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 to help you 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.
Valley Partners will be administering the new Mahoning County Small Business Relief Fund II, thanks to an award provided by the Mahoning County Commissioners through their American Rescue Plan monies in the amount of $1 million dollars. Grants up to $10,000 will be available to eligible small businesses within Mahoning County and awarded on a first come-first serve basis. Read the full post here.
The Small Business Administration will directly help borrowers complete the PPP forgiveness application for loans that are under $150,000. The SBA is also offering a webinar to walk you through the process on Thursday August 12th at 1pm EST. Read the full post here.
The state of Ohio will begin accepting applications Tuesday, June 29, for four grant programs that target businesses that have suffered significant losses during the COVID-19 pandemic. Read the full post here.
The SBA estimates that they need at least an additional $50 billion just to fund the applications submitted before the application portal was closed. Read the full post here.
The SBA will begin accepting applications via the application portal on Monday, May 3 at 12 p.m. EDT. The application portal will remain open to any eligible establishment until all funds are exhausted. Read the full post here.
The SBA has just released a program guide and sample application for the Restaurant Revitalization Fund (RRF). RRF provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. Read the full post here.
On March 24, the U.S. Small Business Administration (SBA) announced that effective April 6, 2021, the maximum COVID-19 EIDL program loan amount will be increased to $500,000. Previous loan amounts were capped at $150,000. Read the full post here.
Here is a summary of the highlights of the "American Rescue Plan" that is expected to be signed by President Biden tomorrow afternoon. Read the full post here.
The COVID-19 Business Stabilization Program established by the City of Youngstown allows eligible for-profit businesses to receive grants of up to $10,000 for reimbursement of eligible expenses incurred since March 01, 2020.
The funding round will run until March 1, 2021, and applications will not be accepted after that date. Read the full post here.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
This guide provides information about the major programs and initiatives that are available for small businesses.
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.
Get your information together as soon as possible.
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.
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.
What employers and emplyees need to know about layoffs because of the COVID-19 pandemic to expedite their claim process.
DJL Accounting & Consulting Group, Inc.
1570 South Canfield-Niles Road #C102
Youngstown, Ohio 44515
330 779 0781
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