Stimulus Help Small Business

Fortunately it contains some help for small business owners and the self employed.

Stimulus help small business. Congress has passed a new stimulus bill consolidated appropriations act of 2021 that contains many provisions designed to help small businesses that continue to struggle in the wake of the covid 19 pandemic. For 2021 and 2022 only 100 of the cost of meals and beverages business owners have with customers clients employees and other business associates in restaurants bars and similar establishments are deductible as a business expense. The second stimulus bill the economic aid to hard hit small businesses nonprofits and venues act has been passed by congress and signed into law by president trump.

Here are the most important provisions for small business owners. 5 ways the new stimulus bill may help your small business the application won t be more than one page and should be available within 24 days after this bill becomes law. The initial stimulus fund.

Paycheck protection program helped small businesses prior stimulus packages had allocated billions to help small businesses keep workers on payroll during the pandemic. 100 deduction for business meals. While you may be hopeful that it will help your small business you probably are also glazing over the fine print unsure of whether you ll actually be able to take advantage of any of the new relief.

Below are details of small business provisions of the new stimulus package and as importantly. For decades the tax law has limited this deduction to 50 of the total cost of the meal. What you should do.