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Counseling is free and training is low-cost with these partners. The additional funds that Congress provided will help keep this possible. Mentorship through SCORE is always free.
SBDCs are a national network of nearly 1,000 centers that are located at leading universities, colleges, state economic development agencies, and private partners. They provide counseling and training to new and existing businesses. Each state has a lead center that coordinates services specifically for that state. To find out more about SBDCs, visit America’s SBDC website.
WBCs are a national network of more than 100 centers that offer the following resources to entrepreneurs on numerous business development topics:
In addition to women, WBCs are mandated to serve the needs of underserved entrepreneurs, including low-income entrepreneurs. They often offer flexible hours to meet the needs of their diverse clientele. To find out more about WBCs, visit the Association of Women’s Business Center website.
SCORE provides free, confidential business advice through our volunteer network of over 10,000 business experts. You can meet with a mentor online. Find out more at the SCORE website.
MBDCs are a good option for minority-owned businesses (including those owned by Black, Hispanic, Asian American/Pacific Islander, and American Indian business owners), especially those seeking to penetrate new markets - domestic and global - and grow in size and scale.
Refundable tax credits are available for private-sector employers that are required to offer coronavirus related paid leave to employees. The Internal Revenue Service (IRS) will be posting information soon on these credits on its website, including information on how to obtain advance payment of these credits.
The employer side of certain payroll taxes is deferred through the end of 2020. Deferred taxes will not become due until the end of 2021 and the end of 2022, with 50% of the liability being paid at each date. Any business that does not have a loan forgiven under the new Small Business Administration (SBA) Paycheck Protection Program is eligible for the payroll tax deferral.
An employee retention tax credit is available for struggling businesses that are not eligible or choose not to participate in the new SBA Paycheck Protection Program. Any business that has been forced to fully or partially suspend operations or that has seen a significant drop in revenues is eligible for a 50% credit for wages paid to furloughed or reduced-hour employees.
For businesses with 100 employees or less, the credit is based on all wages paid, regardless of whether an employee is furloughed. There is an overall limit on wages per employee of $10,000. The credit can be claimed against the business’s quarterly payroll tax liability and is fully refundable to the extent of the excess. There will also be options to receive advance payments. Small business owners should look out for information at the IRS website and talk to their payroll service provider, as applicable.
$350 billion is made available for a new Small Business Administration Paycheck Protection Program (PPP). The program would provide cash-flow assistance through 100% federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy to snap-back quicker after the crisis.
PPP has a host of attractive features, such as forgiveness of up to eight weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year. Small businesses and other eligible entities will be able to apply if they were harmed by COVID-19 between February 15, 2020 and June 30, 2020. This program is would be retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans are available through June 30, 2020.
$17 billion is available for immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law.
The CARES Act creates a new SBA Economic Injury Emergency Grant Program. These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you must first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions or pay business obligations, including debts, rent, and mortgage payments.
Refundable tax credits are available for independent contractors who would have qualified for coronavirus related paid leave if they were employees. IRS will be posting information soon on these credits on its website, including information on how to claim these credits. 50% of certain self-employment taxes are deferred through the end of 2020. Deferred taxes will not become due until the end of 2021 and the end of 2022, with 50% of the liability being paid at each date. Independent contractors are also eligible for assistance through the Small Business Administration’s new Paycheck Protection Program and Economic Injury Emergency Grant Program.
The employer side of certain payroll taxes are deferred through the end of 2020. Deferred taxes will not become due until the end of 2021 and the end of 2022, with 50% of the liability being paid at each date. Any business that does not have a loan forgiven under the new Small Business Administration (SBA) Paycheck Protection Program is eligible for the payroll tax deferral.
Certain tax-exempt organizations that have been forced to fully or partially suspend operations, or that have seen a significant drop in revenues are eligible for a 50-% credit for wages paid to furloughed or reduced-hour employees. Organizations that participate in the SBA Paycheck Protection Loan Program are not eligible for the credit. For organizations with 100 employees or less, the credit is based on all wages paid, regardless of whether an employee is furloughed. There is an overall limit on wages per employee of $10,000. The credit can be claimed against the organization’s quarterly payroll tax liability and is fully refundable to the extent of the excess. There will also be options to receive advance payments.
501(c)(3) nonprofit organizations, along with small businesses, 501(c)(19) veterans organizations, and tribal businesses, are eligible to apply for the Small Business Administration’s Paycheck Protection Program. Through this program, a nonprofit organization can apply to an SBA-approved lender for a loan of up to 250% of your average monthly payroll costs to cover eight weeks of payroll as well as help with other expenses like rent, mortgage payments, and utilities. The maximum loan amount is $10 million.
This loan can be forgiven based on maintaining employee and salary levels. For any portion of the loan that is not forgiven, the terms include a maximum term of 10 years, a maximum interest rate of 4%. Nonprofit organizations will be able to apply if they were harmed by COVID-19 between February 15, 2020 and June 30, 2020.
To be eligible, nonprofit organizations must have fewer than 500 employees, or more if SBAs size standards for the non-profit allows, and comply with the SBAs affiliation rules for nonprofits. This program is retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans are available through June 30, 2020.
A provision in the CARES package would authorize a program to allow any mid-sized nonprofit between 500 and 10,000 employees to get access to quick, low cost, government-guaranteed credit through their local lender or financial institution. These organizations need cash now and so this program is set up to get money quickly in the hands of those who need it in order to preserve the workforce during the COVID-19 health emergency.
The Treasury Department and Federal Reserve will have a degree of flexibility in designing the new program, but the expectation is for loan terms to last for no more than five years and to cover up to 100% of payroll over the previous 180 days, or 50% of revenues for the past year, for eligible organizations. Underwriting requirements should be kept simple, based on employer size, creditworthiness as of January 2020, and the ability to produce recent tax returns or audited financial statements. The legislation prescribes that the loans must carry an interest rate of no greater than 2% and to provide forbearance on principal and interest for at least the first six months.
Borrowers will also be required to protect workers. Any loan recipient will have to attest that they’ll use the money to keep workers employed - at least to 90% of their payroll - and keep workers paid at close to full compensation and benefits. Borrowers will also commit to rehiring their workforce back to preexisting levels upon the end of the COVID-19 health emergency. The most efficient way to deliver fast credit to eligible organizations is through existing relationships with local lenders. Under the program, any qualified organization should be able to receive financing at a local bank, credit union, CDFI, or qualified nonbank lender.
Affiliation rules become important when SBA is deciding whether a business’s affiliations preclude them from being considered "small." Generally, affiliation exists when one business controls or has the power to control another or when a third party (or parties) controls or has the power to control both businesses.
In general, 501(c)(3) and 501(c)(19) non-profits with 500 employees or fewer as most non-profit Small Business Administration (SBA) size standards are based on employee count, not revenue. You can check out the Table of Small Business Size Standards (PDF) provided by the Small Business Administration.
Depending on your business’s situation, the loan size will be calculated in different ways. The maximum loan size is always $10 million.
For any amounts not forgiven, the maximum term is 10 years, the maximum interest rate is 4%, zero loan fees, zero prepayment fee (Small Business Administration (SBA) will establish application fees caps for lenders that charge).
Forgiveness on a covered loan is equal to the sum of the following payroll costs incurred during the covered eight week period compared to the previous year or time period, proportionate to maintaining employees and wages (excluding compensation over $100,000).
Payroll costs plus any payment of interest on any covered mortgage obligation (not including any prepayment or payment of principal on a covered mortgage obligation) plus any payment on any covered rent obligation plus and any covered utility payment.
You must apply through your lender for forgiveness on your loan. In this application, you must include:
Any loan amounts not forgiven is carried forward as an ongoing loan with max terms of 10 years, at 4% max interest. Principal and interest will continue to be deferred, for a total of 6 months to a year after disbursement of the loan. The clock does not start again.
No, an entity is limited to one Paycheck Protection Program (PPP) loan. Each loan will be registered under a Taxpayer Identification Number at Small Business Administration (SBA) to prevent multiple loans to the same entity.
All current Small Business Administration (SBA) 7(a) lenders are eligible lenders for PPP. The Department of Treasury will also be in charge of authorizing new lenders, including non-bank lenders, to help meet the needs of small business owners.
Borrowers may apply for Paycheck Protection Program (PPP) loans and other Small Business Administration (SBA) financial assistance, including Economic Injury Disaster Loans (EIDLs), 7(a) loans, 504 loans, and microloans, and also receive investment capital from Small Business Investment Corporations (SBICs).
Emergency Economic Injury Grant recipients and those who receive loan payment relief through the Small Business Debt Relief Program may apply for and take out a Paycheck Protection Program (PPP) loan. Refer to those sections for more information.
Anyone who filed a tax return this year or last year. Individuals receive $1,200, married couples receive $2,400, and child dependents (under 17) receive $500.
There is no qualified income threshold or requirement to receive the rebate. However, the rebate phases out at a 5% rate above adjusted gross incomes of $75,000 for single filers, $112,500 for heads of household, and $150,000 for joint filers.
Yes, if they filed a tax return this year or last year, or received a Form SSA-1099. Otherwise, they need to file a tax return.
Our understanding is that the Internal Revenue Service (IRS) is sending out the rebates (via direct deposit or checks).
They do not need to claim their checks (unless they have not either filed a tax return this year or last year) - the Internal Revenue Service (IRS) will send out rebates automatically to their direct deposit or to the address provided on the last tax return submitted.
Rebates sent via direct deposit will take a few weeks. Rebates sent via checks may take a few months.
No, rebates are not taxable.
You need to have filed either a 2018 tax return or a 2019 tax return. If you have not filed either, you will not be eligible. You can file a 2019 tax return now to claim the rebate.
Yes. Rebates will not be subject to garnishment, except if back child support is owed.
In this case, the taxpayer should file a 2019 tax return.
The tax filing due date has been extended to July 15. Tax returns and any income taxes owed will not be due until July 15.
The income tax return due date for calendar-year corporations has also been extended to July 15. Tax returns and any income taxes owed will not be due until July 15. Employers can defer paying the employer portion of certain payroll taxes through the end of 2020, with all 2020 deferred amounts due in two equal installments, one at the end of 2021, the other at the end of 2022. Deferral is not provided to employers that avail themselves of Small Business Administration (SBA) 7(a) loans designated for payroll.
The grant program was designed to provide enough funds for all eligible businesses to receive the grant. The deadline to apply for the grant is June 1, 2020.
The City of Williamsburg requires all persons doing business and maintaining a definite place of business in the city, including but not limited to an office, retail space or other location, leased or otherwise, or who is a resident in the city, and such residence shall be deemed a definite place of business, to obtain a business license prior to beginning business. Once a business has a license in the City of Williamsburg, it must be renewed each year on or before March 1st, or the account closed in writing. Non-filers are subject to administrative assessments. Code of the City of Williamsburg Section 18-336 through 380.
The tax is based upon the gross receipts of the business and assessed at the following rates:
More details can be found with the Commissioner of the Revenue.
The amount that your business pays for the business license (BPOL) tax is confidential. Only you can supply this information for the grant application. If you do not know the amount that you paid, please email Debi Burcham in the Office of the Commissioner of the Revenue to obtain the amount and proof of payment to submit in the application. When contacting Debi Burcham, you will need to submit the business name, phone number, and last four digits of your Employer Identification Number (EIN) or social security number.
You can submit an image of your canceled check or an email from Debi Burcham ("I do not know how much I paid for the 2020 business license (BPOL) tax that was calculated based on my 2019 gross receipts. What do I do?") as proof of payment from the Office of the Commissioner of the Revenue. If you have another form of "proof of payment," feel free to submit it. Staff will review your submission and contact you if more information is needed.
The 2020 business license (BPOL) tax that was calculated based on my 2019 gross receipts was due March 1, 2020, and is required before you can receive your 2020 Business License.
The tax was due March 1, 2020, so you probably paid it in February of 2020.
Yes, those suffering substantial economic injury in all 50 states, DC, and the territories may apply for an EIDL.
Economic Injury Disaster Loans (EIDLs) are lower interest loans of up to $2 million, with principal and interest deferment available for up to four years that are available to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses.
Small business concerns and small agricultural cooperatives that meet the applicable size standard for Small Business Administration (SBA) are also eligible, as well as most private non-profits of any size. See below for more information on size standards.
Yes, if you are a private non-profit with an effective ruling letter from the Internal Revenue Service (IRS), granting tax exemption under sections 501(c), (d), or (e) of the Internal Revenue Code of 1954, or if you can provide satisfactory evidence from the State that the non-revenue producing organization or entity is a non-profit one organized or doing business under State law.
However, a recipient that is principally engaged in teaching, instructing, counseling, or indoctrinating religion or religious beliefs, whether in a religious or secular setting or primarily engaged in political or lobbying activities is not eligible to receive an Economic Injury Disaster Loan (EIDL). If you are uncertain whether you qualify, please consult with legal counsel to determine whether your organization meets program criteria.
Those eligible for an Economic Injury Disaster Loan (EIDL) and who have been in operation since January 31, 2020, when the public health crisis was announced.
January 31, 2020 through December 31, 2020. The grants are backdated to January 31, 2020 to allow those who have already applied for Economic Injury Disaster Loans (EIDLs) to be eligible to also receive a grant.
Whether you’ve already received an Economic Injury Disaster Loan (EIDL) unrelated to COVID-19 or you receive a COVID-19 related EIDL and/or Emergency Grant between January 31, 2020 and June 30, 2020, you may also apply for a PPP loan. If you ultimately receive a PPP loan or refinance an EIDL into a PPP loan, any advance amount received under the Emergency Economic Injury Grant Program would be subtracted from the amount forgiven in the PPP. However, you cannot use your EIDL for the same purpose as your PPP loan. For example, if you use your EIDL to cover payroll for certain workers in April, you cannot use PPP for payroll for those same workers in April, although you could use it for payroll in March or for different workers in April.
Please visit the Small Business Administration’s (SBAs) website to find out if your business meets SBAs small business size standards. You will need the six-digit North American Industry Classification Code for your business and your business’ three-year average annual revenue.
To apply for an Economic Injury Disaster Loan (EIDL) online, please visit the Small Business Administration’s (SBAs) website. Your SBA District Office is an important resource when applying for SBA assistance.
Yes, Small Business Administration (SBA) resource partners are available to help guide you through the Economic Injury Disaster Loan (EIDL) application process. You can find the nearest Small Business Development Center (SBDC), Women’s Business Center, or SCORE mentorship chapter at the Small Business Administration website.
In general, a private employer with fewer than 500 employees is a "covered employer" for both the paid sick leave and paid family leave requirements. However, the Secretary of Labor has additional authority to exempt employers with fewer than 50 employees from the requirement to provide leave for caring for children due to closures of schools or child care, both in the paid sick leave and paid family leave context.
Additionally, employers of Health Care Providers or Emergency Responders have the authority to unilaterally exclude their employees from all of the paid sick leave and paid family leave requirements. Finally, while most public employers with 1 or more employees are covered by the paid sick leave requirements and most public employers with fewer than 500 employees are covered by the paid family leave requirements, most federal employers are excluded from the paid family leave requirements and the Office of Management and Budget (OMB) has the authority to exclude any federal employers from both the paid sick leave and paid family leave requirements.
To be a "covered employee," an individual must first be working for a "covered employer" ("Who is a covered employer?"). In general, an individual who is employed by a covered employer is covered by both the paid sick leave and paid family leave; the definition of "employee" is based in the Fair Labor Standards Act (FLSA) and is broad and intended to capture most people.
However, paid family leave has an additional requirement that an individual has been employed by the employer for at least 30 days to qualify; if an individual was laid off by their employer after March 1, 2020, had worked for that employer for 30 of the 60 calendar days before being laid-off and is re-hired by the employer, then that employee qualifies as a covered employee even though upon their rehire they have not been working for 30 days for the employer. Most federal employees are excluded from the paid family leave, and the Office of Management and Budget (OMB) has the authority to exclude any federal employees from both the paid sick leave and paid family leave.
For paid sick leave, employees are eligible to take up to 80 hours (two weeks) of paid time, depending on the employee’s regular schedule, at 100% of the employee’s regular rate of pay (up to $511 per day) due to quarantine/isolation order, health-care provider guidance to self- quarantine, or seeking a diagnosis for symptoms of COVID-19; the pay is limited to 2/3 of the employee’s regular rate of pay (up to $200 per day) for caring for someone who is isolated/quarantined and for taking care of a child due to closure of school or child care.
For paid family leave, employees are eligible to take up to 10 additional weeks of paid time at 2/3 of the employee’s regular rate of pay (up to $200 per day) solely to take care of a minor child due to closure of school or child care or the unavailability of a child care provider.
For paid sick leave:
Unable to work or telework due to:
For paid family leave:
If the need for paid family leave is foreseeable, an employee must provide the employer with notice as soon as practicable; and an employer may require reasonable notice procedures to receive paid sick leave. However, while the Department of Labor (DOL) may clarify this through guidelines or regulation, we do not read the Act to allow an employer to require any documentation to prove the employee is caring for an individual or child.
According to the Department of Labor (DOL), they will go into effect on April 1 and will apply to leave taken between April 1 and December 31, 2020.
7(a) loans not made under the Paycheck Protection Program (PPP), 504 loans, and microloans. Disaster loans are not eligible.
Borrowers may separately apply for and take out a PPP loan, but debt relief under this program will not apply to a PPP loan.
In general, businesses must meet size standards, be based in the U.S., be able to repay, and have a sound business purpose. To check whether your business is considered small, you will need your business’s six-digit North American Industry Classification System (NAICS) code and three-year average annual revenue. Each program has different requirements, see the Small Business Administration’s website for more details.
7(a) loans are an affordable loan product of up to $5 million for borrowers who lack credit elsewhere and need access to versatile financing, providing short-term or long-term working capital and to purchase an existing business, refinance current business debt, or purchase furniture, fixtures, and supplies. In the program, banks share a portion of the risk of the loan with the Small Business Administration (SBA). There are many different types of 7(a) loans, you can visit the SBA website to find the one that’s best for you. You apply for a 7(a) loan with a bank or a mission-based lender. SBA has a free referral service tool called Lender Match to help find a lender near you.
The 504 Loan Program (PDF) provides loans of up to $5.5 million to approved small businesses with long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization. It is a good option if you need to purchase real estate, buildings, and machinery. You apply through a Certified Development Company, which is a nonprofit corporation that promotes economic development. The Small Business Administration (SBA) has a free referral service tool called Lender Match to help find a lender near you.
The Microloan Program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers to start up and expand. The average microloan is about $13,000. These loans are delivered through mission-based lenders who are also able to provide business counseling. The Small Business Administration (SBA) has a free referral service tool called Lender Match to help find a microlender near you.
Yes, Small Business Administration (SBA) resource partners are available to help guide you through the loan application process. You can find your nearest Small Business Development Center (SBDC) or Women’s Business Center at the SBA website.
The exact amount you can receive through Unemployment depends on your state and your previous earnings. Between now and July 31, an additional $600 will be added to every unemployment compensation check, so no one will receive less than $600 per week.
The CARES Act temporarily expands unemployment insurance to cover individuals who are not traditionally covered, including the self-employed, gig-workers, independent contractors, and workers with irregular work history. It also expands the list of allowable criteria for claiming unemployment compensation to include many reasons related to the COVID-19 public health emergency. Contact the unemployment office in the state where you worked to determine your eligibility.
If you exhaust the weeks of unemployment compensation available to you through your state’s laws, you will be eligible for an additional 13 weeks of benefits. These benefits will be federally funded, but you will still receive them through your state.
Expanded eligibility for unemployment insurance will be in effect until December 31, 2020. A $600 additional benefit will be added to unemployment compensation received for weeks between when the bill is enacted and July 31, 2020.
The CARES Act includes incentives for states to waive the waiting week between applying for unemployment compensation and receiving it. Contact the unemployment office in the state where you worked to determine whether there will be a waiting week.
You can apply for unemployment compensation through the unemployment office in the state where you worked. In most states, you can apply online.