As of 5/26/20
SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application
The SBA, in consultation with the Department of the Treasury, released the PPP Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
As of 5/19/20
- Join Guest presenter Johnny Gilman from the law firm of McAllister, Dear, Showalter & Walker LLC for an interactive webinar to ask your HR Questions about operating in the new COVID-19 workplace. The majority of the hour will be Q&A. the webinar is free and open to all but you need to Register. Wednesday, May 20th 12:00 PM -1:00 PM.
- U.S. Chamber of Commerce– New Digital Resources Center provides the latest state guidelines, sector-specific guidance, small business advice, and other tools and resources to help employers and employees return to work safely and successfully. These tools and resources to be updated as new information becomes available. State-Specific Guidance | Sector-Specific Guidance | Small Business-Specific Guidance
- Additional Tools and Resources | Path Forward Webinar Series
- Still thinking about applying for a PPPL?Now you can see before you apply through your bank. The SBA has released the Paycheck Protection Program’s forgiveness form and instructions. They can be found here! The form and instructions inform borrowers how to apply for forgiveness of their PPP loans. The SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
- Interim Guidance for Businesses and Employers Responding to Coronavirus Disease 2019. Updated May 10 recommendations for employers resuming normal or phased in business operations. Strategies include: Conduct daily health checks; encourage employees to wear face masks; and implement physical distancing policies and practices. Learn more.
- Verizon Small Business Recovery Fund offers grants to help small businesses fill urgent financial gaps.
- Unemployment Trouble? Maryland Department of Labor’s Division of Unemployment Insurance has created a second series of video tutorials to help Marylanders navigate their account on the BEACON One-Stop portal. All four video tutorials can be found here.
- The Senate passes $484B coronavirus relief package
The Senate approved roughly $484 billion in new Coronavirus aid. The House is expected to pass the bill on Thursday. Here’s what’s in it:
- $310 billion for the Paycheck Protection Program (PPPL), with $60 billion of that money reserved for smaller businesses without existing banking relationships.
- $60 billion ($50 billion in loans and $10 billion in grants) for the Economic Injury Disaster Loan fund (EIDL), which is administered by the Small Business Administration (SBA) rather than banks. Farms and other agricultural programs are now eligible for those funds.
- $75 billion for cash-strapped hospitals and healthcare providers to help them cover the massive costs associated with responding to the virus.
- $25 billion for Coronavirus testing—$11 billion of that money is earmarked for states and local governments to expand their testing capacity.
If you did not already apply for the EIDL or PPPL program, this maybe your chance. For the EIDL program, watch the SBA.gov website to see when they open the application process again. It could happen as early as Friday or Saturday. If you want to apply for the PPPL program, talk to your bank now. Get your application and documents together so you are ready to go when funding is available. This sounds like a lot of money, but it will go quickly. Here are helpful links:
Link to PPPL and EIDL applications – https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
Relief Wizard Tool – If you answer the questions, the relief wizard will point you to the programs you are eligible to apply for, based on your answers. https://reliefwizard.net/
- Maryland Tax Filing Date Extension – July 15
Comptroller Peter Franchot has announced another extension of the business-related tax filing deadline to July 15. This is the second time he announced an extension. Business taxpayers who file and pay by the extended due date will receive a waiver of interest and penalties. The federal government extended the deadline for filing 2019 income tax returns and submitting 2019 income tax payments by 90 days to July 15. Maryland has granted the same relief to individual, corporate, pass-through entity, estate and fiduciary taxpayers. Please obtain full details from your accountant. Businesses with questions can also contact the comptroller’s office: email@example.com or firstname.lastname@example.org
- Maryland’s Main Page for Business Information https://govstatus.egov.com/md-coronavirus-business
- Help – Daily SBA Conference Call – Updates (M-F) provided and you can ask questions. 3:00pm, Call – 202-765-1264, Conf Call ID# 827-299-6265:30pm Call 202-765-1264, Conf Call ID# 310-688-488
- USDA Opens Distance Learning and Telemedicine Grant Program Funding USDA has opened funding under the Distance Learning and Telemedicine (DLT) grant program. $25 million that Congress recently provided to the program under the CARES Act. Electronic applications for the second application window may be submitted through grants.gov and are due no later than July 13, 2020. Additional information on how to apply is now available on grants.gov. Applicants eligible for DLT grants include most state and local governmental entities, federally recognized tribes, nonprofits, and for-profit businesses.
- Attention DOD Contractors – GovConnects – SCALE UP: Complying with CMMC. By the end of this year, the Department of Defense will require its contractors to be CMMC certified. Learn the legal, technical and business development ramifications, and how to prepare your company now to compete later. April 29, 2020, 12:00 to 2:00 PM. Register with the Howard County Chamber. Register Here.
- CDC Interim Guidance for Businesses and Employers
This interim guidance is based on what is currently known about the coronavirus disease 2019 (COVID-19). COVID-19 is a respiratory illness that can spread from person to person. The outbreak first started in China, but the virus continues to spread internationally and in the United States. The Centers for Disease Control and Prevention (CDC) will update this interim guidance as additional information becomes available
- IBHS Checklist for Identifying Critical Business Functions The Insurance Institute for Business & Home Safety (IBHS) has developed a new streamlined business continuity program for small businesses that may not have the time or resources to create an extensive plan to recover from business interruptions.