Month: June 2021

Next Steps Guide for the Restaurant Revitalization Fund Grant

On March 11, the American Rescue Plan Act of 2021 created the $28.6 billion Restaurant Revitalization Fund to provide grants for restaurants sustaining financial losses due to the COVID-19 pandemic.

On April 17, the U.S. Small Business Administration (SBA) issued the necessary federal rules, regulations, and a sample application to distribute the grant funds.

The SBA was able to process approximately 72,000 priority applications, totaling $18 billion. Following the priority period, the SBA distributed funding for an additional 28,000 restaurants from both priority and nonpriority groups, leaving approximately $1.1 billion in funds left, and will continue processing grants for nonpriority groups until the funding runs dry.… Read More

A Closer Look at the President’s Proposed Budget

On May 28, 2021, President Biden’s administration unveiled its proposed budget for fiscal year 2022. The administration’s budget recommendations are, of course, only recommendations. Congress can accept, reject or modify them as part of the legislative process, as well as add other proposals. It can also choose to offset all or only a part of any spending programs it approves. As a result, we want you to be aware of the following tax proposals from the President’s budget. More information will be released as we gain clarity on these items.

Increase the Top Individual Rate on Ordinary Income

Increase the top ordinary income tax rate from 37% to 39.6%, effective for tax years beginning after 2021.… Read More

In Case You Missed It: Brinker Simpson Employee Retention Credit Webinar 6/2

Are you eligible for payroll tax credits up to $33,000 per employee?

If you haven’t explored the Employee Retention Tax Credit (ERC) yet, you may be missing out on up to $33,000 in payroll tax relief per employee—even if you had a PPP loan!

In a webinar on Wednesday, June 2nd, 2021, Bob Simpson and Kristen McCabe addressed many common questions and scenarios such as the latest guidance on applying for ERC, who is eligible for the credit, how to compute the amount of the credit, how to claim the credit, how it interacts with other benefits provided by the CARES Act, and more!… Read More

SBA Administrator Issues Statement on the Closure of Paycheck Protection Program

Today, U.S. Small Business Administrator Isabella Casillas Guzman issued the following statement on the closure of the Paycheck Protection Program (PPP) to new loan guaranty applications, which has provided over $798 billion in economic relief to small businesses and nonprofits across the nation, keeping employees employed and helping businesses come back stronger than ever.

“The Paycheck Protection Program provided over 8.5 million small businesses and nonprofits the lifeline they needed to survive during a once-in-generation economic crisis. I’ve heard story after story from small business owners across the country about how PPP funds helped them keep the lights on, pay their employees — and gave them hope,” said SBA Administrator Isabella Casillas Guzman.… Read More

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