Tag: Coronavirus
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Taxation of Unemployment Benefits for Musicians
On March 11, the President signed the American Rescue Plan Act (ARPA), which changed the taxation of unemployment benefits. Many musicians received unemployment benefits in 2020 due to Coronavirus shutdowns. Unemployment benefits have always taxable income, however, ARPA will allow you to exclude up to $10,200 of benefits from your 2020 income. Musicians can qualify…
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SBA Loans for Musicians
With COVID-19 cancelling concerts everywhere, it’s helpful to know your options for SBA Loans for Musicians. If you missed the June 30 deadline for the Paycheck Protection Program (PPP), it has just been extended until August 8. We previously wrote about the PPP here. The SBA still has $130 Billion available for PPP loans. Those…
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Paycheck Protection Program for Musicians
Here’s information on the Paycheck Protection Program for musicians (PPP): what it is, who is eligible, how to apply. As part of the $2 Trillion Coronavirus Stimulus Package, $349 Billion will fund loans to small businesses. These loans are designed to keep employees on the payroll and off unemployment. The loans are forgivable. The government…
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Unemployment Benefits for Musicians
With the Coronavirus causing cancellations of concerts, schools, church services, and other gigs, many of you are wondering about unemployment benefits for musicians. Are you eligible? Unemployment insurance is provided at the state level and each state has its own eligibility, rules, and application process. To find the link for your own state, visit the…
