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Don’t miss out on these 3 Opportunities for Small Businesses
Senator Ben Cardin, Chairman of the SBA Committee, introduced a new bipartisan bill that will benefit farmers, ranchers, and self-employed individuals, allowing eligible borrowers to recalculate their PPP loans, potentially increasing the amount. The programs aimed to help Restaurants and Live-Event Venues will soon start receiving applications.
Bigger PPP Loans for Small Business
- The Senate introduced the PPP Flexibility for Farmers, Ranchers, and the Self-Employed Act that will allow small borrowers to request bigger PPP Loans by adjusting the formula used to calculate revenue loss for PPP Second Draw
- The bill aims to benefit farmers, ranchers and most independent sole-proprietors and contractors (individuals filling taxes with a 1040 Schedule C form)
- Loan forgiveness is available for qualified borrowers that use the funds for payroll and other allowed expenses
- The Small Business Administration is planning to receive applications by the end of this week. The $16 billion grant is aimed to fund live-event businesses.
- Eligible parties include live venue operators or promoters, theatrical producers, live performing operators, and theaters
- The SBA forcefully shut down the application portal because of a malfunction and collapse of the system
- The SBA posted more details on the $28.6 billion Restaurant Revitalization Fund; the program aims to support the operation of food establishments such as restaurants, bars and food trucks that were affected by the pandemic shutdowns.
- This fund was created through the $1.9 trillion American Rescue Plan.
- A specific start date hasn’t been announced for the grant program
- The law includes a 21-day exclusive period that gives priority to businesses owned by women, veterans, and individuals with social disadvantages.
- Both programs offers recipients grants for up to $10 million
- The SBA hasn’t announced a start date for either program
- As of last week, $44 billion of funds remain available for PPP borrowers
- The PPP program is set to end on May 31
As of today, there’s no additional information available regarding more funding coming for PPP. We will keep you informed as the SBA unveils more details.
Keep in mind that the SBA distributes the aid on a first-come, first-served basis (some priority rules apply), and for that reason we expect the money to run out quickly. Do you need help to review your application?
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secure plus financial
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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
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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
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2021 Tax Law Proposals Timeline
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Bipartisan Infrastructure Bill
House has agreed to a motion to concur in the amendments made by the Senate to the Bipartisan Infrastructure Bill.
Senate Democrats Float “Billionaires Tax”
A billionaires tax on unrealized appreciation has floated to make up for the billions of dollars in new revenue that would be raised by tax increase.
Build Back Better Act (Draft Released)
Build Back Better Act has been launched includes approximately 1.75 trillion dollars to combat climate change, extend health care and ease child poverty.
Capital Gains, a Retroactive Timeline
With the new tax hikes proposal developed this week in Washington, there are notable changes coming to your capital gains and dividend income taxing.