Month: December 2020

ICYMI – Recording Available for December 30, 2020 Webinar – CAA 2021 and the new COVID relief bill

Brinker Simpson & Company, LLC hosted a webinar Wednesday December 30, 2020 for the first overview of the recently passed CAA 2021 which includes the $900 billion COVID19 relief funding including an attractive expansion of the Employee retention credit, Expanded PPP /PPP2 and other updates and programs meant to mitigate the economic impact of virus mitigation measures.

A recording of that overview and the following Q&A from participants can be viewed HERE .

You can download the PPT slides from the presentation by clicking here – PPP Update.

We send all webinar invitations to our email distribution list, if you would like to be added and/or there are topics you would like us to consider for future webinars, please let us know.

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Will I Receive A Stimulus Check During The Second Round?

You likely have heard that a second round of Economic Impact Payments (EIPs) has been approved.

The IRS started to distribute the second EIPs on December 29. Direct deposit payments should be deposited within the next two weeks. Distribution of paper checks began on Wednesday, December 30, and should continue through the end of January. If you received an initial EIP, no additional action is required to receive this second payment.

The income criteria for the second round of payments is the same as the first. If you are a U.S. citizen or permanent resident making under $75,000 a year (single) or $150,000 a year (married filing jointly) and are not claimed as a dependent on someone else’s tax returns, you likely will qualify for the full $600 payment ($1,200 married couples).… Read More

President Trump signs into law the $900 billion COVID-19 relief bill

President Donald Trump on Sunday night signed into law the $900 billion COVID-19 relief bill overwhelmingly passed Dec. 21 by Congress.  The bill is over 5,500 pages; for comparison, the $2 trillion CARES Act passed in March was 335 pages.  As a result, we are still working through the details and invite you join us for a webinar with members of our team to review the most important parts of the legislation.  The webinar is scheduled for Wednesday, December 30th at 12:00 NOON EST.  REGISTER HERE for the webinar.  

Key points of this bill are listed below:

  • Allocates $166 billion for economic impact payments of $600 check to many Americans.
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Delco Strong: Rapid Response Applications Accepted December 18th thru 28th

Thanks to Delaware County Council, county businesses are being thrown a $4 million life preserver in the hope it can help them tread through the next few weeks.

On Wednesday, council unanimously approved earmarking $4 million of Coronavirus Aid, Relief and Economic Security Act monies to provide grants ranging from $5,000 to $40,000 for businesses that were hit by the most recent virus mitigation guidelines. The program will be administered by the Delaware County Economic Development Oversight Board.

*This program is being offered ONLY to those industries directly affected by Governor Wolf’s new mitigation order announced on Thursday, December 10th that went into effect on Saturday, December 12th and continues through Monday, January 4th.*… Read More

Philadelphia Offers COVID Relief via Amendment of 2019 BIRT Return

Last week, the City of Philadelphia announced a COVID related relief option which includes the ability for Philadelphia based businesses to amend their 2019 BIRT if they overestimated their 2020 estimate and the ability for restaurants to amend their November & December U&O returns to exclude the dining area from the calculation.

If you are a Philly business impacted by the recently enhanced restrictions, reach out to your accountants ASAP to determine how these announcements impact you.

Erin Arvedlund of The Philadelphia Inquirer’s Business Desk wrote an article about this on Monday, December 7th.   Brinker Simpson’s Kristen McCabe was interviewed and featured in it. … Read More

Governor Wolf and Secretary Levine announce new COVID-19 restrictions in Pennsylvania

New Pennsylvania COVID-19 related restrictions were announced today by Governor Tom Wolf and Secretary of Health Dr. Rachel Levine.

The information can be read in full HERE and are summarized below.  The restrictions announced today are effective at 12:01am on 12/12 and end at 8am 1/4/20.

In-Person Dining and Alcohol Sales

  • All in-person indoor dining at businesses in the retail food services industry, including, but not limited to, bars, restaurants, breweries, wineries, distilleries, social clubs, and private catered events is prohibited.
  • Outdoor dining, take-out food service, and take-out alcohol sales are permitted and may continue, subject to any limitations or restrictions imposed by Pennsylvania law, or this or any other Order issued by the Sec.
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