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PPP Deadline Extended, SBA Raises EIDL Loan Limit
PPP Deadline Extended to May 31, 2021 After a narrow vote, the U.S. Senate approved a bill to move the Paycheck Protection Program (PPP) application deadline from March 31, 2021 to May 31, 2021. The bill now goes to President Joe Biden for his signature. The PPP Extension Act extends the filing deadline for PPP applications by 60 days and […]
Updated Guidance on Employee Retention Credit and Navigating the Restaurant Revitalization Fund
Webinar length: 60 min. On March 1, 2021, the much-anticipated guidance on the Employee Retention Credit (ERC) was issued. Notice 2021-20 confirms and clarifies various aspects of the credit and includes several new detailed examples. It is anticipated that the new stimulus bill will become law later this week, which includes the Restaurant Revitalization Fund. The Restaurant Revitalization Fund […]
American Rescue Plan Act Heads To President For Signature
On March 10th, the House of Representatives voted 220–211 to approve the Senate version of a $1.9 trillion coronavirus relief bill, the American Rescue Plan Act of 2021 (the Act). President Biden is expected to sign the Act into law by March 14th, when the current federal supplement to unemployment benefits expires for millions of Americans. Several notable changes were […]
Stimulus Bill Provides Direct Aid To Eligible Restaurants Up To $10 Million
If you have been following the news the last few weeks, you know there has been a lot of debate over the latest stimulus bill from unemployment benefits to minimum wage changes. Now that the House and Senate have concluded their debates and agreed upon a final stimulus bill called the American Rescue Plan Act of 2021, it is expected […]
PPP Changes for Self-Employed Schedule C Filers
Great news for sole proprietors, independent contractors and self-employed individuals who file IRS Form 1040, Schedule C for their business operations. On March 3, 2021, the Small Business Administration (SBA) issued a new Interim Final Rule (IFR) relating to the Paycheck Protection Program (PPP) that now allows these borrowers to use either Gross Income or Net Profit as reported on […]
RESTAURANTS Act Update
We are pleased to provide an update to our previous article regarding the RESTAURANTS Act of 2020 that was deemed a restaurant stabilization grant program focused specifically on independently owned restaurants. While this legislation was never passed into law, earlier this month, the proposed bill was reintroduced as the RESTAURANTS Act of 2021 with bipartisan support. Modeled after the original […]
Potential Tax Implications Of BWC Refunds For Ohio Employers
Article originally published January 28, 2021 Last updated February 11, 2021 Update: SB 18, an Internal Revenue Code conformity bill, was amended and passed by the Ohio Senate on February 10, 2021. The bill creates exclusions from Ohio Commercial Activity Tax for BWC dividends and PPP2 forgiven loans. GBQ will provide additional updates as they become available. Background In December […]
Exploring Eligibility: Employee Retention Credit
In March 2020, Congress enacted the Employee Retention Credit (ERC) as part of the CARES Act to incentivize companies to keep employees on their payroll. The beneficial ERC is a refundable tax credit claimed against an employer’s share of social security taxes on its quarterly payroll tax filings for each quarter eligible. When the credit was enacted, however, there was […]
The Employee Retention Credit for the Restaurant Industry
Webinar length: 60 min. The Employee Retention Credit (ERC) was originally enacted as part of the CARES Act to assist employers impacted by COVID–19, but the Consolidated Appropriations Act, 2021, enacted on December 27, 2020, modified it significantly. These changes, including the elimination of the PPP loan restriction, are proving particularly impactful to the restaurant industry. Since many restaurants […]