Tax Season 2021

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Don’t miss out on these 3 Opportunities for Small Businesses

Vector image illustration displaying a pair of glasses, a calculator, dollar coins, a tax deductions graph and a CFO doing tax planning and tax preparation for a small business in Texas

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.

Important Highlights

  • 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?

Do you know how much you overpaid in taxes this year?

We have a burning desire to help our clients stop overpaying their taxes and start achieving their dreams.

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