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Federal Infrastructure Bill Would End Employee Retention Credit

August 6, 2021

OMA Connections Partner CliftonLarsonAllen reports the proposed bipartisan infrastructure bill would end the Employee Retention Credit (ERC) for wages paid after Sept. 30 for most businesses. This means the maximum credit any one employee would be able to generate for a qualifying business in 2021 would be $21,000 (or $7,000 per quarter for each of the first three quarters of the year). 8/4/2021

SBA’s Streamlined Forgiveness for PPP Loans

August 6, 2021

The U.S. Small Business Administration recently launched its streamlined Paycheck Protection Program (PPP) loan forgiveness portal. According to this analysis from OMA Connections Partner Clark Schaefer Hackett, the new guidance should apply to over 90% of PPP loans — those of $150,000 or less. 8/4/2021

NAM: Federal Tax Bill Poses Threat to Manufacturers

July 30, 2021

The chairman of the U.S. Senate Finance Committee, Sen. Ron Wyden (D-OR), has introduced the Small Business Tax Fairness Act. According to the National Association of Manufacturers (NAM), the bill would significantly limit the existing 20% deduction for manufacturers organized as “pass-through” entities — such as such as S-corporations or partnerships.

Phasing out this provision — created under the 2017 tax reform signed by former President Donald Trump — would result in “a major tax increase” and “effectively punish manufacturers,” the NAM says. 7/29/2021

SBA Launches New PPP Loan Forgiveness Portal

July 30, 2021

The Small Business Administration (SBA) has launched its streamlined Paycheck Protection Program (PPP) loan forgiveness portal. According to the SBA’s news release, the portal will allow small-business owners with PPP loans of $150,000 or less to apply for forgiveness directly with the SBA. The new platform will begin accepting applications from borrowers on Aug. 4. 7/29/2021

U.S. Tariffs on China Have Raised Nearly $100 Billion

July 23, 2021

Nearly $100 billion in duties have been collected by the U.S. Customs and Border Protection (CBP) through former President Donald Trump’s tariffs on Chinese goods. Politico reports that even though the rate of collections has slowed as companies switched to other foreign suppliers, the tariffs figure dwarfs the $10.9 billion CBP has collected from Trump’s steel and aluminum tariffs. A broad coalition of business groups has pressed the Biden administration to lift the tariffs. 7/19/2021

PPP Loan Necessity Questionnaire Retired

July 23, 2021

The SBA has informed lenders that Loan Necessity Questionnaires (Forms 3509 and 3510) are no longer required to be submitted by Paycheck Protection Program (PPP) borrowers. Borrowers who have already been asked to complete the questionnaire don’t need to submit the form. However, they still need support for certifications related to the necessity of the PPP loan request.

OMA Connections Partner CliftonLarsonAllen has published this summary of the latest PPP developments. 7/21/2021

At a Glance: Tax Changes in Ohio’s New Budget

July 16, 2021

As we reported earlier this month, Ohio’s FY 2022-23 budget contains significant tax law changes, rate reductions, and municipal income tax reforms. Many of the changes are effective retroactive to Jan. 1, 2021.

To provide further insight, OMA Connections Partners Clark Schaefer Hackett and RSM have published summaries and analysis of tax-related changes in Ohio’s new budget. 7/13/2021

National Spotlight on Ohio’s Tax Competitiveness

July 16, 2021

This week, FOX Business spotlighted Ohio’s recent tax relief and other changes in the state’s FY2022-23 budget. The network’s story notes that manufacturers like Amgen, Peloton, and First Solar have made recent announcements about expanding investments in Ohio.

Lt. Gov. Jon Husted is quoted as saying that while state policymakers cannot change what’s going on at the federal level, he sees this time as an opportunity for Ohio, predicting that “capital is going to flee” to lower tax destinations. 7/15/2021

Work Opportunity Credit Can Reduce Employers’ Tax Liability

July 16, 2021

OMA Connections Partner CliftonLarsonAllen is reminding employers about a federal tax credit for hiring individuals from groups that have traditionally faced significant barriers to employment, including veterans, ex-offenders, and recipients of government assistance. The Work Opportunity Tax Credit can help businesses reduce their federal tax liability by up to $9,600 per eligible employee. 7/15/2021

Judge Rules in Ohio’s Favor on Tax Relief Lawsuit

July 9, 2021

Last week, a federal judge ruled that the Biden administration cannot prevent Ohio from providing tax relief to its citizens simply because the state accepted federal dollars from the American Rescue Plan Act. (As reported last week, Ohio’s new budget provides roughly $1.7 billion in personal income tax relief.)

Judge Douglas Cole sided with the state in the lawsuit filed by Attorney General Dave Yost, who said the decision was a “win for the preservation of the U.S. Constitution.”

In its July 5 editorial, The Wall Street Journal (subscription) cheered Ohio’s tax relief efforts, as well as the state’s legal victory — calling it “a double victory for taxpayers.” 7/6/2021