COVID-19 Joint Information Center Update: March 16, 2021
Free NFIB Webinar: What You Need to Know to Apply for a Second (or First) PPP Loan!
Don’t miss NFIB’s PPP and COVID-19 experts Beth Milito and Holly Wade for a step-by-step walkthrough on how to apply for a PPP loan:
- Who is eligible?
- Where to apply
- New application form
- How to calculate the loan amount
- And more!
(If you have any questions about EIDL or Covid paid sick leave, we welcome those too!)
Creation of online courses hosted by Allegany College of Maryland
From Delegate Mike McKay’s Office:
Delegate Mike McKay (District 1C) and Development Coordinator Bill Valentine are proud to announce the creation of an online course, hosted by Allegany College of Maryland. This class was designed for small businesses, nonprofits, home businesses, and entrepreneurs. Delegate McKay and Development Coordinator Valentine, both small entrepreneurs, believe COVID-19 has created a new set of challenges for businesses. To be competitive, the ability to do business on the Internet will be more important than ever. If the government has to impose restrictions on businesses again, an online presence will help businesses keep going.
The proposed trading class will be an online class, lasting 13 weeks, one module per week. Such a course would normally cost a participant over $ 500, but ACM is able to offer this course for less than $ 50 to help our community. Internet sales and marketing will be some of the main objectives of the course. Website creation and management will be taught. Selling through social media will be another goal.
Recent law clarifies and expands the employee retention credit of the CARES Act
The Internal Revenue Service is urging employers to take advantage of the newly expanded employee retention credit, designed to make it easier for businesses who, despite the challenges posed by COVID-19, choose to keep their employees on the payroll.
The Taxpayer Certainty and Disaster Tax Relief Act 2020 amended and extended the Employee Retention Credit (ERC) for a six-month period until June 30, 2021. Several of the changes do not apply until 2021, while others apply to both 2020 and 2021.
As of January 1, 2021, employers are eligible if they operate a trade or business between January 1, 2021 and June 30, 2021 and they have:
- A total or partial suspension from the operation of their trade or business during this period due to government orders restricting trade, travel or group meetings due to COVID-19, or
- A decrease in gross revenue during a calendar quarter in 2021 where the gross revenue for that calendar quarter is less than 80% of the gross revenue for the same calendar quarter in 2019 (to be eligible on the basis of a decrease in gross revenue in 2020 the receipts had to be less than 50%).
Thanks to the new legislation, eligible employers can now claim a refundable tax credit on the employer’s share of social security tax equal to 70% of the eligible salary they pay to employees after December 31, 2020 until June 30, 2021. Qualified salaries are limited to $ 10,000 per employee per calendar quarter in 2021. Thus, the maximum amount of ERC available is $ 7,000 per employee per calendar quarter, for a total of $ 14,000 in 2021.
For more information see:
Minority Business Fund founded by four community banks:
UNEMPLOYMENT INSURANCE FRAUD