We know since COVID-19 changed our lives, most of our energy is focused on keeping our businesses afloat ...when we seem to be lost at sea.
So this week, do these THREE THINGS, check out the RESOURCES below, and know you're doing great! We're here for you! We're in this TOGETHER!
1. LET CONGRESS KNOW SMALL BUSINESS OWNERS NEED MORE FUNDING
Since Friday, April 3, small businesses have been applying for Paycheck Protection Program (PPP) forgivable loans authorized under the CARES Act that was enacted on March 27.
Business owners have experienced setbacks while applying for the PPP forgivable loans and the Small Business Administration (SBA) Economic Injury Disaster Loans (EIDLs) and Emergency Grants. Further appropriations and improvements to the PPP are needed as well as increased access to EIDLs and Emergency Grants.
Congress needs to hear from you NOW. Tell them your experience applying for PPPL and EIDLs and how they need to improve and expand these programs immediately.
Act NOW and urge your Senators and Representative to improve and expand access to the PPP, EIDLs, and Emergency Grants.
COVID-19 LOAN TRACKER
EASY TEMPLATE TO SEND CONGRESS A MESSAGE
SHARE YOUR EXPERIENCE WITH PPP
2. FILL OUT THE PIHI ALLIANCE COVID-19 BUSINESS RESPONSE SURVEY
We want to know how your business has been impacted over the past three weeks and business continuity steps you have taken.
DEADLINE TO SUBMIT IS THIS FRIDAY APRIL 24, 2020.
- We will share this information with the City of Atlanta to gather data to better inform the needs of the business community during these uncertain times.
FILL OUT THE SURVEY NOW
3. FACEBOOK SMALL BUSINESS GRANTS PROGRAM
Opens THIS Wednesday, April 22nd!
Must be a for-profit company
Have between 2 and 50 employees
Have been in business for over a year
Have experienced challenges from COVID-19
Be in or near a location where Facebook operates
Click here for the Application Guide.
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On the Federal Tax Deferrals
The federal government is now allowing deferrals for 100% of the social security payroll tax paid by employers and deferral for 50% of social security costs paid by self-employed individuals. This is applicable to any tax deposits due between 3/27/20 and 12/31/2020.
Why it's right for you:
The social security payroll tax amounts to 6.2% of gross wages. You can pay 50% of the taxes by December 2021 and the other 50% by December 2022.
Things to note:
If you defer these tax deposits, you as the employer are solely liable for payment by the extended due date.
Employers that participate in the PPP are not eligible for this program. However, they can defer taxes up until the date the employer applies for and receives a decision that their PPP loan has been forgiven.
On Employee Retention Credit (ERC)
Why it's right for you:
For each quarter through the end of 2020, employers are eligible for a credit of up to 50% of the first $10,000 in qualified wages for each qualified employee. This employee retention credit is limited to the 6.2% employer share of Social Security taxes subject to several conditions, and any excess credit is refundable.
Things to note:
You cannot get this credit if you have a PPP loan.
BONUS: KEEP SUPPORTING PIHI ALLIANCE BUSINESSES
Find out what they are offering during COVID-19
- Share the list with all of your friends.
- Email email@example.com for additions or changes
- Check business' social media for daily updates
- Businesses tag @PiHiAlliance on FB so we can share your posts.
- Thank you!!!