The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31 on Tuesday, March 30, 2021, when President Joe Biden signed the extension into law.
The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31 on Tuesday, March 30, 2021, when President Joe Biden signed the extension into law.
On March 17, the Internal Revenue Service (IRS) announced the deadline for individuals to file federal taxes would be extended from April 15 to May 17, 2021 (Notice 2021-21). This week, the IRS issued additional guidance on its postponement of the tax deadline for individuals. Like the news release before it, this most recent notice does not extend the April 15 due date for estimated tax payments. To ensure our clients do not miss the deadline for estimated tax payments, we encourage the early submission and preparation of tax returns.
Yesterday, President Joe Biden signed the American Rescue Plan Act into law. This legislation, also known as H.R. 1319, was first passed by the House on February 27. The Senate made several amendments and passed its version of the bill on March 6. The bill then came back to the House for a final vote on Wednesday and was subsequently signed into effect on March 11.
The House of Representatives voted 220–211 Wednesday to approve the Senate version of a $1.9 trillion coronavirus relief bill, which President Joe Biden is expected to sign into law.
In Notice 2021-20, the IRS issued detailed guidance for employers claiming the employee retention credit for calendar quarters in 2020. The credit was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L 116-136, and amended by the Consolidated Appropriations Act, 2021, P.L 116-260. The IRS says the guidance in the notice is similar to the information it posted in FAQs last year, but the notice clarifies and describes retroactive changes under the new law that apply to 2020, primarily relating to expanded eligibility for the credit for taxpayers who took Paycheck Protection Program (PPP) loans. The AICPA requested authoritative guidance on the 2020 and 2021 employee retention credits from the IRS in a comment letter sent on Feb. 25.
The PICPA won a major legislative victory when state lawmakers added a provision addressing Paycheck Protection Program (PPP) loan forgiveness to legislation providing COVID-19 relief to Pennsylvania small businesses. Senate Bill 109 was approved unanimously by the state House and Senate and signed by Gov. Tom Wolf. It is now Act 1 of 2021.
Yesterday, New Jersey Governor Phil Murphy and State Treasurer Elizabeth Maher Muoio announced that New Jersey will follow the federal government's lead in making PPP loans tax exempt at the state level and allowing recipients to deduct business expenses that were paid with the loan proceeds.
The US Small Business Administration and Treasury released borrower loan application forms Friday night for the rebooted Paycheck Protection Program (PPP), which will launch today, January 11, 2021. The application will Initially be available for select lenders and borrowers before a broader opening takes place a few days later.
The omnibus spending and coronavirus relief bill passed by Congress includes many tax provisions, including the extension of various expiring provisions, extensions and expansions of certain earlier pandemic tax relief provisions, and much more. The Consolidated Appropriations Act, 2021, H.R. 133, passed both houses of Congress on Dec. 21, and President Donald Trump signed the bill into law on Dec. 27.
New Jersey Governor Phil Murphy has announced that an additional $100 million of federal Coronavirus Aid, Relief, and Economic Security (CARES) Act funding will be allocated to assist in the recovery of individuals and small businesses affected by the coronavirus pandemic. This funding comes amid continued restrictions on restaurants and other vital entities.