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Pandemic Assistance Resources for Small Businesses & Individuals

What you need to know about the Grants and Assistance Programs.

Small Businesses and Individuals: What You Need To Know

Our focus is on the survival and recovery of our small business and individual clients!

Please note that this information is evolving, so be sure to check with your accountant and/or lender before proceeding with any applications.

The links we provided to the Small Business Administration and other government sites should be up-to-date as these pages are being revised by the authorities as changes take place.

We will continue to gather information and provide you with updates as additional developments occur. As always, if you have questions call or email us.

 

Here are the resources you need to participate in the assistance programs for which you qualify. We're here to help you successfully navigate the process, so reach out to us for assistance.

 

1/13/21 - SBA Shuttered Venue Operators Grant

Are you a theatrical producer, talent representative, venue promoter or do you operate a live venue, live performing arts organization, movie house or cultural institution and have been impacted by COVID-19? Eligible organizations with a reduction in revenue due to the COVID-19 pandemic will have the opportunity to receive up to a $10 million grant under the program.  Read the full post here.

 

1/8/21 - Changes to Round One PPP and Guidance for Round Two

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. Read the full post here.

 

12/22/20 - Will Your Business Qualify for the Second Round of PPP Funding? 

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.Read the full post here.

 

12/22/20 - 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. Here is a summary of the items that are most significant to your small business. Read the full post here.

 

12/15/20 - Have You Paid Coronavirus-Related Leave To Employees?

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. Read the full post here.

 

12/9/20 - Rural Relief Small Business Grants

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

 

11/17/20 - U.S. Department of Health & Human Services Grants

The U.S. Department of Health & Human Services is the largest grant-making agency in the U.S. Most grants are provided directly to states, territories, tribes, and educational and community organizations, then given to people and organizations who are eligible to receive funding. Use this link to find information about HHS grant programs, the grant application processes, and grant management.

 

11/5/20 - Small Business Relief Grant: Look For Email For Next Step To Approval

If you 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.  Read the full post for email contents.

 

11/3/20 - Summary of Pandemic Relief Programs for Ohio Small Businesses

This summary post includes information and links to applications for the local county Small Business Relief Grants, Ohio Small Business Relief Grant, Bar and Restaurant Assistance Grant, and information about rounds 2 and 3 of the BWC dividends to Ohio employers. Read the full post here.

 

10/28/20 - 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. Read the full post here.

 

10/26/20 - 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.

The fund will provide $2,500 grants to eligible liquor permit holders in Ohio. The application process will start November 2. Read the full post here.

 

10/26/20 - New Grant Program Announced to Help Ohio Small Businesses

If your business has been affected by the pandemic, be sure to apply!  If your business qualifies, you can apply for this new grant program even if you also applied for/received the Mahoning County Small Business Relief Grant. This is a different grant.

The application process opens November 2. Read the full post here.

 

10/6/20 - You May Qualify For Small Business Relief Grants in Mahoning and Columbiana Counties

A Small Business Relief Grant with a maximum of $10,000 is available to qualifying small businesses in Mahoning and Columbiana Counties. Read the full post here.

 

9/2/20 - IRS Issues Guidance on Implementing Payroll Tax Deferral 

This memorandum instructs the Secretary of the Treasury to defer the withholding, deposit, and payment of the tax imposed on the employee portion of the Social Security tax of 6.2%. The employer is responsible to collect and remit any deferred taxes. Keep in mind that this is a deferral and nothing in the memorandum explicitly forgives this amount nor can it without an act of Congress. Read the full post here.

 

8/12/20 - President Signs Executive Order To Defer Employee Portion of Social Security Taxes

As you are probably aware, on Saturday President Trump issued an executive order, with an effective date of September 1, to defer the withholding, deposit, and payment of the 6.2 percent Social Security tax (employee portion). The deferral applies to compensation paid between September 1 and December 31, 2020 to any employee whose pretax wages or compensation during any biweekly pay period generally is less than $4,000. The tax payments are deferred without any penalties, interest, additional amount, or addition to the tax. Unless there is a law changing the situation, the deferred taxes will be due at the beginning of 2021.

The US Deptarment of Treasury has not released implementation instructions on this yet, but everyone needs to be cautious employing this without fully understanding the ramifications.

Given the anticipated Treasury guidance, and the September 1 effective date, we DO NOT recommend that our clients take immediate action to implement the deferral.  Read the full post here.

 

6/4/20 - Significant Changes Made To The Paycheck Protection Program By Act H.R. 7010

The House and Senate both passed the Paycheck Protection Program Flexibility Act, H.R. 7010, and it is expected to be signed into law by the President today.

The Act makes significant changes to the Paycheck Protection Program, making loan forgiveness much easier for many businesses struggling with meeting the original requirements and timelines. By granting greater spending and rehiring flexibility, more time to use the funds, more time to re-hire employees, and a decrease in the mandatory minimum funds to be spent on payroll costs, more borrowers will be able to meet the loan requirements and achieve complete loan forgiveness.

 

5/18/20 - Paycheck Protection Program Loan Forgiveness Application

Although the Small Business Administration (SBA) has released an application form for Paycheck Protection Program (PPP) loan forgiveness, the SBA has not issued any further instruction for either borrowers or lenders on the overall forgiveness process. We recommend that you read this document for understanding and preparation, but most lenders and accountants agree that there will be revisions and clarifications necessary before the process is finalized.  We also recommend that you stay in touch with your lender for final guidance. 

The Paycheck Protection Program Frequently Asked Questions is kept up to date by the SBA and is a good resource to answer some of your questions.

We will continue to look out for you and your business by providing additional information as it is released.

 

Coronavirus Emergency Loans - Small Business Guide and Checklist:  

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn.The Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crises or restore their payrolls afterward.  

 

The Small Business Owner's Guide to the CARES Act:

This guide provides information about the major programs and initiatives that are available for small businesses.

 

Paycheck Protection Program Frequently Asked Questions

 Borrowers and lenders may rely on the guidance provided in this document as SBA’s interpretation of the CARES Act and of the Paycheck Protection Program Interim Final Rule. The SBA will keep this updated.

 

CARES Act -- Paycheck Protection Program Loan Application Checklist:

Get your information together as soon as possible.

 

CARES Act - Paycheck Protection Program Application

We encourage you to contact your bank as soon as possible to make an appointment to process your loan. Although the program is open until June 30, 2020, we encourage you to apply as quickly as you can because there is a funding cap and lenders need
time to process your loan.

 

Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. 

IMPORTANT:  The lender will be calling you to process your application. Be sure to answer your phone, even if it is a number you don't recognize. You don't want to get put in the back of the line because they couldn't reach you.

 

Economic Injury Disaster Advance Loan

Small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.  Apply for the Loan Advance here.

 

Coronavirus and Unemployment Insurance Benefits - Ohio Department of Job and Family Services

What employers and emplyees need to know about layoffs because of the COVID-19 pandemic to expedite their claim process.

 

 

 

CARES Act and COVID-19 Articles

SBA Shuttered Venue Operators Grant

New Information About Round One and Two of PPP Funding

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

Second Round of Relief with Good News for Small Businesses

Have You Paid Coronavirus-Related Leave to Employees?

Rural Relief Small Business Grant

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

Summary of Pandemic Relief Programs for Ohio Small Businesses

Trumbull County Small Business Relief Fund Now Taking Applications

Ohio Restaurants and Bars Can Apply for New Assistance Program

Contact

  • Address:DJL Accounting & Consulting Group, Inc.
    Cider Mill Professional Center, Building C-102
    1570 S Canfield Niles Road
    Youngstown, Ohio 44515 
  • Phone:330 779 0781

 

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