States Sue over Tax Cut Restriction

One of the provisions in the Biden administration’s $1.9 trillion American Rescue Plan of 2021 prohibits states from using the federal relief cash either directly or indirectly to reduce taxes. In response, Ohio, Arizona, Missouri and a host of other – mostly red – states have filed suit against the Biden administration challenging the prohibition.…

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Upcoming Events

There are a number of webinars upcoming over the next two weeks that we want you to be aware of – and that you’ll want to register for. The first will be held on Tuesday and it is a timely Coalition of Franchisee Associations (CFA) webinar detailing the provisions of the $1.9 trillion COVID stimulus…

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House Readies COVID Relief for Vote Today

Notwithstanding the ruling by the Senate Parliamentarian, the US House is expected to give final approval to Biden’s $1.9 trillion American Rescue Plan Act of 2021 as soon as today, with some questions still remaining as to what the final bill will ultimately include. As of this writing, the legislation, which cleared the House Budget…

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Minimum Wage Very Much in Play

Although even the President himself opined a few weeks ago that the minimum wage increase would likely be stripped out of the American Rescue Plan Act, the issue is still very much alive and could possibly be passed as part of the $1.9 trillion relief bill. Prevailing wisdom had the wage hike dead once Senator…

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Ways & Means Advances New Unemployment Premium

Another important issue that’s being debated and will have a significant impact on businesses’ ability to rehire the help it will need is the unemployment insurance premium that democrats in Congress are pushing. It’s not back to the $600 mark just yet, but it’s certainly moving in that direction. This week, the US House Ways…

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Pending Stimulus Bill Includes $15 Minimum Wage

Earlier this week, the US Senate voted to begin debate over stimulus legislation that would use a budget reconciliation process to avoid a potential filibuster by Senate republicans. Budget reconciliation requires only a simple majority of the Senate for passage and comes into play when legislation is deemed to have an impact on the federal…

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Paycheck Protection Program Reopens Tuesday

Last week, the Small Business Administration (SBA) and the US Department of the Treasury announced that the Paycheck Protection Program will reopen next Tuesday, January 19, 2021 to all lenders. The SBA this week began opening the program in phases so as to better reach underserved and minority-owned small businesses with community financial institutions, minority…

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President-elect Biden Promises More COVID Relief

President-elect Biden, who will be inaugurated as the nation’s 45th President on Wednesday, last night outlined another new COVID relief package which he will ask Congress to approve within hours of taking his oath of office. The proposal he is submitting will include $2000 stimulus checks for qualified Americans as well as automatic extensions of…

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More States Stepping Up with Relief Programs

Although they may not be offering immunity, a number of other states are offering additional business assistance programs and loosening their purse strings with more funds for business relief. In that vein, New Jersey governor Phil Murphy signed legislation last week that provides up to $14 billion in corporate tax relief to businesses in the…

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COVID Stimulus Replenishes PPP

Although there will be further guidance coming on the particulars of the latest COVID Stimulus bill from a regulatory standpoint, the legislation became law when the President signed the bill last week. Of primary import to small business owners, the law restores the tax deductibility of business expenses that were paid for with PPP loan…

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