On Thursday, March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (ARPA), a massive $1.9 trillion legislative package intended to address the extraordinary impact of the coronavirus pandemic over the past year. ARPA includes provisions on aid to state and local governments, hard-hit industries and communities, tax changes affecting individuals and businesses, and more.
Join Bob Simpson and Kristen McCabe, in their 20th webinar on Wednesday, March 24, to discuss the bill's critical components and answer any questions you have on this new legislation.
Topics will include
- An overview of The American Rescue Plan Act of 2021
- ERC and PPP Update
- The Restaurant Revitalization Fund (RRF)
The creation of the RRF will be a catalyst to reviving restaurants and saving jobs across the country. To all of our hotel and restaurant clients -- please share this information with colleagues in the hospitality industry. Client or not, we strongly recommend they attend this webinar and learn more about how the new legislation affects your industry, and the funding businesses may be eligible for.
If you haven’t explored the Employee Retention Tax Credit (ERC) yet, you may be missing out on up to $19,000 in payroll tax relief per employee—even if you had a PPP loan! ERC is a refundable payroll tax credit available to employers who experienced a significant revenue loss or had to reduce/suspend operations due to government COVID-19 orders. If you skipped ERC in favor of a seemingly-less-complicated PPP loan in 2020 or have not used any federal COVID-19 relief programs, you may be leaving “free” money on the table! The continuation and expansion of the ERC in 2021 warrants serious consideration. With some review and planning, you may be able to claim hundreds of thousands or more in payroll support for your organization. We’ve seen far too many business owners uninformed or misguided on whether or not their business qualifies for the ERC. If you have any questions, please give us a call – we’d be happy to help walk you through things.