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.
Covid-19
The President yesterday signed the American Rescue Plan Act into law, so the much anticipated $1.9 Trillion Covid-19 stimulus package is official.
In the past the beginning of March has always meant certain things to me – we have endured the worst weather of another Chicago winter and spring is close; the groundhog has seen his “tax” shadow so there is only six more weeks of tax season; golf season will soon be here; and a funny John Belushi bit about March coming in like a lion (worth the YouTube search).
Last summer, we wrote about the importance of keeping employees safe during the pandemic, both for their sake and to protect your business from possible litigations.
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.
The Small Business Administration (SBA) and Treasury have now issued guidance and released application forms for the second round of the Paycheck Protection Program (PPP2).