Search
Menu
Coronavirus|Small Business Resources

Small Business Resources

The federal government has responded to the coronavirus pandemic by offering resources and assistance for small business to help them respond to impacts. Financial assistance has been provided through existing resources as well as new authorized programs specifically created for the pandemic. The Congressional Research Service (CRS) published a report detailing the financial relief and assistance the federal government has provided for small businesses: Small Businesses and COVID-19: Relief and Assistance Resources. 

Paycheck Protection Program (PPP Loans)

The CARES Act provides loans via Small Business Administration (SBA) in conjunction with local lenders. If you are considering a Paycheck Protection Program Loan, you should immediately contact your principal lender to begin the application process. The Small Business Administration provides additional resources and information on this program here. 

  • Loans will be available on a first-come basis and demand is expected to be high.  
  • PPP Loans do not require collateral or personal guarantees, and interest rates cannot exceed 4.0%.   
  • All or a portion of this loan may be forgiven – effectively making the loan a grant. The loan forgiveness amount will be equal to the amount spent by the borrower during the eight-week period following loan origination on rent, payroll costs (subject to certain conditions and definitions), interest on a mortgage, and utility payments.   
  • Loan proceeds may be used for eligible expenses during the period from February 15, 2020 through June 30, 2020.    
  • Any company that employs no more than 500 employees, was operational on February 15, 2020, and had employees for whom it paid salaries and payroll taxes, or a paid independent contractor, may be eligible for the PPP Loan program.  Eligibility is determined by your lender.
  • NEW! Here is the Small Business Administration's Announcement - SBA Reopens PPP
  • NEW! Here is the Small Business Administration's Announcement - New Round of PPP Available January 11, 2021
  • Here is a Department of Treasury backgrounder on PPP. 
  • Here is the final borrower form. 
  • Here is the PPP website. 
  • Here is the Department of Treasury’s Interim Final Rule on the PPP Program

Delayed Payment of Social Security Tax

Delayed payment of employer share of social security tax.   The Cares Act allows employers to defer payment of the employer share of the social security tax it would otherwise be responsible for paying in 2020, effective for payments due after March 27, 2020.  Making use of the deferral may help you to conserve cash flow in the near term.   If PPP loan forgiveness occurs, the ability to defer ceases.   

  • Fifty percent of the deferred payroll taxes are due on December 31, 2021, and the remaining amounts are due on December 31, 2022.   

Employee Retention Payroll Tax Credit

Eligible employers may receive a refundable credit against payroll tax liability equal to 50% of the first $10,000 in wages per employee (including the value of health plan benefits) which results in an estimated possible $5,000 per employee employment tax credit.    

  •  Available for businesses whose operations were fully or partially suspended due to coronavirus.   
  • The credit is capped at the first $10,000 of compensation, including health benefits.   
  • The provision is effective for wages paid or incurred from March 13, 2020 through December 31, 2020.  
  • This credit would be unavailable if you obtain a Paycheck Protection Program loan.  
  • Here is a link to an IRS webpage with more information on the tax credit.

FMLA Tax Credits

The Families First Coronavirus Response Act (FFCRA) provides certain tax credits to offset private employers’ cost of paying emergency sick leave wages, which are capped at either $511 or $200 per day, depending upon why emergency sick leave is available, for eight days.   

  • Here is a link to the US Department of Labor (Wage & Hour Division) webpage with much more information and resources on FFCRA. 
  • Here is a link to the IRS Q&A factsheet on FFCRA.  

SBA Small Business Loans

Here is a link to the SBA Coronavirus Small Business Guidance & Loan Resources.

SBA Disaster Loan Assistance

Here is a link to the SBA Disaster Loan Assistance Application webpage.

TFG Coronavirus Updates

View More Past TFG Coronavirus Updates

US Congressional Calendar

Alex Yiannoutsos
/ Categories: News & Alerts, Legislative, Coronavirus

Bloomberg: Capitol to Begin Phased Reopening March 28 After Covid Closing

Bloomberg Government reports that the U.S. Capitol complex plans to reopen for the first time since its closure in March 2020 due to the COVID-19 pandemic. It will begin reopening to small groups of in-person visitors by March, 28th and to the public by Labor Day.

According to Bloomberg: "The reopening plan will ultimately consist of three phases, with a limited opening of the Capitol Visitor Center by May 30 to take place before a potential full opening on Labor Day.

Some business visitors are already allowed in the Capitol, but as of March 28, the cap will be raised to 15 people in one group. Currently the limit is nine people, according to sources. Staff-led tours will be able to start again, although also limited to 15 people at a time.

Students will also be allowed into the Capitol on a limited basis. Eight groups of up to 50 students will be allowed in Monday through Friday from 10 a.m. to 2 p.m."  

Read the full article here.

Print
6502
Tags: US SenateUS HouseWashington DCCoronavirusCOVID-19Pandemic

Latest TFG News

TFG Welcomes Marcusleen Jones as Controller 7 May 2024

TFG Welcomes Marcusleen Jones as Controller

Marcusleen previously served as TFG Staff Accountant in 2007-2010 and returns as Controller.

WASHINGTON, D.C. – TFG is pleased to welcome Marcusleen Jones back to the firm as Controller. Marcusleen previously served as TFG Staff Accountant from 2007 until 2010. Marcusleen joins the firm with decades of accounting experience and is a Certified Public Accountant with the Virginia State Board of Accountancy. She will serve in a pivotal role in ensuring TFG financials and client operations continue to run efficiently.

Meet a Team Member

Kaj Gumbs

Kaj Gumbs

Kaj Gumbs joins TFG as an Associate at the Washington D.C. office. Kaj is originally from Christiansted, St. Croix, U.S. Virgin Islands. Kaj is a 2017 graduate of Morehouse college and holds a Juris Doctorate (J.D.) as a 2022 graduate of Texas Southern University Thurgood Marshall School of Law.

Latest Coronavirus Updates

Go to top

Copyright 2020 by The Ferguson Group

Terms Of Use | Privacy Statement