The U.S. Internal Revenue Service has issued guidance for employers claiming the Employee Retention Credit…
On Monday, President Biden announced several administrative changes to the Paycheck Protection Program (PPP), increasing lending to small businesses in need and promoting more equitable access. A complete listing of the Small Business Administration’s COVID-19 resources can be found here.
Here are some of the key highlights:
- Establishes a 14-day, exclusive PPP loan application for businesses and nonprofits with fewer than 20 employees.
- Allows sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants.
- Eliminates an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with bipartisan congressional proposal.
- Eliminates PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP.
- Ensures access for non-citizen small business owners who are lawful US residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN), to apply for the PPP.
As more details emerge from the Biden Administration, we’ll continue to share resources and answer any questions you may have.
The United States has surpassed 500k Coronavirus-related deaths, becoming the country with the highest COVID-19 death toll in the world. More Americans have died from Covid-19 than did on the battlefields of World War I, World War II and the Vietnam War combined. We ask that you continue to keep the families of those who have been affected in your thoughts and prayers. Please continue to take safety precautions and wash your hands often in order to keep our communities safe as the vaccine distribution attempts to reach more people.
Louisiana Governor Edwards last week said he would add K-12 and daycare teachers and staff, along with pregnant women and people aged 55-64 with a list of specified health conditions, to the current eligibility group in the Phase 1B Tier 2 rollout that started earlier this week. More and more states are quietly moving into subsequent phases, so be sure to keep up to date with the latest groups eligible accordingly.
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