The American Rescue Plan Act allocated an additional $7.25 Billion for PPP forgivable loans for small businesses and earmarked targeted grants to those hardest hit by pandemic-related economic slowdowns. Restaurants and bars are among the businesses most hurt by the stay-at-home and social-distancing restrictions imposed during the pandemic, and now have a “seat at the
Individual Federal Income Tax Returns And Payments Now Due May 17th 2021
Another moving target! The IRS is postponing the deadline for all individual tax returns. Returns otherwise due April 15 will not have to be filed until May 17 this year. The IRS says it will issue formal guidance in the very near future. The postponement applies only to individual taxpayers, who can postpone their federal
EIDL Payments May Be Deferred Until 2022
The SBA announced extended deferral periods for all of its disaster loans, including the COVID EIDL loans. Most small businesses that received an EIDL won’t have to start making payments on the loan until 2022. The deferral details differ depending on the calendar year the disaster loan was made: For all SBA disaster loans made
