Paycheck Protection Program (PPP) application deadline is extended from March 31st to May 31st, 2021 by Senate. The PPP Extension Act of 2021 does not provide any additional funding for the current round of the PPP. You can apply for PPP Loan with New Self-employment Gross Income PPP Loan Application Guide till May 31st. [...] Read more
The U.S. Small Business Administration (SBA) is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan [...] Read more
As tax season for 2020 returns getting more complicated with the new stimulus package, PPP deadline and extended tax filing deadline, you are probably frustrated with filing or waiting for 2020 tax return, and thinking which one is a better option for you. Here are couple of topics for your consideration: For Stimulus Check [...] Read more
There are many people who have received their third stimulus check, while others still haven't. If you see “Payment status not available,” alert on IRS website, and wondering why you didn't get your stimulus check yet, here are the possible reasons: The IRS didn't process your payment yet The IRS is sending out the stimulus [...] Read more
As of March 17, 2021,the Treasury Department and Internal Revenue Service announced that the federal income tax filing due date is automatically extended from April 15, 2021 to May 17, 2021 for individual taxpayers giving them an additional 30 days to file and pay their 2020 tax liability.State tax returnsThe federal tax filing deadline postponement [...] Read more
The United States has provided about $1.9 trillion that was approved and signed into law under the American Rescue Plan (ARP) Act. Most of the provisions are temporary expansions for 2021 to fight the pandemic. However, some policymakers are already considering making some of the changes permanent. Below we provide more details on tax-related [...] Read more
The U.S. Small Business Administration announced extended deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program. Small businesses won’t have to start making payments on the loan until 2022.In a news release issued on March 12th, Friday evening, the SBA announced extended deferment periods for all of its disaster [...] Read more
This guide is for filing form 2483-C in paper with your financial institution. If you are applying online, you will fill out that financial institution's application form. However you have to enter the same information outlined in this article, even if you apply online. You can find New PPP First-draw application step [...] Read more
Effective March 3rd, 2021 the U.S. Small Business Administration (SBA) announced revisions to Loan Amount Calculation and Eligibility allowing individuals who file an IRS Form 1040, Schedule C Profit or Loss from Business, to calculate their maximum loan amount using gross income instead of net profit. Who Can Apply? Sole proprietors, Gig workers, [...] Read more
Is PPP Loan Forgiveness Taxable? Forgiven PPP loans are not taxable for federal income tax purposes. But you must check with your state for state level taxation. We are listing the states below which announced the taxation of Forgiven PPP loans. We will update the list as more announcements come. Forgiven PPP [...] Read more