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SBDC webinar to look at PPP forgiveness, tax-related changes in federal stimulus

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Posted at 9:55 PM, Jan 05, 2021
and last updated 2021-01-08 12:13:33-05

BAKERSFIELD, Calif. — Changes to the Paycheck Protection Program in the recently signed $908 billion federal stimulus package and California’s $500 million relief grant program are topics in this week’s free webinar hosted by the Small Business Development Center at CSU Bakersfield.

The webinar will be online Wednesday, from noon to 1 p.m.

Host and SBDC director, Kelly Bearden will talk about key forgiveness and tax-related changes to PPP in the new $908 billion federal stimulus. He’ll also provide updates on a variety of state and local government business assistance programs, including tips on applying to California’s $500 million COVID-19 Relief Grant funding for small businesses that opened on Dec. 30.

Bearden will be joined by Jon Schallert, a nationally recognized business expert and speaker. He will discuss opportunities for small businesses to reinvent and distinguish their business during the pandemic and to become a destination for customers in-person and on the internet.

Questions from attendees will be taken. Register online to attend.

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COMMON TAX QUESTIONS

When can you file taxes for 2021?

"Tax Day is Thursday, April 15, 2021. You must file your 2020 tax returns by this date! The standard deduction for 2020 increased to $12,400 for single filers and $24,800 for married couples filing jointly." - Dave Ramsey


Will my tax refund be less in 2021?

"Standard deductions reduce your taxable income amount, and they typically increase each year due to inflation. For 2020 taxes due in 2021, the standard deduction amounts (based on tax filing status) are: ... Married filing separately: $12,400 — up $200 from 2019 tax returns." - Block Advisors


How will taxes work in 2021?

"In April 2021, individual taxpayers will be filing their 2020 taxes, according to 2020 tax rules." - Investopedia


Will the 2021 tax season be extended?

"As such, the IRS allowed filers a three-month extension and pushed the tax-filing deadline back to July 15. ... But whether the IRS allows for a similar extension in 2021 is yet to be determined." - The Motley Fool


Will student loans take my tax refund 2021?

"Debt collection is suspended for borrowers who have defaulted on student loan debt. This means collectors will not take actions to collect payment, such as deducting from a tax refund or garnishing wages. For those on a loan forgiveness program, suspended payments for these months will still count." - 1040.com


How much do you get back in taxes for a child 2021?

"Just as in 2020, in 2021 the child tax credit pays up to $2,000 for children 16 or younger at the end of the tax year. You're only allowed to claim the credit if the child qualifies and is your dependent for tax purposes." - The Motley Fool


How will the stimulus affect 2021 taxes?

"The payment will not reduce a taxpayer's refund or increase the amount they owe when they file their 2020 or 2021 tax return next year. A payment also will not affect income for purposes of determining eligibility for federal government assistance or benefit programs." - AARP