Economic Relief Continues

Economic Relief Continues

With Covid-19 cases down significantly in California and restrictions on businesses lifting, there is still a long way to go to get our businesses back to pre-pandemic success. Thankfully, the Small Business Administration (SBA) is continuing to offer businesses help to carry them through. The SBA has increased the maximum amount small businesses and nonprofits…

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IRS Extends Tax Deadline ()

Good News/Bad News – Tax Deadline Extended

Good news! The IRS has formally announced that the 2020 filing deadline for individual taxpayers has been extended from April 15 to May 17, 2021. Individual taxpayers can now wait until May 17 to make income tax payments without accruing penalties and interest. Bad news: The deadline extension does not apply to estimated income tax…

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The American Rescue Plan ()

The American Rescue Plan

The American Rescue Plan Act of 2021 has been signed by President Biden and is now law. The latest stimulus package is designed to facilitate the country’s recovery from the devastating economic and health effects of the Covid-19 pandemic. With bigger stimulus checks, more aid for the unemployed, funds for schools to safely reopen, a…

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PPP LOAN FORGIVENESS

Time to Start Thinking About First Draw PPP Loan Forgiveness

We are a year into the Covid-19 pandemic, a year into stay-at-home orders and shutdowns – all of which have dramatically affected our businesses. With vaccines becoming more widely available and an additional stimulus package ready to be signed into law, things are hopefully looking up for the health of our families and for our…

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Schedule C Filers

Schedule C Filers, Rejoice!

The SBA issued new Paycheck Protection Program guidelines allowing those that are self-employed and file Form 1040, Schedule C to calculate their maximum loan amount using gross income instead of net profit. Larger loans could help the self-employed and gig workers that have been hit particularly hard by the economic downturn survive the pandemic. These…

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Second Draw Loans

PPP Second Draw Loans

Loan applications through the Payroll Protection Program will soon be available to all small businesses. If you or your business received a PPP Loan during the first round and could use additional aid, you may qualify for a second round of funding. Abedian + Totlian has received guidelines from our bank on PPP Second Draw…

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California Relief Grant Program

A new grant program, funded by the state of California, rolls out today. The grant, which is available to small businesses in California, aims to give funds to businesses that have been impacted by the Covid-19 virus and the subsequent safety and health restrictions. This grant is not awarded on a first come, first served…

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New Year, New Stimulus

After months of partisan haggling and threats of a presidential veto, a new $900 billion Covid-19 relief package has been passed to help bring much-needed aid to American families and small businesses.   The new stimulus bill includes: -Payments up to $600 (potentially $2,000 pending a vote in the senate) per person for individuals earning…

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