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America Rescue Plan Act of 2021 Bill Breakdown and Other Changes

A little over one week has passed since H.R. 1319 was signed by the president. By now some of those eligible for recovery rebates will see direct deposits in their bank accounts. More on that information is provided below, along…

America Rescue Plan Act of 2021 Signed by President

President Biden recently signed legislation that provides $1.9 trillion in stimulus funding as part of a bill called, The American Rescue Plan. This bill provides essential economic relief to thousands of photographers and Americans who are adversely affected by a…

PPP Update

Late Wednesday afternoon the Treasury and SBA released an Interim Final Rule announcing that Schedule C filers can use gross income rather than net. This change addresses an issue where some sole proprietors qualified for very little in PPP loans…

PPP Update – Applications Open to All Lenders

The Paycheck Protection Program (PPP) is now fully reopened to all participating PPP lenders for first and second-draw loans...

PPP Update – Guidance Issued by SBA and Treasury

Late Wednesday the Small Business Administration and Treasury issued two interim final rules (IFRs) for guidance with the Paycheck Protection Program (PPP). The new PPP will re-open to community financial institutions starting January 11th exclusively for those making first-draw PPP…

Government Assistance Update

On December 21st, Congress passed a $900 billion COVID-relief package and $1.4 trillion government funding package which will provide financial assistance to Americans in addition to securing federal funding through September 2021. It was then sent to the President’s desk…

PPP Loan Forgiveness Update

The Small Business Administration and Treasury released new guidance clarifying that business expenses made with PPP funds are not eligible for a tax deduction. The end result is neither tax harm nor a tax benefit...

PPP Loan Forgiveness Update

If you received a PPP loan for $50,000 or less, you are now eligible to apply for loan forgiveness using a simpler application—Form 3508S—released by the Treasury Department and SBA. This new process cuts down your workload by eliminating the…

Coronavirus Stimulus Update

House Speaker Nancy Pelosi announced that the House of Representatives would remain in session until a deal was reached on the next coronavirus stimulus bill thereby extending the initial House calendar past October 2nd, the last day on its legislative…

Hot on theLoop: What Steps are Photographers Taking to Keep Clients Comfortable and…

If you’re looking for advice on how to operate safely amid COVID-19, head over to the Loop and check out this post! It’s all about how our members are adjusting and coping with COVID-19 and what efforts they are taking…
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