The Restaurant Revitalization Fund (RRF) has opened to new applicants beginning May 3, 2021. The RRF offers tax-free grants that do not need to be repaid to restaurants and similar businesses to help them cope with the COVID-19 pandemic. Created by the American Rescue Plan Act, the RRF provides grants of up to $10 million per business and $5 million per location.
The Consolidated Appropriations Act, 2021 (CAA) has expanded which expenses are eligible for Paycheck Protection Program (PPP) loan forgiveness. During this two-minute video, Chugh, CPAs, LLP Partner and CPA Edith Miranda-Smith shares the latest on which non-payroll costs are eligible for loan forgiveness.
Most United States taxpayers are eligible for a second Economic Impact Payment, or stimulus payment, from the US government to help them cope with the economic downturn caused by the COVID-19 pandemic. Most Americans will receive the Economic Impact Payment automatically via paper check or direct deposit. Certain individuals who did not receive their stimulus payment during the first round may be eligible to claim a Recovery Rebate Credit.
A second round of Paycheck Protection Program loans (PPP) will reopen on Monday, January 11, 2021. Initially, PPP loans will only be available through financial institutions that serve women- and minority-owned businesses. PPP loans will open to first-time borrowers through those institutions on Monday, and to second-time borrowers on Wednesday, January 13. PPP loans will be available through all institutions “shortly thereafter,” according to the Small Business Administration and United States Treasury. The closing date for applications for the second round of PPP loans will be March 31, 2021.
Effective since December 27, 2020, COVID-19 relief bill HR 133 contains business-friendly provisions, including a second round of Paycheck Protection Program (PPP) funding. The bill provides relief to individuals as well, including extended employment benefits, stimulus payments, and other tax relief.
The United States House of Representatives passed a $900 billion COVID-19 relief bill on Monday, December 21, 2020. The bill contains business-friendly provisions that expand Paycheck Protection Program (PPP) loan forgiveness rules, eligibility, and tax deduction opportunities. The bill is effective as of Sunday, December 27.