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Tax Day for individuals
extended to May 17:
Treasury, IRS extend filing and payment deadline
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Today is LAST DAY to file an extension for 2020 business tax returns:
Corp/S-Corp/Partnerships. If you need help contact me asap!
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House Passed American Relief Plan - Next Up President’s Office

As we have been following closely, by a vote of 220-211, the House passed the measure and cleared it for President Biden’s signature, cementing one of the largest injections of federal aid since the Great Depression. President Biden is expected to sign the bill Friday.

Since it does not have to go back to the Senate, there were no changes.

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Here are a few highlights of what is inside:
Credits/PPP/EIDL:
SEC. 9651 – EXTENSION OF EMPLOYEE RETENTION CREDIT. Extended to December 31, 2021. Modifies the credit such that, beginning after June 30, 2021, the credit will be structured as a refundable payroll tax credit against the hospital insurance tax
SEC. 9672 – TAX TREATMENT OF TARGETED EIDL ADVANCES. Exempts Economic Injury Disaster Loan (EIDL) grants from tax and provides that such exclusion shall not result in a denial of deduction, reduction of tax attributes, or denial of increase in basis by reason of this exclusion from income.
SEC. 9611 – CHILD TAX CREDIT IMPROVEMENTS FOR 2021: An expansion of the child tax credit to give families up to $3,600 per child over a year
SEC. 6001 PPP: expands eligibility to the additional non-profits listed in Section 501(c)
SEC. 6001 PPP: provides that newly eligible entities may take out second draw PPP loans, provided that they have suffered at least a 25 percent revenue loss and employ not more than 300 employees
SEC. 6001 PPP: Provides an additional $7.25 billion for PPP and increases the PPP program level from $806.4 billion to $813.7 billion
SEC. 6002. TARGETED EIDL ADVANCE: additional $15 billion for funding shortfalls for the 10k grant.
SEC. 6002. TARGETED EIDL ADVANCE: directs SBA to make any remaining funding available for supplemental grants to “severely impacted” small businesses
EC. 6003. SUPPORT FOR RESTAURANTS: $25 billion for a new program at the SBA offering assistance to restaurants and other food and drinking establishments
SEC. 6005. SHUTTERED VENUE OPERATORS: additional $1.25 billion for the SBA Shuttered Venue Operators Grant Program
SEC. 9641 – EXTENSION OF CREDITS: Extends the Families First Coronavirus Response Act paid sick time and paid family leave credits from March 31, 2021 through September 30, 2021
Additional Funds:
Payments of $1,400 to most individuals, along with the same amount for each dependent. Checks start to phase out at $75,000 in income and go to zero for individuals making $100,000
A $300 per week unemployment supplement through September 6, 2021.
Section By Section breakdown: budget.house.gov/.../ARP%20Act%20SxS%20-%20as...
Bill Source: www.congress.gov/.../hr1319/BILLS-117hr1319eas.pdf
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