March 2021 Market Recap
The gradual economic growth discussed last month showed signs of accelerating in March. Employers hired more, with January and February’s employment gains of +545k being revised up by 156k more jobs. March’s non-farm payroll employment shot up by another 916k jobs to move the unemployment rate down by 6%. In addition, the “participation rate” (those …
Read morePaycheck Protection Program Extended
The Paycheck Protection Program has been extended to June 30, 2021. The American Rescue Plan provided an additional $7.25 billion in funding to the program. The PPP Extension Act of 2021 takes it a step farther, extending the application deadline to May 31, 2021. The Small Business Administration (SBA) has until June 30, 2021 to …
Read moreThe IRS Provides Guidance on the Employee Retention Credit
The Internal Revenue Service (IRS) released new guidance this week for employers that are claiming the Employee Retention Credit for 2020. The guidance applies to qualified wages paid between March 12, 2020 and December 31, 2020. At the end of last year Congress passed a relief bill allowing businesses that received Paycheck Protection Program (PPP) …
Read moreFebruary 2021 Market Recap: Continuing Trends
February was a quiet month in the markets, continuing trends that have been in place since December. Economic expansion seems to be continuing, with positive news on the coronavirus front, unemployment being lower with 50k new jobs created last month, and a Q4 GDP advance estimate of 4.1%. Further stimulus seems likely with the $1.9T …
Read moreCongress Approves New Round of PPP Loans
The latest stimulus bill will provide $284 billion in forgivable Paycheck Protection Program (PPP) loans for small businesses. Hard hit businesses can apply for a new PPP loan even if they received one previously. Businesses cannot receive more than two. The deadline to apply for new loans is March 31, 2021 and are a granted …
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