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KEY TAX LAW CHANGES FOR 2020


PPP LOAN REVISIONS:

On December 27, 2020, the President signed the Consolidated Appropriations Act of 2021 which included economic aid to hard-hit small businesses. The Act makes changes to the rules for Paycheck Protection Program (PPP) loans, including a second round of PPP loan funds, an increase in allowable expenses that can be used to calculate forgiveness, and a streamlined forgiveness application for loans of $150,000 or less. Click here for a summary of the details.


OHIO SMALL BUSINESS RELIEF GRANT:

The Small Business Relief Grant is designed to provide relief to Ohio businesses, which have 1-25 employees, that have been negatively affected by COVID-19.

Governor Mike DeWine has designated up to $125 million of funding received by the State of Ohio from the federal CARES Act to provide $10,000 grants to small businesses to help them through the current crisis. The program, which will begin accepting applications November 2, 2020, will be administered by the Ohio Development Services Agency.

Click here to see what businesses qualify, the Terms and Conditions of the grants and to access the online Application.




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Tax Center

Our convenient Tax Center provides an array of tax information all in one place. Click here for more information...

Financial Calculators

Our convenient Financial Calculators can help you plan for your future. Click here for more information...



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