When Do Applications Open And When Can I Expect Relief
Both the EIDL application and the PPP application are now up and running, though theres still a lot of uncertainty around how long it will take for SBA and banks to process these loans.
Banks have raised concerns about the rushed PPP rollout, and some have limited the loan applications they are receiving to existing customers. Many are warning that the new money thats been approved by Congress will likely run out quickly, much like the first wave of funding did.
The $10,000 grants that are part of the EIDL program have been viewed as one of the fastest ways for businesses to obtain relief at this point, but this program has also seen overwhelming interest, which could mean delays in how quickly people receive a response about their application. Additionally the amount of the grant is now capped at $1,000 per employee, so any business with less than ten employees would likely not be eligible to receive the full amount.
In the original timeline offered by the agency, if a business is approved for these grants, it would be able to receive them within three days of approval, though businesses have since reported major delays in obtaining status updates.
Any business or nonprofit that applies for an EIDL loan can indicate that it is interested in this emergency advance, and organizations can still receive it even if they arent approved for the full loan.
Resources For Economic Support
Review your financials and cash flow. How long can you make it through in case of a quarantine, lost wages, employee absenteeism . What do you need to bridge the gap? Plan on a 6-8 month drop in revenues. Map out cash flow now.
Get a credit line approved now. You don’t have to use it. But you’ll have it when you need it.
Aggressively pursue accounts receivables. Engage your lenders .
Slash your overhead. If you’re worried about losing customers or employees due to sickness, school closures or possible quarantines, cut the things you don’t HAVE to spend your money on.
Communicate, Communicate, Communicate and Get Online! Keep staff and customers informed and up-to-date on your operations. It’s important for businesses to keep in touch with customers to help maintain them through this incident. Let them know what steps you are taking to ensure a safe and clean establishment what your open hours are and how to communicate with you use email auto-reply with answers to frequently asked questions to help your customers get information quickly offer alternative methods of good deliveries .
Use online platforms, like Facebook and your website, to inform customers of your operating status and how to purchase your products or services. Communicate this information through direct email to customers and through social media such as Twitter. Make sure you have a . Postal mail might be a way for your message to get customers’ attention who are being bombarded with emails.
Small Businesses Can Claim $5000 Cusbrf Covid
The CUSBRF application for the $5,000 PPE grant is reopening to all provinces on February 16, 2021 at 1:00 p.m. EST. Businesses that have already applied for the CUSBRF are asked not to submit a second application.
The Canada United Small Business Relief Fund is providing Canadian businesses across different sectors and industries with grants of up to $5,000 to offset the cost of expenses businesses have incurred due to COVID-19. These costs include the purchase of personal protective equipment , adjustments to office space, and development of web/e-commerce capability.
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Helping Nys Businesses Build Back
Were here to help New York States small businesses reimagine, rebuild and renew. Find out more about our Business Pandemic Recovery Initiative programsincluding $800 million in state funding for small businesses. And find a statewide network of centers staffed by people who can walk you through how to apply. See below for details.
Small Business Resilience Grant
*The deadline to submit applications for Round 2 has closed*
Mayor Chris Jensen announced today a second round of the Noblesville Small Business Resilience Grant program. Up to $10,000 per grant will again be provided to small businesses that have been significantly impacted by the COVID-19 pandemic.
The grant is focused on helping small businesses with unmet immediate needs such as maintaining payroll, paying rent and utilities, and covering other expenses including personal protective equipment to remain operational and serve customers and clients. Businesses are eligible for up to $10,000 per grant based on the demonstrated need. If a business received funding in the first round of funding in early 2020, they are eligible for up to $5,000 in this second phase of grant funding. New businesses within their first year of operation are also eligible for up to $5,000 in grant funding.
The deadline to submit applications was January 8.
In April, Jensen recommended that the City Council appropriate $250,000 out of the citys Rainy Day Fund to provide resilience grants to small businesses. After Council appropriated the funds, 46 grants were provided to local businesses, helping to retain or revive more than 75 full-time and 100-part time local jobs. To view those recipients, .
Jensen said he remains committed to keeping residents safe while at the same time reinvesting in the local economy to promote small business growth and economic development in the community.
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Chilliwack Economic Recovery Network Announces Small Business Ppe Grant Recipients
Chilliwack, BC: The Chilliwack Economic Recovery Network is pleased to announce that it has awarded $5,250 in Personal Protective Equipment Grants to small businesses in Chilliwack. This grant provided a reimbursement of $250 to businesses that had to spend additional funds in a time when revenues have decreased.
The small business PPE grant was created through financial contributions from CERN member Community Futures South Fraser. The grant was created to provide a small but appreciated relief to small businesses who saw an increase in expenses due to the safety measures put in place by our Provincial Health Officer and WorkSafeBC.
Small businesses are the back bone of our community making Chilliwack a great place to work and live. They are the first to support our local schools, sports teams and fundraising events we are pleased to be able to support these businesses the same way they support our community, said Community Futures South Fraser General Manager Nicole Read.
We are all well aware so many businesses are facing huge challenges due to the COVID-19 pandemic. After being closed for several months we knew we had to implement safety protocols when reopening. This was another added expense our small business endured to help keep our staff and customers safe. Thank you to the Chilliwack Economic Recovery Network for giving us the opportunity to recoup some much needed funds during a difficult time, said Jeannie Becker from the Button Box on Mill Street.
How Do New Changes Impact My Existing Ppp Loan
Tax Treatment: The new law overturns the IRS ruling and provides that regular business expenses paid for with PPP loan proceeds shall be deductible for tax purposes .
Expanded List of Expenses Qualifying for Forgiveness: The list of expenses that PPP funds can be used for that qualify for loan forgiveness has been expanded to include:
- operations expenses defined as payments for business software and cloud computing services and other human resources and accounting needs that facilitate business operations
- supplier costs defined as payments to a supplier for goods that are essential to the operations of the borrower pursuant to a contract or purchase order in effect before the PPP loan is disbursed or with respect to perishable goods, in effect at any time
- worker protection expenses defined as operating or capital expenditures to comply with public health guidance related to COVID-19, including things like drive-through windows and sneeze guards and the purchase of personal protective equipment and
- covered property damage costs defined as costs related to property damage or looting due to public disturbances in 2020 that are not covered by insurance or other compensation.
Remember: It is still the case that not more than 40% of the forgiven amount can be for non-payroll costs, which may limit how much of your loan can be forgiven.
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Help Other Small And Local Businesses
Help small businesses regain lost revenues from COVID-19.
How to support local businesses
- order for takeout or delivery
- use curbside pick-up
- shop safely in-person where you can
- buy gift cards
Businesses that are open for in-store shopping and curbside pick-up have put in place best practices to keep shoppers safe.
Contact your local Business Improvement Area Association to learn more about the small businesses in your community.
Check with your local public health unit or municipality for additional information or restrictions. Advice may vary by the zone a public health unit is in and can change based on public health trends.
City Of San Diego Covid
CARES Act Revolving Loan Fund provides economic assistance to City of San Diego or City of Chula Vista businesses impacted by the COVID-19 pandemic. The low-interest loans, which range from $25,000-$95,000, are intended to help entrepreneurs adapt their business models to operating under pandemic restrictions, to promote economic resiliency, and to support the retention or creation of jobs. Please note that the loans funds are not to be used for emergency working capital expenditures such as payroll and rent.
Loan funds are intended to be applied toward future purchases of goods or services necessary for improve business operations and resilience amid pandemic safety restrictions and social-distancing protocols. Permitted expenditures include the purchase of air-filtration or touchless point-of-sale systems expansion of online business capacity or seating, umbrellas or heaters for outdoor business operation. Eligible businesses must have at least one employee on payroll and not be home-based, among other restrictions. Not sure whether your business qualifies? Read the full program details and take the interest questionnaire by clicking the button below:
Grants may be awarded in advance of construction, with LMA businesses and low-income majority owners receiving expedited, priority processing. Read full program details and apply by clicking the button below:
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Lets Start With Whats Included In The Stimulus
The Paycheck Protection Program and the Economic Injury Disaster Loan Program are the two main options small businesses and nonprofits have to obtain financial support during the coronavirus outbreak.
- The Paycheck Protection Program : The bulk of the small business stimulus funds in the new spending bill, roughly $320 billion, will plus-up the Paycheck Protection Program, a new program created last month under the CARES Act to guarantee businesses the loans they need to cover eight weeks of payroll, along with some utility and rent costs.
If businesses keep employees on payroll or rehire them by June 30 after theyve been laid off, these loans could be fully forgiven. Businesses are able to request 2.5 times their average monthly payroll costs for this loan. At least 75 percent of the loan must be used to cover payroll costs in order for the entirety of it to be forgiven.
Organizations can apply for PPP by calling their banks and lenders directly. Many of these institutions have online forms that are set up specifically for this program, and online platforms like PayPal and Square can now approve loans, too. As a condition in the new bill, about one-fifth of the new funds are specifically set aside for smaller community-based lenders, including Community Development Financial Institutions , which is intended to improve access to these loans.
Businesses and nonprofits can apply for the EIDL directly on the Small Business Administration website.
$1000 Ppe Grant For Ontario Small Businesses
Small businesses in Ontario have sustained massive losses due to the COVID-19 pandemic. Necessary rules pertaining to Covid-19 imposed by Health Canada, Province of Ontario and various levels of Government have saddled small businesses with extra costs to purchase products needed to protect staff and customers as well as prohibited them from being open for business. The costs associated with the purchase of personal protective equipment, sanitization products, signage and other costs associated to changing business models may be covered by the newly announced Ontario Main Street Relief Grant: PPE supportas well as grants covering property tax and energy bills for affected businesses.
Grants of up to $1000.00 are being made available to Ontario small businesses to offset PPE costs. The Main Street Relief Grant is for eligible businesses with unexpected costs related to PPE for small businesses between 2 and 9 employees and from one of the eligible sectors. As well the grant may cover costs related to Property tax and energy bill rebates.
Applications can be submitted online today for all three grants. Go to the COVID-19 Ontario Small business website to apply. Please see information below for details. Remember, were in this together, please support your local small businesses and please follow the guidelines to keep each other safe.
Ontario’s Main Street Relief Grant: PPE support
We are helping small businesses with the unexpected costs of PPE.
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Employer Health Tax Relief
We increased the Employer Health Tax exemption from $490,000 to $1 million starting in 2020.
Along with doubling the exemption, we doubled the instalment threshold from $600,000 to $1.2 million starting with the 2021 tax year.
What this means for you
As an employer, this means additional EHT relief of up to $9,945 per year, for a total of up to $19,500 in annual EHT savings per eligible employer.
The annual tax return form is not changing. Only the amount that you enter for the exemption claimed will change. Tax rates and eligibility criteria for the tax exemption remain the same.
In 2021, all employers will begin remitting monthly instalments when their annual payroll exceeds $1.2 million.
If your business no longer needs to make instalment payments or file an EHT return as a result of the increased exemption amount or instalment threshold, you do not need to notify the Ministry of Finance.
Ontario Tourism And Travel Small Business Support Grant: Applications Now Closed
Applications for the Ontario Tourism and Travel Small Business Support Grant closed on July 9, 2021. Applications received before the deadline will be reviewed.
The Ontario Tourism and Travel Small Business Support Grant provided one-time payments of $10,000 to $20,000 to eligible small businesses in the tourism and travel sector.
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Show Your Commitment To Safety
Consider making the POST Promise a self-declaration that your business is working to help prevent the spread of COVID-19covid 19. Once completed, you’ll get tools to help educate employees on workplace safety. You can also display the POST Promise logo, which is a nationally recognized symbol of a business’ commitment to doing their part.
Small Business Grant Program
The purpose of the Small Business Grant Program under section 601 of the Social Security Act, as added by section 5001 of the Coronavirus Aid, Relief, and Economic Security Act and Section 7.031 in House Bill 2007 is to provide grants to small businesses and family-owned farms for reimbursement of costs of business interruption caused by required closures in connection with the COVID-19 public health emergency.
The Department is focused on impacting the hardest hit industries, which include retail trade, accommodation and food service and health care, in addition to family-owned farms.
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$5000 Canada United Grants To Help Cover Small Business Covid
Applications have now closed for this program.
The #CanadaUnited campaign is a nationwide small and local business campaign encouraging Canadians to buy local and support our small business community. As part of this campaign, $5000 grants are being made through a Canada United Small Business Relief Fund to support small businesses.
This national grant program provides up to $5000 to help reimburse businesses for costs incurred because of COVID-19, such as:
- Purchasing Personal Protective Equipment such as masks, face shields, and latex gloves
- Renovating physical space to adhere to local, Provincial or Federal reopening guidelines
- Developing or improving e-commerce capabilities for your business
The grant program is open to small and medium businesses from across Canada. Among other criteria, applicants must be:
- Incorporated, or operating as a sole proprietor/partnership, in Canada as of March 1, 2020
- No more than 75 employees
- Have minimum annual sales in 2019 of $150,000 and not more than $3,000,000
Get Help From Canada And Other Organizations
Find out how your small business or registered charity can get a one time, on-bill credit to help catch up on energy bills through the COVID-19 Energy Assistance Program Small Business.
The Canadian government has made available supports for businesses, including links to resources specifically for small businesses and people who are self-employed.
The Canadian Federation of Independent Businesses COVID-19covid 19 Small Business Help Centre offers free tools and advice, as well as information specific to Ontario.
Retail Council of Canadas Road to Retail Recovery Playbook includes resources on customer health and safety, employee wellbeing, retail operations, finances and more.
The Office of the Employer Adviser provides free and confidential support to employers that need help with Workplace Safety Insurance Board issues.
Learn more about the Small Business Lighting program, which provides up to $2,000 in incentives for eligible energy-efficient lighting upgrades.
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Improving Cash Flows For Ontario Businesses
We are providing additional support to help improve cash flows for Ontario businesses by providing a six-month interest- and penalty-free period to make payments for most provincially administered taxes. This will:
- support businesses in the immediate term while capacity restrictions are in place
- provide the flexibility Ontario businesses will need for long-term planning
The six-month period started on January 1, 2022 and will end on July 1, 2022.
This measure will make available up to $7.5 billion in relief to help approximately 80,000 Ontario businesses. Businesses will have the option to delay their payments for the following provincially administered taxes:
- Employer Health Tax
- Race Tracks Tax