The types of eligible costs and applicability of funding available through the CARES Act and the American Rescue Plan Act (ARPA) are quite different. It is important for tribal and civic leaders to understand the difference between the two funding streams, to ensure that their communities are able to make best use of the grant allocations. Read more.Read More
Additional aid was issued to rural healthcare providers following the approval of the American Rescue Plan Act (ARPA), a $1.9 trillion bill in response to the COVID-19 pandemic, passed by Congress on March 11, 2021. Eligible providers in rural communities will soon have an opportunity to apply for funding... Read more.Read More
Following the approval of the American Rescue Plan Act (ARPA) in March 2021, the U.S. Department of the Treasury has now issued Interim Guidance on the distribution of Coronavirus State and Local Fiscal Recovery Funds (31 CFR Part 35). These funds are intended to help state, local, and tribal governments address economic impacts caused by the pandemic and assist with their recovery. Read more.Read More
The ARP legislation approved by the President on March 13, 2021 includes about $31B in resources to Indian Country. Now, federal agencies are holding consultation sessions with Tribes for their input on the distribution and feedback on implementing the Act’s uses. REDW will watch for implementing regulations, which we would expect to see published over the next couple of months. In the meantime, the following is a brief overview of what Tribes should consider for planning purposes. Read more.Read More
New Mexico’s first session of the 55th State Legislature passed a measure that will provide coronavirus relief for bars and restaurants in the form of a four-month “tax holiday.” Read more.Read More
Businesses wanting to claim the newly expanded Employee Retention Tax Credit should wait to apply for forgiveness of their Paycheck Protection Program loan—at least until the IRS finalizes rules for the tax credit. Read more.Read More
In the first week of resuming the Paycheck Protection Program the SBA approved over 60,000 loan applications—amounting to over $5 billion—which were submitted as part of the second round of the PPP. Read more.Read More
Informally known as "PPP2," the second round of the Paycheck Protection Program (PPP) includes $284 billion in federal funding, and while based on similar principles as the original PPP, carries some key differences. Read more.Read More
The passing of the Consolidated Appropriations Act, 2021, H.R. 133—a $900 billion pandemic relief bill— affords many important provisions that impact both individual and business taxpayers. Your trusted REDW tax advisors have provided a summary of the top provisions within the bill. Read more.Read More
The recently passed "Consolidated Appropriations Act, 2021" contains a welcome surprise for business owners affected by the COVID-19 pandemic. In a significant turn away from guidance originally published by the IRS, the new legislation intends to allow a business to deduct expenses in full, even if paid with forgiven PPP funds. Read more.Read More
