Looking for a list of what you “must know” and “must do” in order to qualify for full payroll protection program loan forgiveness? Click on the image below to download a PDF of our PPP Loan Forgiveness Guide.

If you haven’t received your Economic Impact payment yet, you’re not alone. There is a way to check on its status, though! Check out the ‘Get My Payment‘ tool on IRS.gov and enter the required information.

There are also answers to commonly asked questions on their Economic Impact Payment Information Center page.

Dear Friends,

If you own a small business you may qualify for a grant from the U.S. Chamber of Commerce. The U.S. Chamber of Commerce is working to provide financial relief to small businesses affected by COVID-19. The Save Small Business Fund will offer $5,000 grants that provide short-term relief for employers across the United States. These grants are available for businesses with 3 to 20 employees, in certain zip codes.

The application will go live Monday, April 20 at 3:00 PM EST. To find out if your area qualifies and to apply, click the ‘Save Small Business Fund’ link above.

Thank you to our friends at the Muskegon Lakeshore Chamber of Commerce for making us aware of the fund!

 

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

You may be eligible for another loan program, the Paycheck Protection Program (PPP), which is available through participating lenders. Below is a comparison of the two loan programs:

H&S Commentary:

The PPP and Full EIDL programs are mutually exclusive in regards to qualifying expenditures, however the ERTC may be claimed in addition to receiving an EIDL Loan for the same qualifying expenditures.

Employee Retention Tax Credit (ERTC):

Refundable payroll tax credit for 50% of wages and health benefits paid or incurred from 3/13/20 to 12/31/20 for the first $10,000 of wages/benefits paid per employee. This applies only for calendar quarters to which eligibility provisions are met.

Employers with greater than 100 full-time employees:  Credit applies only to wages/health insurance provided to employees not providing services due to coronavirus-related circumstances.

Employers with fewer than 100 full-time employees:  Credit applies to all employees wages/benefits.

Contact an H&S professional if you would like to learn more about how these programs relate specifically to your business and/or a template to calculate your potential PPP or ERTC.

Urgent Message:  

Emergency Economic Injury Grants of $10,000 are now available for most businesses with 500 or fewer employees:

• Sole Proprietorships, with or without employees
• Independent Contractors
• Non-profit (501c) organizations
• Private nonprofits (501d and e) except religious or political organizations

Click here to go to the SBA web-site to learn more and/or apply for the grant.

Eligible applicants will receive monies within 72 hours!