The U.S. Small Business Administration has some key changes to the Paycheck Protection Program (PPP) which will be available for a limited amount of time to ensure America’s smallest businesses get exclusive access. If you are a small business owner with fewer than 20 employees or are self-employed; there is new information for you. Please join us for a series of webinars hosted by the U.S. Small Business Administration, Public Private Strategies Institute, & other stakeholders to hear about:
- What steps you can take now to take advantage of this special opportunity, which closes at 5:00 P.M. EST, Tuesday, March 9th, 2021
- Additional changes and recent policy announcements made by the Biden-Harris Administration
- Have your questions answered by SBA Leadership
- Mar. 3, 12:30 p.m. ET, Women Business Owners, Click here to register.
- Mar. 4, 3:00 p.m. ET, Asian-American + Pacific Islander, Native American + Tribal Small Business Owners; Click here to register.
- Mar. 5, 1:00 p.m. ET, Black + African-American Small Business Owners, Click here to register.
- Mar. 5, 3:00 p.m. ET, Hispanic Small Business Owners, Click here to register.
- Mar. 6, 2:00 p.m. ET, Veterans, Self-Employed Business Owners, Click here to register.
- Mar. 8, 3:00 p.m. ET, LGTBQ Business Owners, Youth Entrepreneurs, Restaurant Owners, Click here to register.
Cosponsorship Authorization # 21-0501-14: The SBA’s participation in this cosponsored activity is not an endorsement of the views, opinions, products or services of any cosponsor or other person or entity. All SBA programs and services are extended to the public on a nondiscriminatory basis. Reasonable accommodations for persons with disabilities will be made if requested at least 24 hours in advance of this event; please contact Judette Crosbie at [email protected]
with subject header ACCOMMODATION REQUEST.
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!)
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