TSBAS Accounting Bookkeeping Payroll Tax Preparation
  • Home
  • Blog
  • Learn More
    • About >
      • Meet the Team
      • Reviews
    • Services >
      • Tax Debt Relief
      • Accounting & Bookkeeping
      • Tax Services
      • Payroll Services
      • Seminars & Training
      • QuickBooks Services
      • Specialized Services >
        • Spa Bookkeeping
        • Services for Real Estate Agents
  • Schedule
  • Contact Us
  • TSBAS Client Guide
  • Service Requests
    • Payroll Service Quote Request
  • Links to Important Things
  • careers
  • Home
  • Blog
  • Learn More
    • About >
      • Meet the Team
      • Reviews
    • Services >
      • Tax Debt Relief
      • Accounting & Bookkeeping
      • Tax Services
      • Payroll Services
      • Seminars & Training
      • QuickBooks Services
      • Specialized Services >
        • Spa Bookkeeping
        • Services for Real Estate Agents
  • Schedule
  • Contact Us
  • TSBAS Client Guide
  • Service Requests
    • Payroll Service Quote Request
  • Links to Important Things
  • careers

Relief Round Two

1/6/2021

0 Comments

 
It is only right that we got a little extra treat during 2020’s holiday season, right? I mean, the year delivered enough tough hits that a bonus felt required by every law of karma.

That came about when the latest COVID relief bill was signed by President Donald Trump after he initially delayed that action. The biggest immediate impact seen by many with this was direct stimulus payments. Many who received the initial stimulus payment via direct deposit (remember that, way back in 2020?) have already seen the new funds hit their bank, and a little extra money following the holiday is always a welcome thing. If you have not received your payment yet and want to possibly check its status, you can do this via this special page on the IRS website.

Those payments got the most press when the package was passed, but there are many other portions to the relief, as well. For instance, there is $15 billion allocated for live venues, independent movie theaters, and cultural institutions. It is great to think that these places could still survive these trying times because they provide goods that we consume together, ones that we will yearn for when they feel safe again, and there has not been enough ‘together’ in almost a year now.

Another key aspect is providing an additional $300 per week for all people receiving unemployment benefits through March 14, 2021. It is kind of scary to think that that date brings us pretty close to a year since COVID-19 started to throw our lives into such disarray. But maybe there is also hope there in the fact that we made it that far.

The new package also provided additional funding for new PPP loans. This new funding can be used for a second PPP loan for small businesses that faced a significant revenue decline in any 2020 quarter compared to the same quarter in 2019. That is a stipulation that should hopefully help those businesses that were most affected in the last year. It also allows not-for-profit organizations to qualify for a loan for the first time.

Even those businesses who do not qualify for a loan this time around got an added bonus, though, as the latest package clarified the deductibility of business expenses paid for with forgiven PPP funds. Those expenses were not going to be deductible under previous IRS guidance, but now will quality as deductions giving some extra relief when tax time comes.

And a final bonus for those with PPP loans under $150,000 was a simplified forgiveness application.

There are other bits involved in the package, as well (as there should be with such a high price tag), but those are some quick highlights. As always, if you have any questions on these, or anything not covered in this quick synopsis, we remain happily committed to doing what we can to answer your questions and help you navigate this difficult period.

​Warmly,

Josh Bousquet
Connect to Us ~ 
Facebook ~ Twitter

To ensure we don't make the folks at the IRS ornery, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

0 Comments



Leave a Reply.

    Archives

    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017

    RSS Feed

    Categories

    All
    Balance
    Bookkeeping
    Business
    Payroll
    Tax
    Tax Prep
    Tax Return
    Tax Scam

    View my profile on LinkedIn
Website by Odeh Media Group
Copyright ©2025 TSBAS.com, All Rights Reserved
The Small Business Accounting Solution, Inc
50 South 1st Avenue, Coatesville PA 19320
(844) 208-2937
Privacy Policy
​Contact Us
Terms & Conditions