COVID-19

The Consolidated Appropriations Act (CAA), which was passed on December 27, 2020, provided a much-needed boost to millions of U.S. taxpayers and contained billions of dollars in new federal funding designed to support the construction industry. In addition to reviving the Paycheck Protection Program, the CAA contained several tax extenders and made other tax incentives permanent. This included a renewal of the Employee Retention Tax Credit, Section 179d, and several renewable energy-related credits. When combined these relief measures can help Atlanta construction companies and contractors manage through the persistent COVID-19 pandemic.

To the relief of many Atlanta area businesses and nonprofits another round of COVID-19 financial relief is coming, but final details on what and who will be covered and to what extent still linger. Congress is debating the specifics of what will be included in this latest round of relief; although after the Senate Democratic majority’s use of a budget resolution to pass muster, it is not a question of if the legislation will get passed, but when. Given the length and complexity of what is being called, the American Rescue Plan, many are wondering what type of relief is expected to be included when it is passed by Congress and signed into law.

Extended as part of the Consolidated Appropriations Act, 2021, the Small Business Administration (SBA) now offers an additional dimension of support to those that previously received a PPP loan. While many of the broad program details have been covered in previous blogs, the Small Business Administration (SBA) recently released additional guidance that provides further insight. The Second Draw PPP Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts, offers new details potential applicants need to consider.

When the Consolidated Appropriations Act, 2021, (CAA) was signed into law on December 27, 2020, it provided a second round of desperately needed stimulus to American businesses and families. The combination of individual, government, and business provisions mean help is on the way to combat the persistent pandemic. The opportunity for Atlanta construction companies arises from changes to various tax and federal loan programs, but also in the funding in areas such as transportation, energy, and schools, which is sure to create new demand. This is especially welcome news given the high rate of project delays and cancellations over the past year.

The persistence of the COVID-19 pandemic has created financial challenges for businesses and organizations in a variety of industries. The restrictive government orders designed to minimize virus transmission have been difficult for some to navigate. It has been somewhat easier for those who can shift to a remote work format, but for live theatres, musical productions, concerts, zoos, cinemas, and others, the impact has been devastating. Ticket sales flat-lined overnight and while some have turned to modified programs to captivate the audience, the financial stress is overwhelming. The good news is that Congress delivered desperately needed relief through the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act in the form of a new $15B grant program. The Shuttered Venue Operators Grant (SVO) program provides immediate assistance to the hardest-hit venues.

The Consolidated Appropriations Act, 2021, provided Atlanta businesses with new economic relief opportunities through business tax incentives, expanded Economic Injury Disaster Loan (EIDL) advances, and a newly extended Paycheck Protection Program (PPP) for first- and second-time borrowers. The Small Business Administration (SBA) recently released both new Interim Final Rules (IFR)and PPP loan applications. The information contained provided important details on loan eligibility, loan amount calculations, terms, and required certifications

The persistence of the COVID-19 pandemic has left many Atlanta businesses in a challenging situation. Restrictive government orders to curb virus transmission have forced many to make significant changes resulting in diminished revenue. Facing this reality has further exacerbated the financial challenges plaguing many business owners. The Consolidated Appropriation Act, 2021, was greeted with a sigh of relief as needed assistance in the form of new tax incentives, new EIDL advances, and an extension of the Paycheck Protection Program (PPP). Not only will the Small Business Administration reopen for first time applicants, but second draw loans are also available. Last week the SBA issued a new Interim Final Rule (IFR) which outlines important and new program details. To help clients, prospects, and others, Wilson Lewis has provided a summary of the key details.

As the second wave of the COVID-19 pandemic intensifies many Atlanta businesses continue to be limited by government orders. This has left many unable to stay open or are doing so under drastically different conditions. The result has been a series of ongoing challenges that have left many businesses and individuals eagerly waiting for relief. It is against this backdrop that Congress and the White House passed another round of COVID-19 relief. The Consolidated Appropriations Act, 2021, (the Act) provides economic stimulus payments, expanded unemployment benefits, expanded tax savings for businesses, and changes to the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL).

In the new year, many Atlanta individuals, families, and businesses will benefit from the recently passed COVID-19 Relief Bill. There is something for everyone including tax incentives for businesses, stimulus payments, expanded individual tax savings, and favorable changes for Paycheck Protection Program (PPP)  borrowers. The comprehensive relief is designed to provide individuals with an economic boost while providing businesses additional resources for dealing with the uncertainty of the pandemic. The Consolidated Appropriations Act, 2021 (the Act) which provides over $900B in assistance also brought back a popular program that had run out of funding in July 2020, Economic Injury Disaster Loan (EIDL) advances.

The challenges of managing through the COVID-19 pandemic have impacted each Atlanta individual and family differently. While some have been able to tolerate the changes with little difficulty, others have been required to make tough decisions about expenses and finances. As the pandemic has persisted the related challenges continue to grow. Earlier this week President Trump signed the Consolidated Appropriations Act, 2021, which included the COVID Related Tax Relief Act of 2020 (the Act) that provides the comprehensive relief many have been awaiting. This includes economic impact payments, extended unemployment benefits, and an expansion of penalty-free plan withdrawals.