For USA-based business owners only, it’s time for a discussion on how to best take advantage of the recently signed COVID-relief law.

“…Some of the items in the law seem like they could be very advantageous to small businesses like ours. Items I’ve seen mentioned include, but not limited to:

1) expanded employee retention credit for the first two quarters of 2021 (worth up to $14,000 in tax credits for each employee or 70% of an employee’s pay)

2) “Shuttered Venue Grants” for live venue operators (worth at least 22.5% of 2019 gross revenue)

3) I think I read that PPP loans can now be forgiven even if a business used the employee retention credit (worth 2.5 months of business expenses)

4) a possible second round of PPP loans for some businesses

5) expenses forgiven by PPP loans are now tax deductible

6) extension of family and medical leave related to COVID and school closures through March 2021 (this helps employees more than employers, but looking out for your employees best interest can pay long-term dividends to the employer)

7) EIDL grants are no longer deducted from expenses forgiven from PPP loans (worth $1,000 per employee up to $10,000)Let everyone know your strategy in navigating this law and/or any other items in the law that could help your fellow escape room owners.”

Source: Phillip’s post:

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