The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt out. Most eligible families won’t need to do anything to receive the payments, yet you need to understand the implications and why advance payments might not make sense for your household even if you qualify for them.
The COVID-19 pandemic put undue stress on the restaurant and hospitality industries, forcing many in the food and drink industry to shutter their doors and count their losses. The last year has forced legislators to address the economic strife of restaurant operators and owners with several rounds of pandemic relief aid and funds, the most recent of which being the Restaurant Revitalization Fund (RRF).
Do you still need to file your personal income taxes? Due to the ongoing pandemic, the IRS has extended certain deadlines for individuals which would normally fall on April 15, including the federal tax-filing deadline, making IRA contributions and filing for unclaimed refunds.
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion stimulus package is intended to provide comprehensive relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations, education, and state and local governments, the ARPA includes extensive relief that could directly impact your individual finances.
On Tuesday, March 30, President Biden signed the PPP Extension Act of 2021 into law, which extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021. This offers potential PPP borrowers additional time to submit their applications and provides more time for the Small Business Administration (SBA) to process applications. The law does not provide the PPP with any additional funding; however, $7.25 billion in additional funding was recently provided in the American Rescue Plan Act.
The IRS is delaying the federal income tax filing deadline for individuals for the 2020 tax year until May 17, 2021. While we are waiting on formal guidance from the IRS in the coming days, here's what we know:
Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic. On March 10, the 628-page, $1.9 trillion American Rescue Plan Act (ARPA) was passed by the U.S. House of Representatives and signed into law by President Biden.
On Monday, February 22, 2021, the Biden administration announced several reforms with a focus on equity to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It’s also changing several program rules to expand eligibility for the 100% forgivable PPP loans.
