The deadline to apply for first- or second-draw Paycheck Protection Program (PPP) is May 31, 2021. Here are some important reminders as the deadline approaches:
What is a PPP Loan?
A PPP loan is a loan provided by the U.S. Small Business Administration in response to the financial crisis many small businesses continue to face due to the ongoing COVID-19 pandemic.
PPP loans can be used to:
- Help fund payroll costs, including benefits
- Pay for mortgage interest, rent, utilities
On March 11, 2021, President Biden signed the American Rescue Plan Act into law. Included in the act is the Restaurant Revitalization Fund (RRF), which provides much-needed support for the recovery of the greatly impacted restaurant industry. Applications open Monday, May 3, 2021 at noon Eastern time for priority restaurants for three weeks. After this time, all eligible restaurants are encouraged to apply. According to the National Restaurant Association, foodserv Read More >>
As businesses move forward in applying for a second-draw Paycheck Protection Program loan, or PPP2, it is important to remember the maximum loan size is capped at $2 million for businesses, as well as their affiliates. That means the total amount a business and its affiliates can apply for is capped at $2 million. Businesses are also only eligible if collectively with their affiliates the employee count is below 300.
For purposes of the PPP loans, per the U.S. Small Business A Read More >>
The U.S. Small Business Administration (SBA) has seen an influx of fraud surrounding applications for federal aid. The most common fraud occurring is email phishing where a scammer impersonates the SBA via email with the goal of collecting personally identifiable information (PII).
Those who have applied for the SBA’s Economic Injury Disaster Loan Program seem to be at high risk for receiving phishing emails asking them to “verify their accounts”, but really, the scamm Read More >>
There has been a marked increase of fraud cases surrounding unemployment benefits, particularly in the state of Ohio. This amounted to at least $330 million in fraudulent pandemic unemployment benefits distributed between April and December 2020.
To combat this very serious issue, the state of Ohio launched a new resource portal (https://unemploymenthelp.ohio.gov/) for employers to alert the state if they suspect their employees’ or their own information has been c Read More >>
Employee Retention Tax Credit
Back in March of 2020, The CARES Act granted eligible employers a credit, the Employee Retention Tax Credit (ERTC), against employment taxes equal to 50 percent of qualified wages paid to employees who are not working due to the employer’s full or partial suspension of business or a significant decline in gross receipts.
YOUR ACTION IS REQUIRED:
The recent passage of the Consolidation Appropriations Act, 2021 has created an opportunity for c Read More >>
On December 27, 2020, President Donald Trump signed the Consolidated Appropriations Act, 2021 (H.R. 133) into law. Below are the significant individual and business provisions.
Extension of Unemployment Insurance Compensation Benefits
An 11-week extension of unemployment insurance benefits. This will provide an additional $300 per week along with state unemployment insurance.
Stimulus Checks to Individuals
Similar to the first round of stimulus checks fro Read More >>