The Small Business Administration, in conjunction with the National Restaurant Association are promoting new funding for the restaurant/bar sector. The Restaurant Revitalization Fund is a program that targets relief to restaurants and bars adversely impacted by...
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U.S. Department of Labor Withdrawing Independent Contractor Rule
The U.S. Department of Labor announced the withdrawal – effective May 6 – of the “Independent Contractor Rule,” to protect workers’ rights to the minimum wage and overtime compensation protections of the Fair Labor Standards Act (FLSA). The Department is withdrawing...
Treasury Department and IRS provide safe harbor for small businesses to claim deductions relating to first-round Paycheck Protection Program loans
WASHINGTON — The Treasury Department and the Internal Revenue Service recently issued Revenue Procedure 2021-20 for certain businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the original eligible expenses because...