As things slowly get back to normal in the wake of the pandemic, many of us are looking forward to getting back to our favorite restaurants. After a year of unprecedented economic hardship, the government is offering funding through the Restaurant Revitalization Fund (RRF) to help ensure restaurant doors remain open.
Spring is in the air, the days are getting longer, and more of us are getting vaccinated against Covid-19, so there’s plenty to be grateful for. There is good news on the tax front as well to help the economy recover from the pandemic.
The IRS and our home state of Illinois have announced postponing the deadline for all individual tax returns from April 15 to May 17 this year in realizing the hardship that many taxpayers are still experiencing as a result of the Covid-19 pandemic.
The President yesterday signed the American Rescue Plan Act into law, so the much anticipated $1.9 Trillion Covid-19 stimulus package is official.
A lot has happened since our last PPP update on January 12. While the President has already raised the prospect of a new stimulus package, as expected, there is continuity on existing programs, so the details included in our last update are still valid.
Just in time for the holiday season, there is welcoming news with Congress passing a $900 Billion Covid-19 Relief Bill. This new legislation expands the Paycheck Protection Program (PPP) to include a new round of forgivable loans for small businesses.