Updates to Tax Credits: COVID-19 Financial Relief Resources for Small Businesses | NAWBO

By Anna Goodman, a California Tax Education Council registered tax preparer and an engineer on the Growth team at Gusto

COVID-19 has ravaged many small businesses across the country. In order to provide financial relief and help small businesses continue to operate, the federal government has stepped in with legislation. The major bills that have been passed are:

• The CARES Act, signed into law on March 27, 2020
• The Families First Coronavirus Response Act (FFCRA), signed into law on March 18, 2020
The Consolidated Appropriations Act of 2021, signed into law on December 27, 2020  
The American Rescue Plan Act (ARPA), signed into law on March 11, 2021

Among other financial relief efforts, each of these bills includes either the establishment of new tax credits or expansions of/extensions to existing tax credits. With all the changing rules and regulations, it’s important to understand where each of these tax credits stands today so you can take advantage of them for your business. Let’s dive in.

Click here to read this comprehensive tax credit overview on the Gusto blog.

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