American Rescue Plan and Payroll Protection Plan Update
Philip Rebowe, CPA – Postlethwaite & Netterville and John Zollinger, Senior Vice President and Director of Commercial Banking for Home Bank
GNOEA met via Zoom on Tuesday, March 23, 2021 for organization updates and to learn about the American Rescue Plan’s tax implications and updates to the Payroll Protection Plan with guest speakers, Philip Rebowe, CPA for Postlethwaite & Netterville and John Zollinger, Senior Vice President and Director of Commercial Banking for Home Bank.
Philip announced the deadline for state and federal tax filings has been pushed to June 15th for those affected by the recent ice storms. The National deadline extension has been pushed to May 15th. The American Rescue Plan passed on March 11th will provide $1.9 trillion dollars bringing the total to $5 trillion of relief over the last year. He added that the national debt was at $27 trillion at the end of 2020 with less than $2 trillion already spent. He summarized and shared information on the latest financial stimulus package, tax relief for those who collected unemployment benefits in 2020, increases to the Child Care tax credit, the Employee Retention Tax Credits extended to end of 2021 and the Medicare Tax Credit. Family and Sick leave credits were increased and extended to September 30, 2021.
John provided an update on the Payroll Protection Plan noting that the federal government has flooded the economy with cash by buying securities to expand it’s balance sheet. 2020 was the first time the national debt exceeded the GDP and they anticipate the same for 2021. John shared a SBA presentation on how the PPP is funded and the loan breakdown noting that the U.S. owns most of the country’s debt.
Philip recommended planning now to avoid tax repercussions later, i.e., consider capital improvements in 2021.
More about the speakers: Philip Rebowe, is a Certified Public Accountant for Postlethwaite & Netterville. He also serves as Secretary/Treasurer for GNOEA and can be reached at [email protected]
John Zollinger is Senior Vice President and Director of Commercial Banking for Home Bank. He is also a GNOEA member and can be reached at [email protected]
Cynthia Widlitze introduced Valerie Legras Atelier, a French interior designer for commercial and residential projects. This is Valerie’s second meeting.
New Member Recruitment: If you have a prospect, please have them connect with Julie Couret at [email protected]
A list of open classifications can be found here.
Thank Yous & Announcements
Kenny Knobloch, HELP! A/C thanked the following for their business: Marcus Azzarello, Franklynn Pest Control, Charlotte Binnings, Town & Country Travel.
Charlotte Binnings, Town & Country Travel, thanked Kenny Knobloch, HELP! Airconditioning for A/C work
Lola Lass, Adeeta Corporate Staffing thanked Carl Bourgeois, Al Bourgeois Plumbing for his business and John Zollinger, Home Bank and Philip Rebowe, Postlethwaite & Netterville for their help with PPP filing.
Brien Lundin thanked Kenny Knobloch for providing the guest speaker Pablo Maique of IAQ on March 2nd. Pablo’s information will be shared with the membership.
Brien Lundin Q1 2021 dues invoices sent- Electronic payment is preferred.
__________________________________________________________________Upcoming Meeting Schedule
March 30 – TBA
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Please contact Tim Scott President-Elect/ Program Chair if you would like to be added to the presentation schedule or would like to recommend a speaker.