The Employee Retention Credit, or ERC, is a significant tax credit enacted in 2020 under the CARES Act to help businesses keep employees on payroll during the COVID-19 pandemic. Since then, the ERC has been significantly expanded and extended for …
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Registration for the SBA’s Restaurant Revitalization Fund (RRF) relief program application portal will begin on Friday, April 30, 2021, at 9 am ET. Applications will open on Monday, May 3, 2021, at noon ET, the U.S. Small Business Administration (SBA)…
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Updated 4.23.2021 Updated launch date: The SBA announced that is has completed rigorous testing and the Shuttered Venue Operators Grant application portal and it will reopen on Monday, April 26 at 12pm ET. Applicants may continue to register for an…
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Updated 4-6-2021 The American Rescue Plan Act of 2021 (the “Act”), signed by President Biden on March 11, 2021, includes within Section 5003 a $28.6 billion appropriation to establish a Restaurant Revitalization Fund (the “RRF”) to provide tax-free federal grants…
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W&D Coronavirus Resource Center The coronavirus (COVID-19) is causing challenges for businesses across the U.S. We have compiled a list of resources to help business owners, management and individuals navigate this unprecedented situation. This list will be updated regularly as…
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On Wednesday, March 31, 2021, the President signed the PPP Extension Act of 2021, H.R. 1799 which moves the Paycheck Protection Program (PPP) application deadline from March 31 to May 31. This provides an additional 60 days for businesses to…
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The U.S. Small Business Administration is more than tripling the maximum amount that small businesses and nonprofits can borrow under the COVID-19 Economic Injury Disaster Loans (EIDL) program. Starting the week of April 6, the loan limit for COVID-19 EIDL…
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On March 11, 2021, President Biden signed the American Rescue Plan Act (“the Act”), a $1.9 trillion COVID-19-relief stimulus package. The Act extends the unemployment benefits that were set to expire March 14, and provides expansive pandemic relief funding for…
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President Biden has signed into law The American Rescue Plan Act 2021 (ARPA), which includes $1.9 trillion in funding for individuals, businesses, and state and local governments. The latest stimulus package contains benefits for businesses and nonprofits. It allocates an…
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UPDATED March 15, 2021 to reflect additional guidance and the ARPA Act of 2021 Under the Consolidated Appropriations Act, 2021, the employee retention credit, a provision of the CARES Act, is available through December 31, 2021 to eligible employers who…
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President Biden has signed into law the 628-page The American Rescue Plan Act 2021 (ARPA), which includes $1.9 trillion in funding for individuals, businesses, and state and local governments. This is the latest legislation aimed at providing economic and other…
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The U.S. Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules that allow self-employed individuals who file Form 1040, Schedule C, Profit or Loss From Business, to calculate their maximum loan amount using gross income instead of net…
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The Biden-Harris administration announced several reforms to further target the Paycheck Protection Program (PPP) to the smallest businesses and those that have been left behind in previous relief efforts. The following are specific changes: 1. Create 14-day period, starting Wednesday,…
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The US Small Business Administration (SBA) and Treasury have published updated Paycheck Protection Program (PPP) loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less – Form 3508S. Before the…
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Reopening of PPP Loan Program The SBA and Treasury announced that the new PPP will re-open the week of Jan. 11 with community financial institutions exclusively allowed to make first-draw PPP loans on starting Jan. 11 and second-draw PPP loans…
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If you received a first-draw PPP loan approved by Aug. 8, 2020 that has not been forgiven, you may be able to amend your original application to request a PPP loan increase. Borrowers can amend their original application to request…
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IMPORTANT NOTE: On January 6, 2021 the SBA issued approximately 120 pages of new regulations regarding PPP loans. We have updated the below article on PPP Changes with significant new details, including: New methods to calculate a 25% reduction in…
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If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES Act, which passed last March,…
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The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of the Consolidated Appropriations Act 2021 that was enacted late in December.) Even if you…
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The U.S. Department of Labor’s Inspector General estimated $26 billion in unemployment benefits could end up being pocketed by fraudsters. NortonLifeLock, which has 4.5 million customers, has seen a 6,140% spike in the number of unemployment insurance fraud claims from…
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