Monthly Archives

March 2021

Did You Get Your Stimulus Payments?

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The IRS has announced that they have finished making all first and second rounds of Economic Impact Payments. These Economic Impact Payments (commonly known as “stimulus payments”) were mandated by law to be paid to U.S. citizens and resident aliens, including children, and were generally paid via direct deposit to your bank account.

If you were eligible to receive a stimulus payment, but didn’t receive one or both installments in full, you may be eligible to claim the Recovery Rebate Credit on your 2020 tax return. To claim this credit, you must file a 2020 tax return even if you are not required to file a tax return for 2020.

If you didn’t receive a stimulus payment that you believe you were entitled to, please contact our office so that we can look at your circumstances and make sure that you receive any Recovery Rebate Credit that you are due.

Wider Availability Announced for Small Business PPP Loans

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On February 22, 2021, the Biden administration announced a new exclusive Paycheck Protection Program (PPP) loan application period for businesses and non-profits with fewer than 20 employees. This application period began on February 24, 2021 and lasts for 14 days. According to the U.S. Small Business Administration (SBA), the goal of this exclusive application period is to “give lenders and community partners more time to work with the smallest businesses.”

The SBA also announced these additional changes to the PPP program that aim to make PPP funds more available to underserved small businesses:

  • The PPP funding formula has been revised to provide additional support for sole proprietors, independent contractors, and self-employed individuals
  • Access to PPP loans has been widened by eliminating a restriction on PPP eligibility for small business owners with prior non-fraud felony convictions
  • Student loan debt delinquency has been removed as a disqualifier to participating in the PPP, thus making PPP funds newly available to many small business owners who have struggled to make student loan payments
  • Access to PPP funds by non-citizens who are lawful U.S. residents has been ensured by clarifying that these small business owners may use an Individual Taxpayer Identification Number (ITIN) to apply for the PPP
  • Taken together, these changes to the PPP program will make PPP loans available to many small businesses that might have had trouble applying or qualifying previously.

    If you have questions about your eligibility for a PPP loan, or how these changes might affect you, please contact our office. We would be happy to assist you.