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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

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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
1320 Main St., Suite 27
Willimantic CT 06226
Phone: (860) 428-7739

info@windhamchamber.com

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