA
CARES
Covid Relief
And now, President Joe Biden delivers his first major legislation, the American Rescue Plan (ARP).
What are the benefits of the American Rescue Plan?
- Inject an additional $7.5 billion of funding for the Paycheck Protection Program
- The Employee Retention Credit (ERC) allowed in Q3 and Q4
- Expand the Child Tax Credit to provide families up to $3,600 per dependent child
- Additional Non-Profit organizations are eligible to apply for PPP Loans
- An additional $15 billion Targeted EIDL Advance for small businesses
- Additional entities are eligible to apply for PPP Loans
- Restaurants received a $25 billion in new funding
- An Additional $1.25 billion added to the SBA Shuttered Venue Operators Grant Program
- Extend the credit dates for FFCRA
- Provide Stimulus Payments of $1,400 to individuals (Same amount for each dependent) Checks phasing out at wages with $75,000 income and goes to zero for individuals making $100,000 or more
- Suplemental unemployment relief of $300 per week through September 6, 2021.
Our financial team is reviewing the bill; schedule a free appointment here:
Are you wondering how to reduce your Tax Payments this year? Read This!
We can run your numbers for free and show you where the tax savings are hiding within.
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