Month: April 2020 Page 2 of 5

Recognizing the need to provide support to Delaware County’s local business community, Delaware County has launched Delco Strong Small Business Support. The program will provide $1.75 million in grants for small businesses affected by COVID-19.

Administered in partnership with the Delaware County Economic Development Oversight Board, the Delaware County Planning Commission and the Redevelopment Authority of the County of Delaware, eligible applicants can apply for up to $7,500 and grant proceeds may be used for rent, mortgage, utilities and inventory.

“Our small businesses are the backbone of our economy, and we know that this pandemic has caused financial hardships for many small business owners,” said Delaware County Councilwoman Elaine Paul Schaefer.… Read More

Webinar Recording available for April 23rd PPP & Main Street Lending Program Presentation & Discussion

By Kristen McCabe

On April 24, 2020

In Federal, Financial Resources, Webinars

Brinker Simpson & Company, LLC hosted a webinar Thursday April 23, 2020 to provide an overview of coronavirus related lending resources available including an overview of the Main Street Lending Program. The majority of the webinar covered updates to and new guidance on the Paycheck Protection Program, including significant coverage of forgiveness related questions.

The webinar addresses many of the most commonly asked questions about the PPP and the related forgiveness.

There are still major areas of uncertainty, including critical forgiveness calculation information. The SBA has indicated final guidance will be issued by 4/30/20.

A recording of that overview and the following Q&A from participants can be viewed HERE.… Read More

President Trump signs $484 billion coronavirus relief package; $310 billion to replenish Paycheck Protection Program

By Kristen McCabe

On April 24, 2020

In Federal, Financial Resources

U.S. President Donald Trump on Friday signed a $484 billion coronavirus relief bill into law to expand loans for small businesses reeling from the outbreak, as his Treasury secretary promised surveillance to stop bigger companies from accessing the funds.

Included in the bill is $310 billion to replenish the Paycheck Protection Program (PPP). We are hosting our 10th webinar Tuesday April 28th to review the updates to the program, discuss forgiveness calculations, share client PPP stories and to answer your PPP Questions. We will also provide a brief overview of the upcoming Main Street Lending Program. Registration is limited to 300 participants and will likely reach capacity. … Read More

Paycheck Protection Program – Have Funds, Need Forgiveness? Join us tomorrow for guidance and information.

By Kristen McCabe

On April 22, 2020

In Federal, Financial Resources

Millions of small business owners across the nation have received highly anticipated government loans from the Paycheck Protection Program (PPP). The hallmark of the program, forgiveness eligibility, is also the most crucial for businesses impacted by the financial impact of public health measures enacted to mitigate the spread of the virus. If borrowers follow certain rules, they are eligible to have the loan partially or fully forgiven.

The rules for forgiveness are not final or complete, the Small Business Administration is expected to issue final guidance by the end of April.

We are hosting a webinar tomorrow to answer your PPP questions, discuss forgiveness calculations and provide strategies and guidance to help borrowers qualify for the maximum amount of forgiveness available. … Read More

SSDI & SSI recipients act TODAY to claim credit for dependents

By Kristen McCabe

On April 22, 2020

In Federal, Financial Resources

Social Security beneficiaries and Supplemental Security Income (SSI) recipients who don’t file tax returns will start receiving their automatic Economic Impact Payments directly from the Treasury Department soon. People receiving benefits who did not file 2018 or 2019 taxes, and have qualifying children under age 17, however, should not wait for their automatic $1,200 individual payment. They should immediately go to the IRS’s webpage and visit the Non-Filers: Enter Payment Info Here section to provide their information.

Social Security retirement, survivors, and disability insurance beneficiaries with dependent children and who did not file 2018 or 2019 taxes need to act by today (April 22, 2020), in order to receive additional payments for their eligible children quickly.… Read More

HHS opens attestation portal for providers who received initial $30 billion in CARES grants

By Kristen McCabe

On April 22, 2020

In Federal, Financial Resources

Beginning April 10th, the U.S. Department of Health and Human Services (HHS) distributed the first $30 billion dollars of the $100 billion Public Health and Economic Security Fund. As we noted in our previous post, providers are required to review and agree to the terms and conditions of the grant and confirm receipt of the funds within 30 days.

The portal to confirm receipt of the funds and attest to the terms and conditions is now available. Providers who do not respond and who keep the money will be treated as if they agreed to the terms and conditions. You can access the portal and attest to the terms and conditions HERE.… Read More

COVID19 Update: Latest updates including expected PPP funding deal. Join our 4/23 Webinar for the latest information on the Program.

By Kristen McCabe

On April 20, 2020

In Federal, Financial Resources, State/Local

PAYCHECK PROTECTION PROGRAM – FUNDING DEAL EXPECTED

As the Senate is set to reconvene Tuesday April 21, 2020, various news outlets are reporting a potential deal to replenish the funding for the Paycheck Protection Program may be reached. According to CNBC today, the deal expected tomorrow would allocate an additional $310 billion into the Program, setting aside $60 billion for rural and minority groups.

The CAREs Act allocated $349 billion to the first tranche of funding which was exhausted April 16th, less than two weeks after the PPP application system went live. Details about the loans are available HERE.

The deal is also expected to include $75 billion in aid for hospitals, $60 billion for the Small Business Administration’s Economic Injury Disaster Loan Program and $25 billion to expand virus testing across the U.S.… Read More

Prepayments of Sales Tax Waiver for Pennsylvania Businesses

By Kellie Harris

On April 20, 2020

In State/Local

Businesses that collect Pennsylvania sales tax will not have to make Accelerated Sales Tax (AST)Prepayments in April, May or June of 2020, the Department of Revenue has announced. That means businesses that normally have a monthly prepayment requirement will not be charged penalties for missing the prepayment deadline during this three-month period. This change is being made to assist the business community during the COVID-19 pandemic.

Under this new scenario, the department is asking businesses to simply remit the sales tax that they collected during the prior month. The due dates to remit sales tax will be April 20, May 20 and June 22, which follows the standard due dates for monthly filers who have no prepayment requirement.… Read More

Self-employed workers, gig workers, 1099-independent contractors can now apply for Pandemic Unemployment Assistance

By Kellie Harris

On April 19, 2020

In State/Local

Filing for Pandemic Unemployment Assistance (PUA)

You can now apply for PUA, expanded eligibility for individuals who have traditionally been ineligible for unemployment benefits (e.g. self-employed workers, independent contractors, gig workers).

Click the link for helpful tips on how to apply for this.

Register for Brinker Simpson’s Zoom Webinar on COVID-19 Lending Programs: April 20

By Kellie Harris

On April 17, 2020

In Financial Resources

You are invited to a Zoom webinar

When: Apr 20, 2020 12:00 PM Eastern Time (US and Canada)
Topic: COVID-19 Lending Programs

COVID-19 Lending Programs

• PPP – current news and your questions answered
• EIDL – updates and information
• Main Street Lending Program – introduction, information and your questions answered

After registering, you will receive a confirmation email containing information about joining the webinar.… Read More