Tax Season 2021

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President Joe Biden Signed the American Rescue Plan for $1.9 trillion

Vector image illustration of a tax legislation and tax preparation documents portraying the American Rescue Plan Act for the Paycheck Protection Program

American Small Businesses have been able to survive the COVID-19 pandemic thanks to these relief programs:

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:

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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.

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