The second stimulus package (Consolidated Appropriations Act, 2021) includes $10 billion to provide immediate assistance to child-care providers and $250 million for the Head Start program. Who is in line for this aid? There are multiple recipients, as outlined below.
Relief Bill Contains Breaks on FSAs
The recently signed relief bill — the Consolidated Appropriations Act, 2021 — is letting those who have flexible spending accounts roll money over, which is a win for parents and those with live-in elderly loved ones.
The pandemic relief package (Consolidated Appropriations Act, 2021) gives a break to small businesses by reopening the Paycheck Protection Program so that some of the hardest-hit small businesses can apply for a second loan.
Aid Package Signed Into Law
The much discussed aid package has been signed into law after significant delay and controversy. We'll be revisiting this topic in the coming days as the details become clearer. Meanwhile, here are the key takeaways:
The IRS has released new guidance on various aspects of PPP loan forgiveness. Below are summaries of the key provisions.
When the COVID-19 pandemic was declared a national emergency earlier this year, it triggered Section 139 of the Internal Revenue Code. Under Section 139, employers can provide tax-free payments or reimbursements to employees for certain expenses associated with a qualified disaster — such as the COVID-19 crisis.
On Aug. 8, the White House issued a series of memorandums and executive orders to provide relief while Congress continued to debate legislative action. However, there are limits regarding what can be done in the absence of congressional approval, and that has led to confusion about what exactly is being provided.
The Employee Retention Credit has been designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by the coronavirus and quarantine.
Certain Employers Get Break on Form I-9
There are a lot of issues employers need to be concerned about as they shut down their offices and send everyone to work at home during the pandemic. However, the Department of Homeland Security is trying to make it easier. Below is part of a statement it issued on Form I-9 relief. The full statement is available on the DHS website.
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