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Recent Webinar:
““Additional Coronavirus Response and Relief” Package – Stimulus for Businesses and Nonprofit Organizations”
**Information as of January 7, 2021**
Included in the recently passed and signed 2021 annual appropriations bill was a myriad of various COVID-19 stimulus and relief provisions. Rather than being a separate bill with a clever acronym, this relief was included in the overall appropriations package of over 5,500 in an effort to expedite its passage. The size and sprawling nature of this was heavily criticized, however, for businesses and nonprofit organizations, the three most crucial parts of this bill are the “COVID Related Tax Relief Act of 2020,” “Taxpayer Certainty and Disaster Tax Relief Act of 2020,” and the “Economic Aid to Hard-Hit Small Businesses, Nonprofits & Venues Act.”
The “COVID-Related Tax Relief Act of 2020” included the passage of additional recovery rebates for taxpayers, a much-needed clarification on the tax treatment of PPP loan expenses & COVID-19 related grants and the extension of payroll tax credits for providing paid sick and family leave.
The “Taxpayer Certainty and Disaster Tax Relief Act of 2020” included the passage of “extenders” on many popular tax provisions which are typically extended at year ends, such as energy and work opportunity tax credits & tax provisions like the deduction for mortgage insurance premiums, but more importantly, an extension of many CARES Act tax provisions and an expansion of the Employee Retention Tax Credit – many employers who were previously unable to take advantage of this program may now be eligible in 2020 or 2021.
The “Economic Aid to Hard-Hit Small Businesses, Nonprofits & Venues Act” included an expansion of PPP eligible expenses and eligible borrowers, covered period flexibility, a simplified forgiveness application and the creation of “second-draw” PPP loans for certain eligible borrowers.
On January 7th, 2021, we discussed these important changes and updates. Our coverage included:
- Changes to the PPP Forgiveness Process
- Increased PPP Eligible Expenses
- Second Draw Paycheck Protection Program Loans
- PPP Taxation Updates
- Changes to the Employee Retention Tax Credit for 2020
- Expansion to the Employee Retention Tax Credit for 2021
- Expansion of paid sick leave tax credits
- Other critical updates for employers, businesses and organizations
Resources:
Important Coronavirus Relief Information
**As of January 7, 2021**
Recent News:
Webinars:
“Additional Coronavirus Response and Relief” Package – Stimulus for Businesses and Nonprofits
Included in the recently passed and signed 2021 annual appropriations bill was a myriad of various COVID-19 stimulus ...
Arts Management Forum- Annual Appeal Messaging During a Pandemic
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Paycheck Protection Plan (PPP) Loans – Refresher and Update
PPP loans continue to make headlines as the SBA continues to publish loan forgiveness clarifications.
...PPP Loan Q&A Session
PPP Loan Q&A Session-On May 28, 2020, Ken Cerini, CPA, Managing Partner & Ed McWilliams, CPA, Tax Director...
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Tips & Best Practices on Use of PPP Fund
Tips & Best Practices on Use of PPP Fund. On April 15, 2020, Edward McWilliams and Ken Cerini held a webinar whe...
Navigating a Global Crisis: Resources & Strategies for Nonprofits
Navigating a Global Crisis: Resources & Strategies for Nonprofits. The distinguished group of panelists highligh...
Navigating the Key Provisions in the CARES Act
Navigating the Key Provisions in the CARES Act for Businesses and Nonprofits Webinar.Ed McWilliams, CPA, Tax Director...
Cerini Nonprofit Connection: Top 5 Retirement Plan Ideas of 2019
Cerini Nonprofit Connection: Top 5 Retirement Plan Ideas of 2019. Speaker Ken Cerini and Guest Speaker Mark Gajowski ...
The NYS Health Foundation Helpful Resource List
The recent effects of COVID-19 on our communities and workplaces is of great concern, especially to nonprofits of any size. The New York State Health Foundation recently published a helpful list of national, state, and local resources for nonprofits and community-based organizations. Check out these regularly-updated resources to help get through these difficult times, including food assistance, workers’ rights, healthcare services and more.
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