COVID-19 UPDATES

6/12/20- Best Practices

6/10/20

  • The U.S. Chamber of Commerce Foundation has been tracking the contributions from businesses of all sizes and sectors that are helping combat the coronavirus. This tracker is updated daily, and they’d love to include your information. Share your story.  Corporate Aid Tracker
    6/9/20The new PPP law updates:
    Lengthens the loan forgiveness period from eight weeks to 24 weeks.
  • Lowers the amount of PPP funds that must be spent on payroll from 75% to 60% and allows 40% for other qualifying expenses.
  • Delays employer payroll tax payments through the end of 2020.
  • Exempts borrowers from the FTE loan forgiveness reduction if borrowers are unable to return to the same level of business activity as before Feb. 15th due to Covid-19.

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).

Click here to view the application and instructions

As of 5/19/20

  • 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

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: taxpayerrelief@marylandtaxes.gov or ombudsman@marylandtaxes.gov
  • 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.