What Small Businesses Need to Know About 2021 Covid-19 Relief Packages
Source: Bloomberg Tax | Repost QBScott 3/24/2021 –
Congress enacted a number of relief programs to help businesses and their employees financially survive the pandemic. Along with the programs has come a great deal of guidance, some of which has been more confusing than helpful. Giuseppe Salamone of VaroTeam outlines what’s available and how to secure relief funds.
2020 was a tumultuous year for everyone. The economic disruption caused by Covid-19 and the need to quarantine and socially distance continue to weigh heavily on small business in 2021. A large number of relief programs are still available, and it’s expected more will come as part of the Biden administration’s Covid-19 relief package.
While these paths to economic relief will provide vital support, the amount of information circulating on the internet can often seem intimidating and down right overwhelming. That’s why we’ve condensed it down to the essential things for small businesses to know in 2021.
What relief packages are available for small business?
Small businesses can now apply for a second draw PPP (forgivable) loan, if you’ve already received a “first draw” and will or have used the full amount for authorized uses. You must have been operating before Feb. 15, 2020, and have no more than 300 employees.
Author: Scott Meister, CPA
I help small businesses, accountants, bookkeepers, office managers, and business owners with their accounting needs. I’ve used QuickBooks since 2002 and train folks on how to use it efficiently. I create high-quality video training tutorials for QuickBooks and post them on QBScott.com.
Certifications include: Certified Public Accountant (CPA) | Certified Bookkeeper (CB) | Advanced Certified ProAdvisor for QuickBooks Desktop | Advanced Certified ProAdvisor for QuickBooks Online | Certified ProAdvisor for QuickBooks Enterprise | Certified ProAdvisor for QuickBooks Point Of Sale