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The CFPB took another significant step towards issuing regulations to implement Section 1071 of the Dodd-Frank Act by releasing
Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection with credit applications made by women- or minority-owned businesses and small businesses. Such data includes the race, sex, and ethnicity of the principal owners of the business. The Small Business Regulatory Enforcement Fairness Act (SBREFA) and the Dodd-Frank Act require the CFPB to convene a Panel when developing rules that may have a significant economic impact on a substantial number of small businesses. It also requires the Panel to consult with representatives of small business entities (SBRs) that are likely to be subject to the rules under consideration. The Panel is comprised of representatives of the CFPB, SBA, and OMB.
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Congress passed a wide-ranging COVID-19 relief package on December 22, 2020, that provides over $900 billion in aid to individuals and businesses. President Trump has now signed the relief bill, called the
Bipartisan-Bicameral Omnibus COVID Relief Deal, into law. The law addresses four areas of importance to franchising: the Families First Coronavirus Response Act (FFCRA), the Paycheck Protection Program (PPP), the Economic Injury Disaster Loan (EIDL) program and SBA Emergency Grants for shuttered live venue operators or promoters.
Families First Coronavirus Response Act Partially Extended
Congress declined to extend the mandatory leave requirements of the FFCRA in the relief package but did allow companies to continue to receive payroll tax credits if they voluntarily provide paid leave to their employees for reasons that are covered by the law. The FFCRA requires employers to provide up to 12 weeks of paid leave to e
Contributing authors: Diana Kim, Kaitlyn M. Baietto
Certain provisions of the Coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified or added.
On December 27, 2020, a new relief bill was passed into law intended to provide much-needed economic support to assist businesses in making it through this winter. The bill, known as the “Consolidated Appropriations Act, 2021” (Act), allocates over $284 billion in funding to the Small Business Administration (SBA)‒Business Loans Program Account, which covers several relief programs. One of the programs is the Paycheck Protection Program (PPP), which was first introduced under the CARES Act
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AICPA tax policy and advocacy recommendations deliver results in 2020
By Nekose Wills
This year, the AICPA’s tax advocacy efforts were focused on helping the profession and taxpayers in various areas of tax administration and tax policy. As the coronavirus pandemic gripped the world, the AICPA focused on issues that benefited tax practitioners and taxpayers, while advancing the profession as a whole.
Tax administrative filing, payment, penalty, and e-signature relief during COVID-19 pandemic:
In addition to successfully advocating for moving the April 15 and other tax filing and payment deadlines to July 15, the AICPA also effectively urged the IRS to provide e-signature relief on key forms through the end of 2020 and served as a resource to state CPA societies as they worked with their state tax authorities. As the AICPA requested, the IRS recently extended e-signature relief on collections-related issues and on various 2020 forms until June 30, 2021.