PPP Funding | Covid-19 Relief

The House prepares to pass a $1.9 trillion Covid relief bill, and Biden is expected to sign it this week.

PPP Funding | President Biden

Biden's American Rescue Plan:

How does this affect you. Here are a few insights into what to expect in the coming weeks:

  • More PPP funding of $7.5 Billion increasing the PPP program level from $806.4 billion to $813.7 billion.
  • Employee retention credit will now be allowed in Q3 and Q4, bringing the total credit per employee to $28k.
  • An expansion of the child tax credit to give families up to $3,600 per child over a year
    Various non-profits listed in Section 501(c) will now be allowed to take PPP.
  • Additional Targeted EIDL Advance of $15B for small businesses only received a portion of the expected $10k advance last year for hardest hit small businesses.
  • Other eligible entities are now allowed to take PPP second round.
  • $25 billion in new funding available for restaurants and other food and drinking establishments
  • Additional $1.25 in SBA Shuttered Venue Operators Grant Program.
  • Extended credit dates for the FFCRA
  • Payments of $1,400 to most individuals, along with the same amount for each dependent.
  • Checks start to phase out at $75,000 in income and go to zero for individuals making $100,000
  • A $400 per week unemployment supplement through August 29, 2021.
  • A $15 per hour federal minimum wage, which the Senate parliamentarian will not allow in the reconciliation bill on the other side of the Capitol

Now don't get too overwhelmed. There is a lot to digest, and navigating the right items to focus on will be essential.

Book a time here, and let's chat.

Miguel A. Palma, CPA, PFS, CGMA

Founder of Palma Financial Services, Inc.
miguel@palmafinancial.com

Palma Financial Services, Inc. ("PFS")has helped small business owners minimize income taxes and build wealth since 1998.

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