News & Analysis as of

American Rescue Plan Act of 2021 Small Business

Whiteford

Client Alert: The Employee Retention Credit and How to Handle Unprocessed Claims

Whiteford on

The Employee Retention Credit (ERC) was introduced as part of the March 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act to encourage businesses to maintain their workforce during the economic disruptions of...more

Kohrman Jackson & Krantz LLP

Senators Brown and Cassidy Propose Legislation to Ease Burdens for Small Businesses and Raise IRS Reporting Threshold for Online...

The advent of online shopping has revolutionized consumer behavior, offering convenience, a wide range of products, and competitive prices. However, one notable concern has been the inconsistency in the collection of sales...more

Foodman CPAs & Advisors

1099-K: Will Small Businesses Be Ready For The New Form?

As a result of the American Rescue Plan Act of 2021, effective for Tax Returns for the Calendar year 2022, small business that accept payment cards as a form of payment will receive a Form 1099-K for the gross amount of the...more

McDermott Will & Schulte

Weekly IRS Roundup May 1 – May 7, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 1, 2022 – May 7, 2022... May 2, 2022: The IRS issued a news release as part of National...more

McDermott Will & Schulte

Weekly IRS Roundup April 24 – April 30, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 24, 2022 – April 30, 2022... April 25, 2022: The IRS issued a news release, soliciting...more

Kohrman Jackson & Krantz LLP

Restaurants Push for More COVID Relief

Two years ago this week, the country began to shut down due to COVID. Now, thousands of restaurant owners, employees and patrons alike are calling on President Biden to assist in getting another round of restaurant relief...more

Proskauer Rose LLP

Front and Center: Latest SVO Grant Numbers (UPDATED)

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The SBA stopped accepting new SVO Grant applications on August 20, 2021.  The SBA is currently reviewing submitted SVO Grant applications and issuing both initial and supplemental awards. As of November 15, 2021, the SBA had...more

Proskauer Rose LLP

Front and Center: Latest SVO Grant Numbers (UPDATED)

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The SBA stopped accepting new SVO Grant applications on August 20, 2021.  The SBA is currently reviewing submitted SVO Grant applications and issuing both initial and supplemental awards.  As of October 4, 2021, the SBA had...more

Schwabe, Williamson & Wyatt PC

First Draw PPP Loans $2 Million and Up and the PPP Necessity Questionnaires - Update #2

Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans of $2 million or greater. There...more

PilieroMazza PLLC

Biden Announces 50 Percent Increase in Small Disadvantaged Business Contracting Goals: Key Details for Government Contractors

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On June 1, 2021, President Biden marked the 100-year anniversary of the Tulsa Race Massacre by announcing the Biden-Harris Administration’s plan to increase small disadvantaged business (SDB) contracting goals by fifty...more

Tucker Arensberg, P.C.

A Recent Case Highlights Equal Protections In The American Rescue Plan Act

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A case from the United States Court of Appeals for the Sixth Circuit highlights that, even in times of crisis like the COVID-19 pandemic, prioritizing federal grant money based on race and gender will likely violate the equal...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Microbusinesses - June 2021

The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Nonprofits - June 2021

The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained...more

Holland & Knight LLP

IRS Announces Tax Credits for Small Businesses Providing Paid Leave for COVID Vaccine

Holland & Knight LLP on

This is an update to Holland & Knight's previous blog, "Employers May Encourage Employees to Receive COVID-19 Vaccine, But Requiring it Raises Issues," April 26, 2021. The Internal Revenue Service (IRS) recently announced...more

Kilpatrick

U.S. Department of the Treasury’s $350 Billion Coronavirus State and Local Fiscal Recovery Funds Program – Private Sector Support

Kilpatrick on

Earlier this month, the U.S. Department of the Treasury (Treasury) launched the $350 billion Coronavirus State and Local Fiscal Recovery Funds (Fiscal Recovery Funds) program. The program, which is established under the $1.9...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Nonprofits

Lowenstein Sandler LLP on

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Microbusinesses - May 2021

Lowenstein Sandler LLP on

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Troutman Pepper Locke

SBA’s Restaurant Revitalization Fund Begins Taking Applications May 3

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Congress created the Restaurant Revitalization Fund (Fund) as a part of the larger American Rescue Plan Act of 2021 (H.R. 1319) (Act), which President Biden signed into law last month with $28.6 billion allocated to the Fund...more

Holland & Knight LLP

Treasury Department Sets State Small Business Credit Initiative Session, Tribal Consultation

Holland & Knight LLP on

The U.S. Department of the Treasury on April 26, 2021, announced that it will hold an information session on the State Small Business Credit Initiative (SSBCI) on May 13, 2021, from 2 to 3 p.m. ET and a tribal consultation on...more

McDermott Will & Schulte

Weekly IRS Roundup April 19 – April 23, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 19, 2021 – April 23, 2021... April 19, 2021: The IRS issued a news release announcing the...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs For Nonprofits -UPDATED April 2021 #1

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Rosenberg Martin Greenberg LLP

What You Need to Know About the Restaurant Revitalization Fund Grant Program

The American Rescue Plan Act of 2021, which was signed into law on March 11, 2021, includes relief provisions for restaurants and other similar businesses. The Small Business Administration (SBA) will administer the...more

Hinshaw & Culbertson LLP

PPP Deadline Extended, Preparing for Restaurant Revitalization Grants

PPP Deadline Extension - President Biden has signed legislation extending the Paycheck Protection Program (PPP) loan application filing deadline from March 31, 2021 to May 31, 2021. The legislation also gives the Small...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs For Microbusinesses - UPDATED March 2021 #3

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Burr & Forman

PPP Loan Application Date Extended by Congress

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President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021 to May 31, 2021.  The new law gives qualifying businesses and...more

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