Everyone has been impacted by COVID. In addition to social services, individual tax credits and more, this stimulus bill has tons for small businesses:
Paycheck Protection Program Loan
The new relief package into law late last year that includes an additional $284 billion for PPP loans for businesses that missed out on the program last year and for those seeking a second round of aid.
Extension of Deferred Payroll Taxes
Payroll taxes will be deferred for the period of September 1, 2020, through December 31, 2020. Initially, penalties and interest on deferred unpaid tax liability were to accrue beginning on May 1, 2021. Now the the repayment period is extending through December 31, 2021. This means that penalties and interest on deferred unpaid tax liability will not begin to accrue until January 1, 2022.
Employee Retention Tax Credit
The agreement extends and improves the Employee Retention Tax Credit. Specifically, under the CARES Act, the credit only applied to wages paid after March 12, 2020, and before January 1, 2021: the bill would extend the wage period through July 1, 2021. The credit has been bumped up from 50% of the qualified wages each quarter to 70% and can be used in conjunction with PPP money for wages that are not paid for with forgiven PPP proceeds.
Get More Details: Here's A Look At What's In the Massive COVID-Response Stimulus Bill.