FREE NFIB Webinar: What You Need to Know on Applying for A Second (or initial) PPP Loan!
Don’t miss NFIB’s PPP and COVID-19 experts, Beth Milito and Holly Wade, as they go step-by-step on how to apply for a PPP loan:
- Who’s eligible?
- Where to apply?
- New application form
- How to calculate loan amount
- And more!
(If you have EIDL or Covid paid sick leave questions, we welcome them as well!)
Creation of Online Classes Hosted by Allegany College of Maryland
From the Office of Delegate Mike McKay:
Delegate Mike McKay (District 1C) and Development Coordinator Bill Valentine are proud to announce the creation of an online class, hosted by Allegany College of Maryland. This class has been designed for small businesses, non-profits, home-based businesses, and entrepreneurs. Both Delegate McKay and Development Coordinator Valentine, both small businessmen, feel that COVID-19, has created a new set of challenges for business. To compete successfully, the ability to conduct business on the internet will be more important than ever before. If there is a need for government to again place restrictions on business, an on-line presence will help businesses to continue.
The trading class being offered, will be an online class, lasting 13 weeks, one module per week. Such a class would normally cost a participant over $500.00, but ACM is able to offer this class for less than $50.00 to aide our community. Internet sales and marketing will be some of the main focuses of the course. Website creation and management will be taught. Selling through social media will be another focus.
Delegate McKay and Mr. Valentine hope that all District 1C businesses, across Allegany and Washington Counties, will take advantage of the offer for such valuable training. If interested, please contact Bill Valentine at 301-268-1598 or at: [email protected]
. You will then be notified when registration is to open for this valuable class.
Recent Law Clarifies and Expands CARES Act Employee Retention Credit
The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll.
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, modified and extended the Employee Retention Credit (ERC), for six months through June 30, 2021. Several of the changes apply only to 2021, while others apply to both 2020 and 2021.
Effective January 1, 2021, employers are eligible if they operate a trade or business during January 1, 2021, through June 30, 2021, and experience either:
- A full or partial suspension of the operation of their trade or business during this period because of governmental orders limiting commerce, travel or group meetings due to COVID-19, or
- A decline in gross receipts in a calendar quarter in 2021 where the gross receipts of that calendar quarter are less than 80% of the gross receipts in the same calendar quarter in 2019 (to be eligible based on a decline in gross receipts in 2020 the gross receipts were required to be less than 50%).
As a result of the new legislation, eligible employers can now claim a refundable tax credit against the employer share of Social Security tax equal to 70% of the qualified wages they pay to employees after December 31, 2020, through June 30, 2021. Qualified wages are limited to $10,000 per employee per calendar quarter in 2021. Thus, the maximum ERC amount available is $7,000 per employee per calendar quarter, for a total of $14,000 in 2021.
For more information, see:
Minority Business Fund Founded by Four Community Banks:
Four banks have collectively committed up to $1 million in interest-free loans to aid both startup and existing minority-owned small businesses within the sponsoring community bank markets. The bank serving Washington County is the Bank of Charles Town. For details check out the link. https://www.mybct.bank/banking-on-diversity/
Please forward this email to any minority-owned business you may know that could be helped by this funding opportunity. If you or any other business needs help with the loan process please feel free to reach out to Herb Melrath, SBA at [email protected]
UNEMPLOYMENT INSURANCE FRAUD