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Online sign-up now available for advance child tax credit payments
The IRS opened an online site Monday that allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up to receive advance child tax credit (advance CTC) payments, which will begin July 15 (see IRS News Release IR-2021-129).
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SBA stops accepting new PPP applications from most lenders as general funds run out
The U.S. Small Business Administration (SBA) has stopped accepting new Paycheck Protection Program (PPP) applications from most lenders almost a full month before the $292 billion program’s application deadline.
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IRS postpones April 15 deadline
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New PPP guidance implements changes from American Rescue Plan Act
New Paycheck Protection Program (PPP) guidance from the U.S. Small Business Administration (SBA) incorporates changes to the program made by the American Rescue Plan Act, P.L. 117-2, and establishes that entities that receive a Shuttered Venue Operators Grant (SVOG) cannot subsequently receive a PPP loan.
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House passes PPP deadline extension in 415-3 vote
House passes PPP deadline extension in 415-3 vote.
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House gives final approval to $1.9 trillion pandemic aid bill
President Joe Biden on Thursday afternoon signed into law the $1.9 trillion coronavirus relief bill known as the American Rescue Plan Act, following a 220-211 vote of approval by the House of Representatives on Wednesday.
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House gives final approval to $1.9 trillion pandemic aid bill
The House of Representatives voted 220–211 Wednesday, March 10, 2021 to approve the Senate version of a $1.9 trillion coronavirus relief bill, which President Joe Biden is expected to sign into law.
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AICPA takes case for PPP deadline delay to Congress
The AICPA sent a letter Tuesday, March 9, 2021, encouraging congressional leaders to push back the Paycheck Protection Program’s (PPP’s) March 31 application deadline at least 60 days.
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AICPA Requests Tax Deadline Postponement from April 15 to June 15
The AICPA on Thursday, March 4, 2021, sent a letter to IRS Commissioner Charles Rettig and Acting Assistant Secretary Mark Mazur urgently asking for the deadlines for filing all 2020 federal income tax and information returns and for making payments to be extended from April 15 to June 15, 2021, in response to a number of issues that make it impossible for many taxpayers to meet the April 15 deadline.
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PPP Borrowers Can Use Gross Income, SBA Rules
The U.S. Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules that allow self-employed individuals who file Form 1040, Schedule C, Profit or Loss From Business, to calculate their maximum loan amount using gross income instead of net profit.