In a recent press release, the Securities and Futures Commission published details, FAQs, and application forms for the new grant scheme to subsidise the expenses incurred by Open-ended Fund Companies successfully incorporated in, or re-domiciled to, Hong Kong.
Under “safe harbor” provided by Revenue Procedure 2021-20, those who filed 2020 tax returns and did not deduct PPP-related expenses can do so in an amended return or on next year s tax return.
What Restaurants Need to Know Ahead of Its Anticipated Launch
This week the Small Business Administration (
SBA) provided guidance on how the $28.6 billion Restaurant Revitalization Fundwill work. The Restaurant Revitalization Fund provides for qualified restaurants and other food establishments to obtain tax-free federal grants (
Grants) of up to $10 million to replace the loss of revenues resulting from the pandemic. Unlike the SBA’s Paycheck Protection Program (
PPP) in which applications were submitted to and processed by participating banks and other financial institutions, the Restaurant Revitalization Fund will be administered directly by the SBA.
Restaurants and other qualified food establishments anxiously await the rollout of the Restaurant Revitalization Fund amid estimates that the $28.6 billion will cover less than 25 percent of the more than $120 billion that would be required to award Grants to all qualified eating establishments. While we still do not know exac
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If you filed your 2020 tax return prior to December 27, 2020 when the Consolidated Appropriations Act of 2021 (the “CAA”) was enacted and therefore did not deduct certain expenses due to your Paycheck Protection Program (“PPP”) loan, good news has arrived from the IRS! On April 22, 2021 the IRS released Revenue Procedure 2021-20, which provides certain taxpayers that received a first draw PPP loan with a safe harbor to claim a deduction for what would have otherwise been deductible expenses paid or incurred during the taxpayer’s 2020 tax year but, based on IRS guidance at the time the taxpayer’s return was filed, were not deductible.
Commentary
In March, the FCC and USAC worked hard to stand up the first of
three pandemic-related special programs, the Emergency Broadband
Benefit Program (EBBP). Rules for the $3.2 billion EBBP were
adopted in February and the Wireline Competition Bureau
(Bureau) issued milestones in March for ETC election notices,
non-ETC applications and applications to use alternative
verification systems. Acting Chairwoman Rosenworcel said in
mid-March that over 100 applications or election notices were filed
(we believe the number is much higher now); clearly the program is
attracting a lot of interest from service providers and, in
particular, from service providers that have not heretofore