This new version focuses on businesses with 300 or fewer employees that can demonstrate a revenue loss of 25% or more in any quarter of2020 (vs. 2019).
The Loan amount is 2.5 times the average monthly payroll; restaurant and hospitality businesses receive 3.5 times. Additional expenses qualify and simplified the forgiveness process.
PAYCHECK PROTECTION PROGRAM (PPP)
ACTION: Consult your lender
Here’s another reprise – SBA loan payments paid for you. Three additional P&I payments starting February 2021 for existing loans, 5 more months for smallest and hardest-hit businesses – capped at $9,000. New loans also eligible for the program.
SBA DEBT RELIEF EXTENDED
ACTION: Payments are automatic, but consult your SBA lender
GUIDE TO DEC 2020COVID RELIEF BILL
Actions You Can Take
Gig workers, self-employed and independent contractors receive extended benefits through march 14, 2021. Increased benefit period to 50 weeks.
PANDEMIC UNEMPLOYMENT ASSISTANCE
ACTION: File for unemployment:
Yes, it’s back! But focused on businesses and non-profits in low-income communities. May also receive top-up to $10K on their previous EIDL Grant.
$10,000 EIDL GRANT
Extended and expanded Employee RetentionTax Credit (ERTC)
All forgiven PPP expenses are tax-deductible
EIDL grants no longer reduce PPP forgiveness amounts
Extended payroll tax credits for paid sick &family leave
Grants for entertainment venues (live events, movie theaters, cultural institutions
$600 direct payments to taxpayers
FOR KANSAS BUSINESS OWNERS
This summary information is based upon currently available information at the time of publication and is subject to interpretation at all levels of government.