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Debra Rodway's blog

New Information About Round One and Two of PPP Funding

 

The SBA published new information about the PPP on Wednesday, which includes changes for the first round of funding, as well as preliminary guidance for round two.

Here are some of the key changes:

Will Your Business Qualify For The 2nd Round of PPP Loans?

 

The new coronavirus stimulus package that just passed Congress provides for certain small businesses to apply for a second Paycheck Protection Program loan through March 31, 2021. Small businesses that have already taken out a PPP loan and used up the funds may qualify for another loan through this program. Rates are fixed at 1% with a two-year term, you can apply for up to 100% forgiveness, and the loan requirements are more restrictive than the first round of PPP funding.

Second Round of Relief with Good News for Small Businesses

 

Congress passed a bill approving a second round of $900 billion in coronavirus relief to be issued through mid-March of 2021.  In addition to more funds, the bill clarifies some very important key information for businesses.  The president is expected to sign the bill into law soon.

Here is a summary of the items that are most significant to your small business.

Have You Paid Coronavirus-Related Leave to Employees?

 

If you have, let your payroll provider know so you are sure to claim your payroll tax credits.

The Families First Coronavirus Response Act (“FFCRA”) provides for refundable payroll tax credits for employers in order to assist with the cost of providing Coronavirus-related leave to their employees. This tax credit went into effect on April 1, 2020 and will remain in effect until December 31, 2020.

Rural Relief Small Business Grant

LISC invites small business owners in rural locations across the country to apply for the LISC-Lowe's Rural Relief Small Business Grants program.

IRS Expanding Options For Resolving Tax Debt

This new IRS effort is called the Taxpayer Relief Initiative, and it aims to help those financially affected by COVID-19.

Taxpayers who owe taxes always had options to get help through payment plans and other tools from the IRS, and now they are expanding those tools. The revised COVID-related collection procedures will be helpful to taxpayers, especially those who have a record of filing their returns and paying their taxes on time. Here are the highlights of the Taxpayer Relief Initiative:

Small Business Relief Grant: Look For Email For Next Step To Approval

If you have submitted your application for the Ohio Small Business Relief Grant, please be aware that there is another step to approval. 

Be sure to check your email (and your junk/spam folder) for an email from SmallBizrelief.gov with the Subject Line: Small Business Relief Grant Application Preliminarily Approved. 

The email reads as follows:

Dear 

Summary of Pandemic Relief Programs for Ohio Small Businesses

Here is a summary of the current Covid-19 relief programs and grants available for Ohio Small Businesses.

 

County Grants Available through Valley Partners:

These grants are at the county level and are not the same as the state grant. See below for more details on the state grant.

Trumbull County Small Business Relief Fund Now Taking Applications

 

CARES 4 Trumbull, the grant program to assist small businesses in Trumbull County, is now available to county businesses. 

Each grant up to $10,000 will be awarded on a reimbursement basis for funds expensed on eligible items incurred from March 01, 2020 through December 11, 2020. 

Ohio Restaurants and Bars Can Apply for New Assistance Program

 

The state of Ohio has created a $37.5 million fund to help bars and restaurants that have been hurt by the COVID-19 pandemic, called the Bar and Restaurant Assistance Fund.

Tax Tips, Resources & News

Our blog, news feeds, forms, and links to helpful resources are provided to help you find the answers you seek any time of the day or night.

Please call us at 330-779-0781 for assistance.  We're here to guide you through your business and personal accounting, tax questions and obligations.

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DJL Accounting & Consulting Group, Inc.
1570 South Canfield-Niles Road #C102
Youngstown, Ohio 44515 

Phone:  330 779 0781

               

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