• Skip to primary navigation
  • Skip to main content
  • Skip to footer

Windham Region Chamber of Commerce

  • Home
  • News
    • Chamber News
    • Member News
  • Community Programs
    • Windham Region Military Service Council
  • Business Resources
    • RE-OPENING CT
    • COVID-19
    • Business Resource Center
    • Windham Region Business Directory
  • Upcoming Events
  • Member Center
    • Member Login
    • Member Directory
    • Member Discounts
    • Chamber Alliance Networking (CAN) Coffee Hour
  • Join
    • Benefits Of Membership
  • About Us
    • 2019 Annual Report
    • 2020 Board of Directors
    • Contact Us

Grants & Funding

Jan 15, 2021 by DianeN

SECOND $600 ECONOMIC IMPACT PAYMENTS

If you are looking for information about your second round of economic impact payments for $600 you should visit IRS.gov where you can check the status of your payment.  If you had problems the first time around getting your payments you may also have issues this time unless you were able to correct your bank account information.  Your bank or the agency will not have any more additional information than what is listing on their website so please don’t waste your time.

The IRS and the Treasury Department began issuing a second round of Economic Impact Payments, often referred to as stimulus payments, the last week of December and are continuing to issue them into January.  The direct deposit payments may take several days to post to individual accounts. Some Americans may have seen the direct deposit payments as pending or as provisional payments in their accounts before the scheduled payment date of Jan. 4, 2021, which is the official date funds are available.

Paper checks also began going out and will continue to be sent through January. Some people will be mailed debit cards in January, and the IRS urges people to carefully check their mail. Mailed payments will require more processing and mailing time. Those who reside abroad will have longer wait times for checks as disruptions to air travel and mail delivery in some countries will slow delivery.

The IRS emphasizes that there is no action required by eligible individuals to receive this second payment. The payments are automatic, and people should not contact their financial institutions or the IRS with payment timing questions.

Eligibility

Generally, U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment. Eligible individuals will automatically receive an Economic Impact Payment of up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child. Most people who have an adjusted gross income for 2019 of up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.

Checking the status of a payment

Starting today, people can check the status of both their first and second payments by using the Get My Payment tool, available in English and Spanish only on IRS.gov.

Payment not received or less than expected? Claim on 2020 tax return

Payments started going out last week and will continue through mid-January. Direct deposit payments are being made first to those that have valid routing and account information on file for direct deposit purposes. Because of the speed at which IRS issued this second round of payments, some payments may have been sent to an account that may be closed or no longer active. By law, the financial institution must return the payment to the IRS, they cannot hold and issue the payment to an individual when the account is no longer active. While the IRS is exploring options to correct these payments, if you have not received your full payment by the time you file your 2020 tax return, you may claim the Recovery Rebate Credit on your tax return.

The credit is figured like the Economic Impact Payment, except that the credit eligibility and the credit amount are based on the 2020 tax year information, including income.  This means you will NOT be paying taxes on either of these payments, the one you received earlier in 2020 or this second round.

For people who received a partial Economic Impact Payment, they can take the Recovery Rebate Credit for any remaining amount they’re eligible for by completing line 30 of the 2020 Form 1040 or 1040-SR.

Changing bank account or mailing information

The IRS cannot change payment information, including bank account or mailing information. If an eligible taxpayer does not get a payment or it is less than expected, it may be claimed on the 2020 tax return as the Recovery Rebate Credit. Remember, Economic Impact Payments are an advance payment of what will be called the Recovery Rebate Credit on the 2020 Form 1040 or Form 1040-SR.

 More information

For more information about Economic Impact Payments and the 2020 Recovery Rebate Credit, visit IRS.gov/eip. Again, people can check the status of their payment at IRS.gov/GetMyPayment. For other COVID-19-related tax relief, visit IRS.gov/Coronavirus.

Filed Under: COVID-19, Grants & Funding Tagged With: COVID, IRS payments, stiumulus check

Jan 14, 2021 by DianeN

DO YOU HAVE TO PAY SICK TIME FOR COVID RELATED ABSENCES?

The Families First Coronavirus Response Act that provided paid leave for many COVID impacted workers—and federal funding to reimburse employers for the costs of paid leave since April 1, 2020—is set to expire Dec. 31, 2020.
The CARES II bill just approved does provide for employer reimbursements but it no longer mandates that employers provide it to their workers. But don’t make any decisions yet, there is still time for legislators to “clarify the language”.
Attorney Jeff Nowak, of the labor and employment firm Littler Mendelson, writes that the stimulus package contains these key elements:
  • Mandated FFCRA leave ends on Dec. 31, 2020
  • As of Jan. 1, 2021, covered employers may voluntarily provide emergency paid sick leave or emergency paid FMLA leave under FFCRA and take the tax credit associated with this leave
  • The tax credit may only be taken for leave through March 31, 2021
In other words, FFCRA leave is no longer required.

Filed Under: Back To Work 2020, COVID-19, Grants & Funding Tagged With: COVID, COVID RELIEF BILL, PAID SICK TIME, SICK TIME

Jan 14, 2021 by DianeN

PPP LOANS SECOND ROUND NOW OPEN

APPLICATIONS OPEN JAN 15

Washington passed the COVID Relief Bill and one of the programs was a second round of the PPP (Payroll Protection Program). You can begin to apply tomorrow, January 15. Here is what you need to know…

When can I apply?

1. As you know, you must apply for the program through a financial lending institution. These can be banks, credit unions and several other lenders like Square.
2. If your lender is a large bank, over $1 billion in assets, you can apply through them tomorrow, Jan 15.
3. If your lender is smaller, you can apply through them starting Jan 19.
4. If you need to know the size of your lender you can go HERE to find out.
5. You must apply no later than March 31, 2021.

Who can apply?

1. If this is your first PPP loan (first draw) you cannot have received a PPP loan prior to Aug 8, 2020.
2. businesses
3. sole proprietors, self-employed, independent contractors, gig performers
4. 501c3, 501c6, 501c19, tribal organizations
5. housing coops, destination marketing organizations, news organizations

What’s different than the first time?

1. You can choose your “covered period” which is any 8-24 weeks once you are approved and receive your loan disbursement.
2. You will NOT have your EIDL grant deducted from your loan forgiveness. **
3. If you are applying for an amount less than $150k you will file for your loan forgiveness on a simplified form.

If I applied before can I apply again?

Yes.  You would be a “Second Draw”.  You must have used the funds from your first PPP before applying.  There are some exceptions so contact your accountant.

Special Applicants:
SBA will assist eligible borrowers in underserved and disadvantaged communities. At least $15 billion is being set aside for First Draw PPP loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low- or moderate-income neighborhoods.

FIRST DRAW LOANS:
What can I use the money for?
Payroll costs, including benefits, mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

How do I get full forgiveness?
If during the 8- to 24-week covered period following loan disbursement:

  1. Employee and compensation levels are maintained;
  2. The loan proceeds are spent on payroll costs and other eligible expenses;
  3. At least 60 percent of the proceeds are spent on payroll costs

How do I figure out the loan amount?
Basically you are applying for 2 1/2 months of your payroll expenses…..
A. self-employed and have no employees:
(and your principal place of residence is in the United States, including if you are an independent contractor or operate a sole proprietorship-but not if you are a partner in a partnership)

  1. Find your 2019 IRS Form 1040 Schedule C line 31 net profit amount (if you have not yet filed a 2019 return, fill it out and compute the value). If this amount is over $100,000, reduce it to $100,000. If this amount is zero or less, you are not eligible for a PPP loan.
  2. Calculate the average monthly net profit amount (divide the amount from Step 1 by 12).
  3. Multiply the average monthly net profit amount from Step 2 by 2.5.

B. Business/non-profit with employees:

Compute 2019 payroll costs by adding the following:

  1. 2019 gross wages and tips paid to your employees whose principal place of residence is in the United States, which can be computed using 2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-column 1) from each quarter plus any pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips, subtracting any amounts paid to any individual employee in excess of $100,000 and any amounts paid to any employee whose principal place of residence is outside the U.S
  2. 2019 employer health insurance contributions (portion of IRS Form 990 Part IX line 9 attributable to health insurance);
  3. 2019 employer retirement contributions (IRS Form 990 Part IX line 8); and
  4. 2019 employer state and local taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reporting forms).
  5. Calculate the average monthly payroll costs (divide the amount from Step 1 by 12).
  6. Multiply the average monthly payroll costs from Step 2 by 2.5.

C. Self-Employed with employees:

  1. Basically you are going to do both of the above. Figure your payroll like “A” and figure your employees payroll like “B”.
  2. After adding them together, divide by 12 for average monthly payroll costs.
  3. Multiply that number by 2.5.

WE WILL BE HOSTING SEVERAL WEBINARS ON HOW TO APPLY AND HOW TO GET YOUR LOAN FORGIVEN.
Please join us or find our videos on our You Tube channel. If you have questions are have a specific situation we– recommend you discuss this with your accountant. You can also call us at 860-428-7739 or EMAIL us. Our Business Resource Center partner, SBDC can also help you free of charge. Please contact Greg Lewis.

APPLICATION FORM

FIRST DRAW INFORMATION

SECOND DRAW INFORMATION

HOW TO CALCULATE LOAN AMOUNT

SBA GENERAL INFO ON PPP

CTSBDC GENERAL INFO ON PPP

LIST OF LENDERS UPDATE JAN 14, 2021

Filed Under: COVID-19, Grants & Funding Tagged With: COVID, COVID RELIEF BILL, EIDL, FORGIVENESS, ppp

Dec 22, 2020 by DianeN

NEW COVID ASSISTANCE APPROVED BY HOUSE & SENATE

Everyone wants to know what is in the new bill and how it will help their business.  As you know it is over 5000 pages long and includes everything including the kitchen sink.  But this is what we think is most important for you:

  • Extension of repayment and interest on deferred employee social security taxes.
  • Extension of the paid sick and family leave due to COVID until March 2021
  • PPP income will not be considered gross income for tax purposes
  • Certain emergency financial aid to college students will not be considered gross income
  • COVID loans forgiven, EIDL grants and some loan repayments will not be considered gross income
  • There is a second round of PPP:
    • includes 501c6 organizations
    • must have used the first PPP funds
    • under 300 employees
    • demonstrate a 25% reduction in gross receipts in the first, second or third quarter of 2020
    • cannot have received funding under Shuttered Venue Operator Grant program
    • seasonal employers eligible if operates no more than 7 months and earned no more than 1/3 its receipts in any 6 months
    • covered period extended to March 31, 2021
  • Changes to PPP forgiveness to include
    • allow payments for software, cloud computing, and other HR and accounting needs
    • property damage due to pubic disturbances not covered by insurance
    • supplier costs in effect before the loan essential to operations
    • PPP and adaptive investments to comply with COVID guidelines
    • covered period flexibility
    • simplified application for loans under $150,000
    • group insurance programs payments included as payroll costs
    • businesses not in operation prior to Feb 15, 2020 not eligible for round 1 or 2 of PPP
    • interest rates are non-compounding and non-adjustable
  • Creates Grants for Shuttered Venue Operators
    • $15 billion for live venue operators or promoters, theatres, live performances, museums, movies
    • have 25% reduction in revenues
    • $2 billion for entities with less than 50 employees
    • first round for those with 90% revenue loss, second round 70% revenue loss, then open to all others
    • used for payroll, rent, utilities and PPP
  • Extension of loan repayment of SBA loans
  • EIDL grants up to $10k in low-income communities
  • Extends EIDL grant application thru Dec 2021
  • No longer required the repayment of EIDL grants thru a PPP loan/forgiveness (including a refund if it was deducted)

Other parts of the bill include:

  • Enhanced jobless benefits of $300 per week for unemployed
  • Direct payments of up to $600 per adult and child
  • $25 billion for rental assistance and an eviction moratorium extension
  • $45 billion to support transportation services, including airports, Amtrak and airline employees

We will keep you up to date with other changes including sharing webinars explaining these new programs.

 

 

Filed Under: Back To Work 2020, COVID-19, Grants & Funding Tagged With: congress, COVID, ppp, relief

Dec 22, 2020 by DianeN

EMERGENCY GRANTS FOR RESTAURANTS

Connecticut, thru DECD, is pushing through a new grant program to distribute $35 million in emergency funds to restaurants, bars and other small to mid-sized businesses in an attempt to help keep them in business until the federal COVID19 pandemic relief bill is in effect.

Businesses whose revenues are down by at least 20% will go into a pool, with grants then calculated by a formula based on tax and payroll data.  Grants will be between $10,000 and $30,000, with a goal of helping 2,000 businesses too big to qualify for the last round of Small Business Grants which provided $5,000 grants to 10,000 businesses with 20 or fewer employees. Both grants are funded with money from the CARES Act.  Connecticut hopes to issue these grants before the end of the year, with further details expected later this week.  At this time there is no application.  Businesses should be prepared to apply as soon as the application is available online.  We will keep you all posted.

Filed Under: COVID-19, Grants & Funding Tagged With: COVID, grant, restaurants, small business

Nov 30, 2020 by DianeN

Windham Region Chamber Is Member of America’s Recovery Fund Coalition-Working For YOU

The Windham Region Chamber of Commerce, a member of the Save Small Business Coalition, has joined forces with hundreds of other chambers and business associations to advocate for a fund to help businesses, and America, recover from the COVID pandemic.  America’s Recovery Fund Coalition brings together more than 150 members across retail, restaurants, theaters, live events, the travel industry, and financial services to advocate for a fund to help businesses recover. Together, we represent 58 million American workers – 45% of the American workforce.

When people hear America’s Recovery Fund Coalition represents 45% of the entire national workforce, they want to learn a bit about what exactly we advocate. So, we created a graphic (below) to put all the important pieces in one place: who the coalition is, how the fund will work, and why we need it now–not months from now.

Politics and policy will continue to shift –but one thing will remain constant: America’s recovery story will be written by the decisions policymakers make today. America’s Recovery Fund will provide the certainty and support businesses and working families need to reverse the current economic downturn.  Our voices MUST be heard by our legislators.  The Windham Region Chamber has been working for months with our local municipalities, state officials and our national delegation to represent our members and other small businesses in our region, their needs, their concerns and their obstacles.  But we have not only told them the bad news.  We have offered REAL solutions that will keep our local businesses viable.  Hours and hours of conversations, letter writing, press conferences, meetings and petitions are what we have been diligently working on so that your VOICE is heard in Washington and at the State Capitol.

Here is information about the America’s Recovery Fund:

HOW CAN YOU HELP US?

Tell your Congressional reps that Small Business needs additional funding to survive that offer financial and legal protections, and workforce development for small businesses, their employees, and the chambers of commerce and organizations who help them thrive. It is imperative that we help small businesses recover and get back up to full speed. The economy of our communities, states and nation depend on it.

Use this link https://tinyurl.com/SSBCnov and you can send your letter in just one click.

Thank you for helping to save and reinvigorate our small business communities nationwide. #savesmallbusiness #SSBC

Filed Under: Back To Work 2020, Chamber News, COVID-19, Grants & Funding Tagged With: coalition, COVID, recovery funds

  • Go to page 1
  • Go to page 2
  • Go to page 3
  • Go to page 4
  • Go to Next Page »

Footer

Connect With Us

We’re conveniently located in the heart of downtown Willimantic’s business district. Call us to schedule a meeting to discuss your business needs or to meet with our Business Resource Center.

Windham Region Chamber of Commerce
1010 Main St.
Willimantic CT 06226
Phone: (860) 423-6389
Fax: (860) 423-8235

info@windhamchamber.com

Subscribe to our newsletter!

Sign up below to receive weekly news and events from the Chamber!

Select list(s) to subscribe to


By submitting this form, you are consenting to receive marketing emails from: The Chamber of Commerce, Inc, Windham Region, 1010 Main Street, Willimantic, CT, 06226, https://www.windhamchamber.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts

  • TAXPAYERS SHOULD GET IDENTITY PROTECTION PINS TO PREVENT IDENTITY THEFT
  • 2020 TAX SEASON STARTS FEB 12, 2021–EVERYTHING YOU NEED TO KNOW
  • SECOND $600 ECONOMIC IMPACT PAYMENTS
  • DO YOU HAVE TO PAY SICK TIME FOR COVID RELATED ABSENCES?
  • PPP LOANS SECOND ROUND NOW OPEN

Categories

Copyright © 2021 · The Chamber of Commerce, Inc. Windham Region