• This page is dedicated to providing businesses with the most up-to-date information and resources regarding COVID-19 and the business community.  Please Contact Dan Bates, President/CEO, via cell # (267) 249-9649 with any questions. Find information from the State of Ohio at: coronavirus.ohio.gov

     

  • Important Contact information:

    State of Ohio: coronavirus.ohio.gov or 1-833-4-ASK-ODH

    Find your local HEALTH Department 

    SBA programs for the coronavirus, www.sba.gov/coronavirus 

    Federal programs, visit www.usa.gov/coronavirus or www.gobierno.usa.gov/espanol (en Español).

    Employers and Job Seekers:
    State of Ohio https://jobsearch.ohio.gov/wps/portal/gov/jobsearch/home
    Butler County - OhioMeans Jobs | Butler County ohiomeansjobs.com/butler

     FEMA with questions/concernsFema-nrcc-nbeoc@fema.dhs.gov

    Department of Justice’s new Civil Rights Reporting Portal civilrights.justice.gov/


  • Explore Hamilton Promotion


    The Greater Hamilton Chamber is promoting all bars, restaurants, retail, gift & specialty shops, service industry businesses and Arts, parks & recreation at www.hamilton-ohio.com/explore-hamilton.  If your business would like to be listed on that page, please complete the Business Promotion Form HERE!

     

  • SBA Loans & Funding Opportunities​

  • For more information visit the NEWS ARTICLES

     

  • PPP Borrower Application

    Click here

     

     

  • Paycheck Protection Program Resumes January 11th at 9:00 a.m.

     

    Paycheck Protection Program is An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Notice: Paycheck Protection Program resumes January 11, 2021 at 9am ET

     

    Click here for more

  • Guide to Small Business COVID-19 Emergency Loans

    U.S. Chamber Guide CLICK HERE
     

  • COVID-Related Tax Relief Is Signed Into Law

    On December 27, President Trump signed the Consolidated Appropriations Act of 2021 (CAA), which provides pandemic relief, as well as other tax and health-related provisions. The CAA contains the COVID-Related Tax Relief Act of 2020 (COVIDTRA), as well as a government funding law. Here are some of the highlights.

    READ MORE...

    Courtesy of Kirsch CPA Group

  • IRS Clarifies Rules Surrounding PPP Forgiveness 11/23/2020

     

    On November 18, the IRS published long-awaited guidance regarding the deductibility of expenses paid with PPP loan proceeds. For most taxpayers, this means that expenses paid with PPP funds will be nondeductible on their 2020 income tax returns.

    As prescribed earlier in the year through the CARES Act, the forgiveness of PPP loan proceeds is considered non-taxable. However, the IRS subsequently released guidance that any qualified expenses (i.e. compensation, rents, utilities) paid with PPP loan proceeds are non-deductible.

    To date, no changes have been made to the above rules either by the IRS or Congress. However, many questions remained on when the disallowance of the deductions paid with PPP loan proceeds would be in effect. Through the recent guidance issued by the IRS (Rev. Rul. 2020-27 and Rev. Proc. 2020-51), if a taxpayer has a “reasonable expectation” their PPP loan will be forgiven, the expenses will be disallowed in the year the expenses are paid or incurred. For most taxpayers, this will be the 2020 tax year. A taxpayer would have a “reasonable expectation” of loan forgiveness if they have met all the conditions for forgiveness of the loan. These rules would apply regardless of if the taxpayer has received formal forgiveness of the loan through their lender or applied for loan forgiveness.

    The IRS has provided a safe harbor for taxpayers to allow for a deduction of expenses paid with PPP loan proceeds if the SBA subsequently disallows forgiveness of the loan or the taxpayer decides not to pursue loan forgiveness.  If the taxpayer has already filed a 2020 tax return and the expenses had not been deducted, the taxpayer may correct the deduction of the expenditures through an amended return filing or deducting the expenses in a subsequent year (i.e. 2021).

    If you have additional questions, please contact your Kirsch CPA relationship manager at (513) 858-6040.



    PPP IRS Clarifies Rules | kirschcpa.com

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  • RUN » BUSINESS FINANCING

    How to Get Your PPP Loan Forgiven

    Paycheck Protection Program loans were a popular option for businesses hoping to survive COVID-19-related shutdowns. Here is what businesses need to do to get their PPP loans forgiven.

    By: Sean Ludwig, Contributor

    One of the single largest ways the federal government sought to aid businesses suffering from coronavirus-related shutdowns was the implementation of the Paycheck Protection Program (PPP). After its creation in March 2020, the program was modified several times to ensure more businesses could participate, with the final deadline for PPP hitting on August 8, 2020. As of that deadline, the SBA approved 5.2 million loans worth more than $525 billion.

    What made the program so popular was the ability for businesses to have their loans forgiven, effectively making them grants. However, the loans came with specific criteria that needed to be fulfilled in order to have them forgiven. Below we will outline requirements for loan forgiveness, how to get a forgiveness application and other important details for those businesses hoping to have their PPP loan forgiven.

    [Go here to see the U.S. Chamber of Commerce's PPP Loan Forgiveness Guide]

    Background on PPP

    First, let’s explain briefly how the PPP program actually worked to better explain the forgiveness aspect. The PPP program was created in March 2020 as part of the federal government’s $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act. On top of tax breaks and changes in the CARES Act, the PPP was designed to provide a simple way for businesses to keep their employees on payroll.

    Generally speaking, PPP loans were issued with generous terms. PPP loans have an interest rate of 1%, with loans issued prior to June 5 maturing after two years and loans issued after June 5 maturing after five years. No collateral or personal guarantees were required for the loan and no fees were charged to small businesses by the banks or credit unions authorizing the loans. The maximum size allowed for a single loan was $10 million. While the loan terms were generous, the best aspect of them was that they could be forgiven.

    The Treasury Department has indicated that it plans to automatically audit all PPP loans larger than $2 million. Smaller loans most likely won’t be targeted for audit but some “spot checks” will occur. Additionally, banks including JPMorgan Chase & Co (the single largest lender of PPP loans) said they will investigate instances of borrowers misusing PPP funds.

    Watch Now: CO— Blueprint, 9/9

    Check out the video from our CO— Blueprint event that took place Wednesday, September 9, 2020, where the panel discussed everything you need to know about rebuilding your brand.


     

    REPLAY 9/9: CO— Blueprint: Rebuilding Your Brand

    Requirements for loan forgiveness

    To qualify for PPP loan forgiveness, the SBA set up various requirements that must be fulfilled. Effectively, forgiveness is granted to employers that kept or rehired employees while also maintaining general salary levels from before the pandemic. Employers can still be eligible for partial forgiveness if they don’t meet all of these criteria, such as if full-time headcount declined or salaries decreased somewhat.

    Requirements include:

    • Funds are allowed to be used for payroll costs, rent, utilities and interest on mortgages.
    • At least 60% of loan must be used for payroll costs.
    • While the loan is being used, employers must attempt in good faith to maintain similar levels of employment and pay that they had prior to the pandemic.

    Notably, as long a business submits a loan forgiveness application within 10 months of their loan being used, they are not required to make any payments on the loan.

    Complete a loan forgiveness application

    As long as you have abided by the rules and requirements provided by the SBA, it’s time to fill out and submit a loan forgiveness application. Small businesses with employees should fill out the standard PPP forgiveness application while sole proprietors, independent contractors and self-employed people who have no employees should fill out the EZ version of the application.

    For small businesses with employees, the fairly simple five-page application asks businesses to submit details such as payroll and nonpayroll costs, adjustments for wage reductions and potential forgiveness amounts. Additionally, you’ll use the application to certify that the loan funds were used as intended, that you verified payments to employees and generally that the forms and information submitted to the SBA are true.

    The loan forgiveness application also includes measures to “reduce compliance burdens and simplify the process for borrowers,” including:

    • The ability for borrowers to calculate payroll costs using an “alternative payroll covered period” that better aligns with a borrower’s normal payroll cycles.
    • The flexibility to include some payroll and nonpayroll expenses paid or incurred during the 24-week period after receiving their PPP loan (meaning employers would not be limited only to costs in the original two-month timeline).
    • Instructions on how to easily calculate loan forgiveness.
    • An exemption to help with loan forgiveness based on borrowers rehiring workers by June 30.
    • An exemption from loan forgiveness reduction for any borrowers who made a “good-faith, written offer to rehire workers” that was later declined.

    Once the loan forgiveness application has been submitted, then businesses will wait to find out if it has been accepted. Notably, as long a business submits a loan forgiveness application within 10 months of their loan being used, they are not required to make any payments on the loan. If the loan is then fully forgiven, then the business does not need to make any payments at all. If the loan is only partially forgiven or not forgiven at all, the loan must be paid off before its maturity date.

    Impact on business taxes

    After the loan has been forgiven, businesses should be prepared for the forgiven loan to impact their 2020 business taxes. While a forgiven PPP loan is tax-exempt, using the loan can also reduce how much you can write off on your business taxes. This means that some of your everyday expenses like payroll, rent and utilities that would normally be deductible from taxable income would not be deducted. Without this deduction, your business may in fact owe more taxes at the end of the year than normal.

    More questions and answers

    On a final note, the Small Business Administration has released an extensive document of frequently asked questions about PPP loan forgiveness. This document outlines specific use cases, including what types of compensation count as payroll costs, what costs are eligible for forgiveness, how to calculate how much will be forgiven and more. Additionally, it would be smart to get in touch with your personal financial advisor or accountant to review all of your PPP details before submitting a forgiveness application.

    For more resources from the U.S. Chamber of Commerce:

    CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.

    Follow us on Instagram for more expert tips & business owners stories.

    Published September 11, 2020

  • SBA Rolls Out Dedicated Tool for Small Businesses

     
    Jovita Carranza

    SBA Rolls Out Dedicated Tool for Small Businesses to Connect with CDFIs, Small Asset Lenders Participating in PPP

    Today, U.S. Small Business Administration Administrator Jovita Carranza announced the launch of a dedicated online tool for small businesses and non-profits to be matched with Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), Farm Credit System lenders, Microlenders, as well as traditional smaller asset size lenders in the Paycheck Protection Program (PPP).  

    Learn more

  • PPP Flexibility

    Information from Treasury on recently-passed PPP flexibility.  

     

    https://home.treasury.gov/system/files/136/PPP-IFR-Revisions-to-First-Interim-Final-Rule.pdf

     

  • Main Street Lending Program

    The Federal Reserve has announced that it is establishing a Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. Attached are the current details. More specifics to follow so, get your information ready for your financial partner so you can apply as soon as the portal opens.

    https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm

  • Verizon Small Business Recovery Fund

    Information about the Verizon Small Business Recovery Fund: https://www.lisc.org/covid-19/small-business-assistance/small-business-relief-grants/verizon-small-business-recovery-fund/

     

  • PPP not an option? Main Street Lending Program could be next best bet

    By Sarah Shadburne – Reporter, Louisville Business First

    The Main Street Lending Program is the federal government’s latest installment of relief loans for businesses impacted by the coronavirus outbreak.

    This program seeks to support mid-to-upper-market businesses that may not have qualified for Paycheck Protection Program loans. The new program offers $600 billion of low interest, four-year loans for businesses with up to 10,000 employees or with revenues of $2.5 billion or less for 2019.

    READ MORE....

  • NEWLY FORMED OFFICE OF SMALL BUSINESS RELIEF FROM LT GOVERNOR: 

    A new office has been developed within the Ohio Development Services Agency to better coordinate Ohio's efforts to identify and provide support for Ohio’s nearly 950,000 small businesses.

    The Office of Small Business Relief will:

    • Serve as the state’s designated agency for administrating federal recovery funds awarded to Ohio for small business support and recovery;

    • Work with federal, state, and local partners to evaluate and determine possible regulatory reforms that encourage employment and job creation; and

    • Coordinate efforts of Ohio’s Small Business Development Centers and Minority Business Assistance Centers.

    More information on all resources currently available to small businesses is available at coronavirus.ohio.gov/BusinessHelp.

  • SBA Loan Deferment 

    Businesses with existing SBA loan payments can apply for those to be deferred. For more information, click HERE.  For questions, contact Access Business Finance, Inc. at (513) 777-2225.
     

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