Are Recently Deceased Americans Entitled to Covid Stimulus Money?

Are Recently Deceased Americans Entitled to Covid Stimulus Money?

Since March 2020, the federal government has issued stimulus payments to millions of Americans to help combat the economic downturn caused by the COVID-19 pandemic. These included an initial payment of $1,200 per eligible adult and a second payment of $600 per eligible adult. When the IRS distributed the money, some of the payments inevitably [...]

Third Stimulus Includes Checks, Child Tax Credits, Relief for Restaurants, and More

On March 11, President Biden signed the $1.9 trillion American Rescue Plan Act of 2021, providing additional pandemic-related relief for taxpayers and small businesses. The law includes additional PPP funds, stimulus checks and child tax credits, extended unemployment benefits, and relief for restaurants, as well as other provisions. Some measures will be immediate, like providing [...]

Tax Wrinkles for Work-at-Home Employees During COVID-19

If you worked from home during 2020, you may be wondering if you can deduct any expenses related to setting up your home office. The answer depends on whether you were an employee or an independent contractor. But home office expenses aren’t the only tax issue to consider when working from home in 2020. Working [...]

Stimulus Package Round Two

After months of disagreements and delays, Congress passed and President Trump signed a second coronavirus relief stimulus package. The law provides $900 billion in assistance to individuals and businesses, including another round of stimulus checks, extended unemployment benefits, and more Paycheck Protection Program (PPP2) funding. The stimulus package also simplifies the PPP forgiveness process for [...]

Simplified Loan Forgiveness Process for Some PPP Borrowers

The latest update from the Treasury Department and Small Business Administration brings good news for recipients of Paycheck Protection Program (PPP) loans of $50,000 or less. In early October, the two organizations announced a simplified application for forgiveness that includes a self-certification process. The new two-page, simplified application for forgiveness of PPP loans of $50,000 [...]

Adjusting Your Household Budget During A Pandemic

No matter your age, the coronavirus pandemic has likely had an impact on your budget. You probably haven’t been traveling or going out much, but any funds you’ve saved may instead be sitting in stockpiles of toilet paper or supporting food delivery services. After three months of reacting, it’s time to start being more proactive [...]

Paycheck Protection Program Flexibility Act Grants PPP Borrowers Some Relief

A little more than two months after creating the Paycheck Protection Program (PPP), Congress and the President listened to the pleas of business owners and passed a law easing some of the requirements for PPP loan forgiveness. The Paycheck Protection Program Flexibility Act (PPPFA) not only grants more time for borrowers to use and payback [...]

Paycheck Protection Program – Q&A

Now that the Paycheck Protection Program (PPP) has been open for applications for almost two weeks, more details about the process, payroll calculations, and loan forgiveness are becoming available from the Small Business Administration (SBA) and Treasury Department. This $349 billion program is designed to help small and mid-sized businesses retain employees and stay afloat [...]

CARES Act Signed Into Law

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law March 27. The largest economic aid bill in US history, the ACT allocates $2 trillion in an attempt to lessen the economic damage from the COVID-19 pandemic, including $1.5 trillion in spending and tax cuts, along with $500 billion in loans. The [...]

Paycheck Protection Program – Forgivable Loans for Small Businesses

You’ve probably heard about last week’s signing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act—the largest aid package in history. Here’s a summary of the Act that we just published. There’s one provision you’ll want to be aware of if you’re a small business owner: the Paycheck Protection Program. This program offers loans that [...]

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