Eligibility for the $1,400 (per person) stimulus check will be based on your reported income from either your 2019 or 2020 (if filed) tax return. Individuals will be eligible if they have an AGI of $75,000 or less and Married couples with an AGI of $150,000 or less. The income cap is $80,000 and $160,000 respectively. Many people have already received their stimulus payment or will within the coming weeks. You may still use the “Get my payment” tool on IRS.gov to find out specific details regarding your payment.
The American Rescue Plan Act appropriates just $7.25 billion in additional funding and does not extend the PPP's current application period, which is scheduled to close March 31.
The plan does make more not-for-profits eligible for the PPP by creating a new category called "additional covered nonprofit entity," which are those not-for-profits listed in Sec. 501(c) of the Internal Revenue Code other than 501(c)(3), 501(c)(4), 501(c)(6), or 501(c)(19) organizations, that can receive an initial PPP loan.
Restaurants and bars have been among the businesses most hurt by the stay-at-home and social-distancing restrictions imposed to slow the spread of COVID-19. The $25 billion Restaurant Revitalization Fund (RRF) is intended to help businesses in the food services sector.
In addition to restaurants and bars, other entities eligible for support from the RRF include food stands, food trucks, food carts, caterers, saloons, inns, taverns, lounges, brewpubs, tasting rooms, taprooms, and any licensed facility or premise of a beverage alcohol producer where the public may taste, sample, or purchase products, or other similar place of business in which the public or patrons assemble for the primary purpose of being served food or drink.
The act allows for grants equal to the pandemic-related revenue loss of the eligible entity, up to $10 million per entity, or $5 million per physical location. The grants are calculated by subtracting 2020 revenue from 2019 revenue.
In the tax year 2021, under the new provisions, families are set to receive a $3,000 annual benefit per child ages 6 to 17 and $3,600 per child under 6. The credit will also be fully refundable. The IRS could start providing advances on the 2021 credit through periodic payments of $250 for school-aged children starting as early as July 2021, depending on what the Treasury Department determines is workable. Under the proposed schedule, which could be as frequent as monthly, families could receive half of their total 2021 child tax credit this year and claim the remaining amount on their 2021 tax returns.
Unemployment Benefits have been extended through September 6th and those eligible will receive an additional $300 per week from the Federal Government. Additionally, for those who had unemployment benefits during 2020 and your income was below $150,000 per year you will not be taxed for the first $10,200. Importantly, if you have already filed your 2020 tax return prior to the passage of this bill you MAY need to amend your 2020 return – the IRS should be issuing additional guidance, or you can reach out to your CPA regarding this item.
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