The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance. Eligible applicants may qualify for grants
The U.S. Small Business Administration (SBA) is targeting early April to launch a phased rollout of the $28.6 billion Restaurant Revitalization Fund (RRF), a senior SBA official testified during a Senate Small Business Committee hearing. The American Rescue Plan Act, P.L. 117-2, created the RRF to provide restaurants with grants equal to their pandemic-related revenue
The City of Philadelphia has wrote a post on how the different departments (Commerce, Revenue, etc.) have supported local businesses during the last twelve months of pandemic. We are aware of the continued efforts of these departments through the pandemic, in times of civil unrest, etc. and value all the assistance that they provide to
Philadelphia County is receiving approximately $17 million in funding to provide grants to eligible businesses through this program. Grants are available to eligible businesses in the range from $5,000 - $50,000. Businesses must: Be physically located in Philadelphia County, in operation as of February 15, 2020, and intend to continue operating within one year of
The SBA has published the following press release regarding the deferment for all Covid-19 EIDL and other disaster loans. "WASHINGTON –The U.S. Small Business Administration announced extended deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022. All SBA disaster loans made in calendar year 2020, including COVID-19
As previously published in our post earlier in the year, the change in the Employee Retention Credit (ERC) was something positive for the business owners, but it left many questions and professionals waiting for guidance. Note that during this waiting period, there were auto proclaimed experts on ERC while professionals were patiently waiting. Please, do
PPP keeps changing, if last week, it allowed ITIN holders, individuals with prior criminal records unrelated to fraud, etc. Now, they are allowing self-employed individuals (Schedule C) to use the revenues/sale amount to calculate the maximum loan amount (capped at around $20k based on the maximum annual salary of $100k). This change will allow taxpayers
The IRS has published some recommendations on what to look for to select a tax return preparer. See an extract from the IRS publication below: The Internal Revenue Service today reminded taxpayers to choose a tax return preparer with care. Even though the vast majority of tax return preparers provide honest, quality service, some
From tomorrow February 24th, 2021, the PPP will accept applications from business owners that were not accepted in the past, such as non-citizens with ITIN. Please, see below some details extracted from the SBA note: "These simple progressive steps by the Biden-Harris Administration further demonstrate the commitment to racial and gender equity, reaching low and
Governor Phil Murphy and Lt. Governor Sheila Oliver recently announced $5 million in funding for Phase 2 of the Small Business Lease Emergency Assistance Grant Program. This commercial rent relief program grants up to $10,000 for COVID-impacted small businesses and nonprofits located in NJRA’s 66 legislatively designed communities. From today at 9am you can apply
