I started trying to get help out to our small businesses as best and quickly as I could as the CARES Act passed and attempted to slam back in gear a halting economy. It took some serious time because it is important to me that I am sharing factual and current information on the Economic Impact Disaster Loans and Paycheck Protection Program through the SBA and the information is changing daily. You can watch the facebook live presentation I gave going over the SBA's guidance on these programs a couple weeks ago but use the links below for updated notes and slides. The very next day after I had given the presentation both programs had run out of funds. The PPP program just opened back up, and the EIDL program still stands on hold at the moment. I'm using this blog to share with you some important links and information our small business community needs to work through the confusion around these programs. Please reach out to me if you have more knowledge that can be shared. We ask our tourists and local patrons to have patience and support our small town livelihoods. As fellow business owners, we should help each other as well because together we all have a better chance to succeed.
See the following links for the latest Powerpoint Presentation and Notes from the SBA (UPDATED 4/29/20):
Special Meeting of the Colonial Beach Town Council for Wednesday, April 8, 2020 held electronically through Zoom and live streamed on our YouTube Channel and on WWER 88.1 FM
Town of Colonial Beach Amends Penalties and Interest on Late Payments to ZERO on:
Business License Tax to June 30th Meals, Lodging, and Cottage Taxes between March 21 – June 30th Personal Property Taxes, Machinery and Tools Taxes, and Real Estate Taxes to June 30th Water & Sewer Charges between April 1 and June 30th
See PowerPoint presentation
Webinars Sign-Up: https://www.eventbrite.com/o/richmond-district-office-9832468840
Payroll Protection Plan (PPP)
FIND A PPP LENDER:
Economic Injury Disaster Loan (EDIL)
Faith Based Entity Questions: https://www.sba.gov/document/support--faq-regarding-participation-faith-based-organizations-ppp-eidl
For Assistance on EIDL Programs and Application Status:
Contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or by e-mail at firstname.lastname@example.org
EIDL and PPP Program Questions not loan application statuses:
If you have any follow up questions, please email Richmond.VA@sba.gov. Our District Office Leadership is frequently checking that inbox and disbursing questions accordingly.
UMW Small Business Development Center, Help filling out the forms or other webinars about small business resources: Bonnie Haywood - email@example.com
State EVA Registration and Vendor Sales:
Randy M. Brown, firstname.lastname@example.org
Business Services Manager Dept. of Small Business & Supplier Diversity
101 N. 14th Street / 11th Floor Richmond, VA 23219
Phone: (804) 349-5603 Fax: (804) 786-9736
Filing and Payment Deadline Extended
The deadlines to FILE and PAY federal income taxes are extended to July 15, 2020.
Employee Retention Credit Available for Many Businesses Financially Impacted by COVID-19
The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. You can get immediate access to the credit by reducing the employment tax deposits you are otherwise required to make. Also, if your employment tax deposits are not sufficient to cover the credit, you may get an advance payment from the IRS.
Coronavirus-Related Paid Leave for Workers and Tax Credits for Small- and Mid-Size Businesses
The Families First Coronavirus Response Act (PDF) gives 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.