COVID-19 RESOURCES
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Tax
Funding Now Available to Restaurants through the Restaurant Revitalization Fund
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.
New California Law AB80 Allows Businesses to Deduct Expenses Paid Using PPP Loan Funds on Their Taxes
On April 29, 2021, California Governor Gavin Newsom signed into law Assembly Bill 80 (AB80), the Coronavirus Aid, Relief, and Economic Security Act: Federal Consolidated Appropriations Act, 2021. Previously, California law allowed businesses to exclude forgiven PPP loan funds from their taxable income, but did not allow businesses to deduct expenses paid using forgiven PPP loan funds on their income taxes. AB80 now permits many California taxpayers to claim a tax deduction for expenses paid using PPP loan proceeds.
Employer Tax Credits for Paid COVID-19 Leave Includes Vaccination: The American Rescue Plan Act of 2021
The American Rescue Plan Act of 2021 (ARP) allows smaller and mid-sized employers to claim a tax credit for the cost of COVID-19 related sick and family leave, including time taken to receive or recover from the COVID-19 vaccine.
How your Paycheck Protection Program (PPP) Loan Amount is Calculated
Chugh CPAs, LLP Partner and CPA Sukhpaul Hundal explains how your Paycheck Protection Program (PPP) loan amount is calculated during this three-minute video.
Are Expenses Paid with Paycheck Protection Program Loans Tax-Deductible?
This tax season, many business owners are wondering whether expenses paid using funds from their Paycheck Protection Program (PPP) loans are tax-deductible.
When Should My Business Apply for Paycheck Protection Program Loan Forgiveness?
Businesses should pay close attention to their PPP loan forgiveness application deadline to take advantage of full loan forgiveness.
Loans
Funding Now Available to Restaurants through the Restaurant Revitalization Fund
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.
New California Law AB80 Allows Businesses to Deduct Expenses Paid Using PPP Loan Funds on Their Taxes
On April 29, 2021, California Governor Gavin Newsom signed into law Assembly Bill 80 (AB80), the Coronavirus Aid, Relief, and Economic Security Act: Federal Consolidated Appropriations Act, 2021. Previously, California law allowed businesses to exclude forgiven PPP loan funds from their taxable income, but did not allow businesses to deduct expenses paid using forgiven PPP loan funds on their income taxes. AB80 now permits many California taxpayers to claim a tax deduction for expenses paid using PPP loan proceeds.
COVID-19 Relief Bill Expands the Paycheck Protection Program
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.
Expanded COVID-19 Aid Available to Individuals through New Presidential Executive Orders
On August 8, 2020, President Donald Trump filed a series of executive orders to provide additional economic relief to Americans amid the coronavirus (COVID-19) pandemic.
The Economic Injury Disaster Loan (EIDL) Program Reopens to New Businesses Impacted by COVID-19
Beginning on June 15, 2020, the Small Business Administration (SBA) reopened the Economic Injury Disaster Loan (EIDL) program to new qualified applicants. Low-interest EIDL loan funds are available to certain small businesses and US agricultural businesses to help them cope with the economic impact of the coronavirus (COVID-19) pandemic.
Proposed Bill Could Provide Second Paycheck Protection Program (PPP) Loans to Certain Small US Businesses
New proposed legislation may allow business owners in the United States to take out a second Paycheck Protection Program (PPP) loan. The Prioritized Paycheck Protection Program (P4) Act is geared toward businesses with 100 or fewer employees who have used up or will soon finish the funds from their first PPP loan and who also have lost 50% or more revenue due to the coronavirus (COVID-19) pandemic. The bill would also extend the loan application deadline for businesses from June 30 to Dec. 31, 2020. The P4 Act has support from both political parties.
States: Relief Measures
COVID-19 Relief Measures in Tennessee
The state of Tennessee has announced a number of relief measures to help employees, employers and businesses tide over the COVID-19 pandemic.
COVID-19 Relief Measures in Washington State
Ever Since COVID-19 first hit Washington state, it has been taking a series of steps to help assist businesses and workers
COVID-19 Relief Measures in Illinois
To help businesses affected by the COVID-19 pandemic, the state of Illinois has introduced a number of initiatives
Georgia Announces COVID-19 Relief Measures
Though the state of Georgia has not been as hard hit by the COVID-19 pandemic as other states, the state government has developed programs to help individuals, employees and businesses survive this difficult period.