March 19, 2021
Extensions to note
Individual tax filing extended to May 17
The IRS announced this week that the federal income tax filing deadline for individuals will be automatically extended from April 15, 2021, to May 17, 2021.
IRS Commissioner Chuck Rettig said the institution “wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic.” However, taxpayers—especially those expecting refunds—are still encouraged to file as soon as they can. This may also help eligible individuals get their hands on stimulus payments more efficiently.
Possible PPP extension
Earlier this week the House of Representatives passed an extension to the Paycheck Protection Program (PPP) application deadline. It would extend the application period from March 31, 2021 to May 31, 2021.
However, negotiations in the Senate are still ongoing, and the timeline of their vote is unclear. With less than two weeks left to go before the March 31 deadline, Gusto’s policy experts recommend proceeding with the PPP application process, gathering the necessary documents, and submitting early if you can.
Need help getting started? Check out our PPP 2 guide.
The new face of female entrepreneurship
Among the many rough stats surrounding small businesses during the pandemic, here are a few worth celebrating. The latest survey report from Gusto and the National Association of Women Business Owners (NAWBO) found that 5% of women business owners surveyed started their businesses during the COVID-19 pandemic. Here’s what we learned about them:
- Nearly half (47%) of businesses started by women in the past year are minority-owned.
- Just over half (51%) of women who started their businesses last year are either the sole provider for their household or the primary source of household income.
- 66% of women who started their businesses last year are sole proprietors.
- 77% of women who started a new business last year said they’d do it all over again if given the opportunity.
As to why these women ventured into entrepreneurship? The majority wanted to take control of their time, while others sought opportunity for themselves and their families:
ICYMI: American Rescue Plan—A Full Breakdown for SMBs
On Friday, our team of Gusto experts broke down all the small business relief programs in the American Rescue Plan, from PPP to tax credits, and addressed several common employer questions. Watch the replay here.
ICYMI: What California Employers Need to Know About COVID-19 Sick Leave
California’s Labor Commissioner joined Gusto for a special event to break down COVID-19 state leave regulations and help employers stay compliant. If you have a business in California, make sure you catch the replay here.
Find relief options for your business in our Small Business Relief Finder.
Want more small business news and resources? Check out past editions in our archive.