Business Assistance

Business Assistance Webinar

Business Assistance FAQs

What is My State Doing?

US Chamber: Small Business Survival Guide

COVID-19: Tracking Grocers' Response

Paycheck Protection Program to Offer Exclusive COVID-19 Loan-Application Window for Smallest Firms

The Small Business Administration will accept applications for the Paycheck Protection Program exclusively from companies with fewer than 20 employees for 14 days starting Wednesday, February 24.

What to know before you apply    |    Apply

5 Ways The New Stimulus Bill May Help Your Small Business

The second stimulus bill, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, has been passed by Congress and signed into law. You can find some highlights of the Act and how they might apply to your business below.

1. You may be eligible for a second PPP loan
   As you recall from the CARES Act earlier this year, Paycheck Protection Program (PPP) loans were available to small businesses that had been negatively impacted by the coronavirus pandemic. Those funds have been replenished, and even if you took out a loan the first time, you may qualify for another PPP loan.
   
   
2. You may pay fewer taxes
   Before this bill, the expenses you paid for with PPP funds were not eligible to be deducted from your taxes. The IRS determined that getting a forgivable loan that wasn’t taxed and then using that tax-free money to pay for expenses that you deducted on your taxes would be double-dipping. Many businesses also received a grant (advance) from the Economic Injury Disaster Loan (EIDL) program, and the IRS was mum on whether those funds would be taxed. Fortunately, this legislation fixes both of these problems.
   
   
3. You may request more money from your first PPP loan
   If you’re one of the many small businesses that returned their PPP loan or that applied for less than they were entitled to receive in PPP funds the first time, you can now go back and request more funding.
   
   
4. You may get the full $10,000 EIDL grant
   The EIDL grant is coming back, and qualifying businesses may indeed get the full $10,000 (minus any grant already received), even if they were turned down previously or were locked out because funds were exhausted.
   
   
5. You may get a simplified forgiveness process for smaller PPP loans
   Many business owners were hoping for automatic forgiveness for smaller loans, but that didn’t happen. Thanks to this bill, there will be a new, simplified application for loans of $150,000 or less, including loans that have already been made but not forgiven.

Original article here: https://www.forbes.com/sites/allbusiness/2021/01/02/5-ways-the-new-stimulus-bill-may-help-your-small-business/

Business Assistance

Main Street Lending Program

The Federal Reserve established the Main Street Lending Program to support small and medium-sized businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 pandemic. If you participate in the Paycheck Protection Program, you may also apply for Main Street Lending.

Small and medium-sized businesses interested in the Program can apply for Program loans by contacting an eligible lender. More information for qualified borrowers, including a listing of registered lenders accepting new customers and have elected to be listed, can be found on the Federal Reserve Bank of Boston Information for Borrowers website.

What is My State Doing?

Several states are beginning to offer guidance and assistance for businesses and individuals impacted by COVID-19. You can access such information through your local and state government websites.

Visit Our State Page

What is My County Doing?

MultiState Associates has put together a comprehensive document with state and local links that are updated frequently.

State and Local COVID-19 Response Information

What the Federal Government is Doing?

USA.gov/Coronavirus

White House Coronavirus Task Force

Centers For Disease Control and Prevention (CDC)

Be Aware!

The Internal Revenue Service has issued a warning that scammers are already trying to take advantage of the Coronavirus Aid, Relief, and Economic Security Act (CARES act). The IRS plans to use previous tax return information to deposit the stimulus money into your account or send you a paper check as an alternative.

The IRS offered tips on how to identify fraudulent emails or call, emphasizing that any communication from the IRS will describe the funds as an "economic impact payment," not a "stimulus check."

• Don't "verify information:" Scammers may try to get you to "verify" your filing information in order to receive an economic impact payment. They will use your personal information at a later date to file false tax returns.
• Don't provide bank or Paypal account information: The IRS will not call and ask you to verify your payment details. Do not give out your bank account, debit account, or PayPal account information - even if someone claims it's necessary to get your check. It's a scam.
• Don't click on email or text links with claims about getting money faster: Delete the email or text as it is a scam.
• Be skeptical about checks you may receive now, especially if it is for an uneven amount or includes cents: If you receive a "check" in the mail now, it's a fraud - it will take the Treasury a few weeks to mail out the economic impact payment checks. If you receive a "check" for an odd amount (especially one with cents), or a check that requires that you verify the check online or by calling a number, it's a fraud.