Consolidated Appropriations Act, 2021 Makes Employee Retention Credit Available to More Taxpayers

The original Employee Retention Credit was created by the CARES Act in March 2020.  Because this credit was not available to taxpayers that received loans from the Paycheck Protection Program (PPP), many taxpayers were not eligible to claim this credit. On December 27th, President Trump signed the Consolidated Appropriations Act, 2021 (CAA) into law.  Under…

Consolidated Appropriations Act, 2021 Provides for Changes to the PPP Loan Program and Allows for a Second Round of PPP Loans

On December 27th, President Trump signed the Consolidated Appropriations Act, 2021 (CAA) into law.  One of the larger provisions of this Act made some adjustments to the Paycheck Protection Program (PPP) and created another round of PPP loans for taxpayers who have not already received a loan (First Draw), as well as taxpayers who previously…

Consolidated Appropriations Act, 2021 Provides for Additional Economic Impact Payment to Individual Taxpayers

On December 27th, President Trump signed the Consolidated Appropriations Act, 2021 (CAA) into law.  One of the provisions of this act provides for additional Economic Impact Payments to be made to taxpayers beginning in January 2021.  The amount of these payments are based on information reported on 2019 tax returns.  The maximum payment that can…