CLIENT LOG IN (936) 634-6621 ABOUT US CONTACT CAREERS SERVICES RESOURCES NEWS IRS Unveils New Online Identity Verification Process for Accessing Self-Help Tools (11/17/2021) New Provider Relief Funding Available September 29, 2021 (9/14/2021) + SBA Quadruples COVID-19 EIDL Limit to $2 Million (9/14/2021) Take Charge of Your Child Tax Credit Payments (8/24/2021) IRS Issues ERC Guidance as Congress Mulls Early Termination (8/10/2021) SBA Streamlines Forgiveness for Smaller PPP Loans (8/4/2021) PPP Forgiveness and Repayment: What Businesses Need to Know Now (7/21/2021) Child Tax Credit Information (7/14/2021) Here Come the Child Tax Credit Payments: What You Need to Know (7/6/2021) COBRA Premium Subsidy Update (4/9/2021) Payroll and Business Provisions of the American Rescue Plan Act (4/1/2021) IRS Announces Tax Relief for Texas Storm Victims (2/26/2021) Deductibility of Business Meals Provided by Restaurants in 2021 and 2022 (1/12/2021) 2020 Covid Relief Bill Provisions Affecting Individual Taxpayers (1/12/2021) New Law's Tax Provisions That Affect Businesses (1/12/2021) Coronavirus Aid, Relief, and Economic Security (CARES) Act - Business Provisions COVID-19 Information & Resources (Updated 12/29/2020) President Trump's Payroll Tax Deferral Executive Order Payroll Protection Program Flexibility Act (As of 06/05/2020) Tax Deadlines Extended to July 15 Coronavirus Aid, Relief, and Economic Security (CARES) Act - Individual Provisions Families First Coronavirus Response Act Welcome New CPA's Welcome Craig Corley Welcome Matthew Broyles SBA Quadruples COVID-19 EIDL Limit to $2 Million (9/14/2021) The U.S. Small Business Administration (SBA) announced major changes to the COVID-19 Economic Injury Disaster Loans (EIDL) program. Click here to visit the SBA website to learn more or start the application process. Here are the key changes announced, effective immediately: Increasing the COVID EIDL Cap. The SBA will lift the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying debt. Implementation of a Deferred Payment Period. The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet. Establishment of a 30-Day Exclusivity Window. To ensure Main Street businesses have additional time to access these funds, the SBA will implement a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. Approval and disbursement of loans over $500,000 will begin after the 30-day period. Expansion of Eligible Use of Funds. COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt. Simplification of affiliation requirements. To ease the COVID EIDL application process for small businesses, the SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund. Contact us if you have any questions or want to discuss further. Download the program update quick reference guide here. Read the full press release from the SBA here. © Axley & Rode, LLP 2021 | Privacy Policy | Terms of Service CONTACT US