The Senate approved legislation previously approved in the House of Representatives (H.R. 1799) that will extend the final submission date to May 31, 2021
Most significantly for individuals who are small business owners and investors, the extension doesn't apply to the first estimated tax payment for 2021
The IRS has posted guidance about the procedure for reporting unemployment compensation for taxpayers who qualify for the new exclusion of up to $10,200 per taxpayer.
If a taxpayer (same threshold for a single or joint return) has adjusted gross income of less than $150,000, up to $10,200 of unemployment compensation received is excluded from federal taxable income.
The Small Business Administration has issued new rules enabling small business owners who file Schedule C to apply for a bigger Paycheck Protection Program (PPP) loan, but only if they haven't had a PPP loan approved before.