House Passes Pandemic Relief Bill
The U.S. House of Representatives has passed the American Rescue Plan Act. The bill now goes to the White House where President Biden is expected to sign it into law this week. Among the highlights of the bill:
  • $50 billion in funding to benefit small businesses through a variety of programs, including $25 billion for restaurants and bars, $15 billion for targeted Economic Injury Disaster Loan (EIDL) advance payments, and an additional $7.25 billion for the PPP loan program.
  • The Employee Retention Tax Credit (ERTC) has been extended until the end of 2021.
  • A $1,400 recovery rebate credit in the form of an “economic impact payment” check to individuals who make less than $75,000 in adjusted gross income (AGI) per year; and $2,800 checks for married couples who file jointly, and who have than $150,000 joint adjusted gross income per year; plus an additional rebate credit check of $1,400 for each eligible dependent.
  • 2019 AGI is used to determine eligibility for the rebate tax credit, unless the taxpayer has filed a 2020 return.
  • The Act authorizing an additional $300 per person, per week in federal unemployment funds through September 6, 2021.
  • The first $10,200 in unemployment benefits tax-free in 2020 for taxpayers making less than $150,000 per year.
  • Funding is provided for state, local and tribal governments; K-12 schools, colleges and universities, COVID-19 testing, and support for the vaccine rollout.
If you have any questions about how the Act might impact you or your business please call Gray, Gray & Gray at (781) 407-0300. 

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