Hello everyone, I am suggesting we have a thread with comments that only relate to information regarding help for businesses or communities affected by recent events.
I will start the thread by listing relevant links I have at this time:
the U.S. Treasury Department has released a draft application for the Paycheck Protection Program (the
new forgivable loan program) created by the CARES Act. The Paycheck Protection Plan application process starts
Friday, April 3, 2020 and those eligible and interested in applying should begin that process as soon as possible:
- For a top-line overview of the program:
https://home.treasury.gov/system/files/136/PPP -- Overview.pdf
- If you’re a borrower, more information and links to SBA lenders http://www.sba.gov/ can be found here:
- The application for borrowers can be found here:
Importantly as well, we have included links to Small Business Administration (SBA) resources that will help navigate
the government subsidies, loans and programs available:
- The SBA’s Local Assistance Page, https://www.sba.gov/local-assistance which provides local resources and
information on offices and other resources around the country;
- Lender-Match, https://www.sba.gov/funding-programs/loans the SBA’s tool to find local banks and lenders
based on your needs and;
- SBA’s Coronavirus Resource Page:
By Joe Marconi
Whatever your normal advertising and marketing strategy is, now is the time to tone down call to action advertising and promotions and communicate your brand to your community. In times of crisis, it’s crucial that your customers and community know what you stand for and there to help if at all possible.
Contact your customers by phone, email, text, etc. Not to sell them anything, but to ask if they are ok. Let them know that you are thinking about them. Connect with them emotionally, like a friend or family member would.
For many shops across this great nation, there will be significant sales drops. With the new financial package, there will be help on the way. Contact your accountant, payroll company, financial advisor, bank rep and find out about the help that is coming your way.
We will get through this together.
By Mark Johnson
In an effort to update the group with all the most recent developments, we are happy to inform you that on March 20, 2020 the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.
This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.
The Act will help the United States combat and defeat COVID-19 by giving all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee's own health needs or to care for family members.
The legislation will enable employers to keep their workers on their payrolls, while at the same time ensuring that workers are not forced to choose between their paychecks, their personal health or the public health measures needed to combat the virus.
To learn more about how this will work or how to access up to $2M in Federal SBA disaster loans call us at 954-324-0803 or book a time in our calendar https://calendly.com/markjohnsontaxplanner/45strategysession.
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