How do I apply for a Paycheck Protection Program Loan that's part of the Consolidated Appropriations Act of 2021?
That's the reader question that Jeffrey Levine, director of advanced planning at Buckingham Wealth Partners, discusses in this episode of Ask the Hammer.
By way of background, the new law includes, according to Levine's analysis on Kitces.com, a fresh round of $600 stimulus checks and extensions to unemployment benefits (including another $300/week of unemployment insurance relief for 11 weeks).
In addition, small businesses will also gain access to a greatly expanded Employee Retention Tax Credit (potentially up to $7,000/employee/quarter) if they experienced at least a 20% decline in quarterly revenue and a new forgivable Paycheck Protection Program (PPP2) loan opportunity if revenue was down by at least 25% in any quarter of 2020.
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