RECENT PASSAGE OF COVID RELIEF

As you are probably aware, Congress recently passed additional COVID relief provisions.  At this stage, pending regulatory interpretation of the provisions from the Treasury Department, as well as the Small Business Administration, here are bullet points of what we believe is included:

  1. Additional individual stimulus payments at $ 600 per person – this may be increased at a later date. There are income phase outs as before. You need not do anything, it will be automatic.
  2. Simplified PPP Forgiveness applications for loans under 150K. We are waiting for guidance on this— so nothing to do as of yet for all forgiveness applications.
  3. Additional PPP funding has been allocated by Congress. This round will be more stringent and will require demonstrated revenue reductions of at least 25% for specified periods between 2020 and 2019. So, hurry with your year-end accounting.
  4. It appears as we thought, that PPP loans, as well as SBA loan payment forbearance for the six month period, for those of you who have SBA loans, will not be a taxable event.
  5. Additional unemployment assistance.
  6. There are a multitude of other provisions and extenders that we will be monitoring as they affect your individual client situation.

We will keep you apprised as more guidance is published.

SMALL BUSINESS GRANT PROGRAM

There is a grant program available to those small businesses in Nye County that have suffered a loss of revenue since the Covid-19 Pandemic took over. We encourage everyone that has experienced a loss in revenues to consider applying for this grant. Having received PPP or EIDL money doesn’t disqualify you. There is $8,000,000.00 available and applications are being accepted through October 6, 2020. You should get your applications submitted as soon as possible.

To learn more about the program and begin the application process, please click HERE.

SBA.GOV INFORMATION

Good morning clients. We just wanted to provide you with a few updates in regards to what’s available to you for your business during COVID-19.

  • The Paycheck Protection Program (PPP) loan application deadline has been extended to August 8th, 2020.
  • The SBA.gov’s EIDL Portal is now reopen and accepting applications here.
  • A short form of the PPP forgiveness application has been made available and can be located here.

If you have any questions regarding any of these updates or need any assistance, please don’t hesitate to reach out to our office.

 

2020 VEA District 6 Election Results

Good Morning! I just wanted to say thank you to everyone that supported my run for the Valley Electric Association Board Director seat for District 6.

IT WAS A SUCCESS!

Click HERE to see the announcement made by Valley Electric Association last night at the end of the District 6 Annual Meeting that was held virtually due to Covid-19. Looking forward to officially taking the seat on May 28th, 2020.

Thank you again for all your support!

Paul M. Healey, CPA for DISTRICT 6

Just wanted to post a little update to let you all know that the deadline to submit your vote online has been extended through April 20th, 2020 at 9:00 a.m. PST

Please click HERE to visit my profile and learn a little more about me and why I want to serve the community through VEA.

To place your vote, if you haven’t already done so, please click HERE.

Thank you once again for your consideration and support throughout this election!

The Small Business Owner’s Guide to the CARES Act

The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain nonprofits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.

To keep up to date on when these programs become available, please stay in contact with your local Small Business Administration (SBA) District Office, which you can locate HERE

This guide should prove helpful to many of you. Click HERE to check it out.

US Chamber Guide for Small Businesses

The Coronavirus pandemic is affecting small businesses in a variety of ways. From loss of business to remote work, things are changing fast during the COVID-19 outbreak and businesses are being forced to adapt. CO— is working to bring you the best resources and information to help you navigate this challenging time. Below are a few links to helpful articles that the US Chamber of Commerce has shared. To visit the US Chamber, Small Business Guide website directly, please click HERE

A breakdown of all the federal programs and aid for small business Coronavirus assistance can be seen HERE

The Coronavirus Aid, Relief, and Economic Security Act sets aside $350 billion for small business loans to provide economic relief in 2020. Here’s how to get one of these loans.

New legislation in the wake of the Coronavirus pandemic provides funding for the SBA to provide low-interest disaster assistance loans to struggling small businesses. Click HERE for more info.

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill ever, includes provisions to help small businesses. HERE are the highlights.

If your business is struggling in the wake of COVID-19, these steps will help guide you through the application process for a low-interest small business loan. Take a look

HERE are the top CDC-recommended tips that small business owners can take to mitigate risk, protect employees and support customers during the COVID-19 pandemic.

Important Information for Healthcare Providers

In order to increase cash flow to providers of services and suppliers impacted by the 2019 Novel
Coronavirus (COVID-19) pandemic, the Centers for Medicare & Medicaid Services (CMS) has
expanded our current Accelerated and Advance Payment Program to a broader group of Medicare
Part A providers and Part B suppliers. The expansion of this program is only for the duration of the
public health emergency. Details on the eligibility, and the request process are outlined below. The
information below reflects the passage of the CARES Act (P.L. 116-136). Read more…

Important SBA Information for Business Owners

Message from Mike Rogers, SVP – Regional Sales Manager for Meadows Bank:

“Right now there are primarily two options available to you to combat the business downturn caused by the Covid-19 pandemic.  First off you can go directly to SBA.gov and apply for an SBA Disaster Loan. These loans do not involve a bank and are on very favorable terms, better than what any bank could provide.

Secondly, the President, at the end of last week signed into law the “Care Act”.  In addition to proving payment relief on existing SBA Loans, you can also apply for a loan that will cover 2.5 times one month’s payroll.  If these funds are used to keep employees potentially 100% of the loan can be forgiven.  Since this was just signed into law banks don’t yet know what the SBA will require to be included in an application nor do we know what loan documents the SBA will require to close one of these loans.  I can take an educated guess, so if you could provide me with the following I think that would be a good start:

  • Are you an existing loan or deposit customer with Meadows Bank?
  • 2019 Business Tax Return, if not yet available 12/31/19 Balance Sheet and Income Statement
  • Last 4 quarters of payroll tax info (Form 941?)
  • Is there some sort of payroll report you could run for the year end 2019 and Interim Period that shows payroll and benefits by employee.
  • Verification of number of employees (full time equivalent for each of the last 12 months)

Sorry I can’t be more specific, hope to get additional clarification from the SBA very soon.”

Please use the link below to securely upload documents, the Bank’s Internet Security Protocols prevent me from accessing most file sharing services.

Click here to upload files.

SBA – Disaster Loan Assistance

STREAMLINED PROCESS REQUIREMENTS

SBA is collecting the requested information in order to make a loan under SBA’s Economic Injury Disaster Loan Program to the qualified entities listed in this application that are impacted by the Coronavirus (COVID-19). The information will be used in determining whether the applicant is eligible for an economic injury loan. If you do not submit all the information requested, your loan cannot be fully processed.

The Applicant understands that the SBA is relying upon the self-certifications contained in this application to verify that the Applicant is an eligible entity to receive the advance, and that the Applicant is providing this self-certification under penalty of perjury pursuant to 28 U.S.C. 1746 for verification purposes.

The estimated time for completing this entire application is two hours and ten minutes, although you may not need to complete all parts. You are not required to respond to this collection of information unless it displays a currently valid OMB approval number.

Please click HERE to start the process.