January 21, 2021

Our team is continuously monitoring the rapidly changing landscape in an effort to provide you with updates related to legislative relief that may affect you or your organization. With so much information coming in at once, we have developed the following BLS Important Update to discuss Delaware Relief Grants, the Second Round of the Paycheck Protection Program, and COVID-19 Relief Bill Provisions Affecting Individuals.

 

Delaware Relief Grant Update

• On Tuesday, January 19, 2021, the Division of Small Business began accepting new Delaware Relief Grant applications through their portal, which we have outlined in our blog, A Matter of Tax.
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Paycheck Protection Program – Second Round

• In the Consolidated Appropriations Act, 2021 signed on December 27, Congress authorized funds to be used for the second round of the Paycheck Protection Program, also called PPP2. The SBA has opened the PPP2 Loan Application Process, which we have detailed in our blog, A Matter of Tax.
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COVID-19 Relief Bill Provisions Affecting Individuals

• The COVID-related Tax Relief Act of 2020 and the Taxpayer Certainty and Disaster Tax Relief Act of 2020, both of which are part of the Consolidated Appropriations Act, 2021, has many different sections. We have touched on some of these provisions in previous updates. This update is a more detailed outline of what individuals need to know, as it relates to:
  • Recovery Rebates
  • Deductions
  • Exclusions from Income
  • Tax Credits
  • Disaster-Related Changes in Retirement Plan Rules
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Register for our Belfint Briefing Webinar: Highlights of the COVID-19 Relief Bill on

January 26 from 8:30-10:30.

Please don’t hesitate to contact your BLS Team Member directly or via our contact form. You can also visit our COVID-19 Resource Center for additional guidance and past webinar recordings.