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PPP application deadline extended

Eligible businesses affected by the COVID-19 pandemic now have until May 31 to apply for a PPP loan. Here’s the latest on the popular loan program.

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New legislation proposes to help "rescue" nonprofits

No one needs to tell nonprofit organizations how tough the past year has been. According to the John Hopkins Center for Civil Society Studies, 7.7% of not-for-profit workers — nearly one million people — lost their jobs between February 2020 and January 2021. An even higher percentage of arts and education organizations lost jobs last year. Although the nonprofit sector received higher-than-usual donations in 2020, many nonprofits that sought COVID-19-related loans were shut out.

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New COVID-19 relief law extends employee retention credit

The recent signing of the American Rescue Plan Act (ARPA) brings potentially good news for many business owners: the employee retention credit (ERC) has been extended again. The ERC was originally introduced under the CARES Act to provide tax relief to companies that retain employees during the COVID-19 pandemic. It was then extended and enhanced under the Consolidated Appropriations Act. The ARPA further extends the ERC from June 30, 2021, until December 31, 2021. It also extends the higher percentage of 70% of qualified wages, as well as the allowance for up to $10,000 in eligible wages for any calendar quarter. We can explain further and help you determine whether your business qualifies.

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