Economic Relief: The American Rescue Plan Act and COVID-19 Stimulus Bill
On March 11, 2021, President Biden signed into law the American Rescue Plan Act, which provides $1.9 trillion in relief funds. For some small businesses, it will provide much needed relief from the financial effects of the pandemic.
Preceding the American Rescue Plan Act, President Trump signed a $900 billion COVID-19 stimulus bill into law on December 27, 2020. It provided much needed relief from the financial effects of the pandemic. The stimulus package addressed some of the expiring provisions of the previous relief package, as well as extended tax relief, addressed unemployment compensation, expanded the PPP loan, broadened what can be declared as expenses for PPP loan forgiveness, and further clarified taxation and expense eligibility of items paid with PPP monies. Find out what this bill provided to businesses.
THE PAYROLL PROTECTION PROGRAM (PPP)
PPP – Second Draw Summary – Click Here
PPP – Second Draw Loan Applications
PPP Loan Forgiveness Applications
- Loan Forgiveness Application Form EZ (SBA/U.S. Treasury) 6/16/2020
- Loan Forgiveness Application Form EZ Instructions (SBA/U.S. Treasury)
- Loan Forgiveness Application (SBA/U.S. Treasury) Revised 6/16/2020
- Loan Forgiveness Application Instructions (SBA/U.S. Treasury) Revised 6/16/2020
SBA LOAN RESOURCES
Below are several resources relating to loans available through the Small Business Administration. You can reach the SBA disaster assistance customer service center at 1-800-659-2955 or [email protected].
IRS extends tax deadlines and takes unprecedented actions to ease the burden on people facing tax issues.
U.S. Chamber of Commerce Overview of Paycheck Protection Program providing 100% federally guaranteed loans.
FREQUENTLY ASKED QUESTIONS
With coronavirus concerns dominating the headlines, many employers and employees are seeking guidance on what they can and cannot require of employees who may have been exposed to coronavirus (COVID-19). Our HR and safety experts are working with local employers on various coronavirus-related issues.
Below are some of the most frequently asked questions:
BARRON GUSS, CEO, ON THE CARES ACT
Rapidly changing laws require fast, informed action to minimize the financial hardship and emotional stress on businesses. A national leader on the subject, simplicityHR President and CEO Barron Guss offers guidance to Hawaii business leaders.
LOCAL SBA LENDERS
GENERATE YOUR PPP WAGE REPORT
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