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). However, there were also changes to benefits available through retirement plans, similar to the CARES Act, to help those manage through disasters, such as the COVID-19. To help clients, prospects, and others, Wilson Lewis has provided a summary of the key details below.
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The changes implemented through the Act is welcome news to those struggling to manage throughout the pandemic. It is important to note that plan sponsors are not required to offer these benefits, so it is necessary to check and determine what is available. If you have questions about the information outlined above or need assistance with another tax or accounting issue, Wilson Lewis can help. For additional information call us at 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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