The Biden Administration enacted the American Rescue Plan on March 11th, 2021, providing better covid-19 relief to individuals and small businesses that needed the money most. Millions of Americans and families received $1400per person, and existing small business aids and grants were improved and expanded upon. Here’s how the America Rescue Plan can help your business through these uncertain times.
Most of the programs funded by the American Rescue Plan are not active yet, but American citizens and business owners can still benefit from the PPP or EIDL programs by contacting an SBA-approved lender. Keep a close eye on when other programs become available.
Small business owners can qualify for the direct stimulus check of $1400, as long as they are a US citizen and not a dependent of another taxpayer. To qualify, citizens also need a valid social security number, and fall below a specific income cap This income cap depends on the following factors:
Stay up to date with all things Accountants Now, tax law changes, tips and tools, and the industries best practices.