How to get help from American Rescue Plan
Tax Deadline Pushed Back
Last week the IRS announced that the tax deadline for the 2020 tax year has been pushed back from April 15 to May 15. Read the full release from the IRS here.
American Rescue Plan: Small Business Provisions
President Biden recently signed the $1.9 trillion American Rescue Plan into law. A few of the provisions in this bill relate to helping small businesses.
• Restaurant Revitalization Fund: $28.6 billion grant fund for food and beverage establishments impacted by the COVID-19 pandemic. Individual food and beverage establishments can receive up to $5 million, while restaurant groups can receive up to $10 million. The program will be open to almost all food and beverage establishments (including bars, food trucks, restaurants, food carts, taprooms, etc.) but limited to those who own less than 20 restaurants. The SBA will administer these grants, which are not yet open. However, businesses who qualify are encouraged to apply by talking to their accountants and registering with the System of Award Management.
• Employee Retention Tax Credit Extended: Under the American Rescue plan, the ERTC has been extended to last for the entirety of 2021. Read more about that tax credit here.