43184 Dequindre Rd. Ste. 203
Sterling Heights, MI 48314
NEW COVID STIMULUS PACKAGE UPDATE -- March 8, 2021
The provisions getting the most attention are the $1,400 stimulus check, the unemployment credit and extension of federal unemployment benefits.
If passed in its current form, $1,400 ($2,800 for married filing joint) stimulus payments will be sent out to all eligible individuals. The current income threshhold for these payments is $80,000 for individual filers and $160,000 for married couples.
If you're already receiving unemployment benefits, payments would generally be extended for another 25 weeks, until September 6th. The weekly supplemental benefit, which is provided on top of your regular benefit, will remain at $300 but run through September 6th.
Credit for Unemployment
Although unemployment benefits are taxable, the new law would make the first $10,200 of benefits tax-free for people with incomes of of less than $150,000. THIS CREDIT APPLIES TO 2020 ONLY.
PLW CPA can help you prepare your PPP Forgiveness Application - Contact Us Today
Bob Wexler, CPA
Patty Wexler, CPA
Stephanie Ventimiglia, CPA
Judi Rosso, CPA
Certified Public Accountants
Coronavirus Relief Options - Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL)