Category: Financial Resources Page 1 of 6

ICYMI – PPP update and Q&A Webinar recording available now.

Brinker Simpson & Company, LLC hosted a webinar Tuesday January 12, 2021  for an update on the newly reestablished Paycheck Protection Program including over answers to over 70 frequently asked questions.

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

You can download the PPT slides from the presentation by clicking here – PPP Update.

We send all webinar invitations to our email distribution list, if you would like to be added and/or there are topics you would like us to consider for future webinars, please let us know.

Please reach out to cares@brinkersimpson.comRead More

PPP – newly released rules and SBA Program Overview. Join us Tuesday to review and get your questions answered; click to register.

The U.S. Small Business Administration (SBA) and Treasury issued guidance Wednesday on the evening of the 10-day deadline enacted with the Consolidated Appropriations Act of 2021.  The guidance was released with two interim final rules related to the reestablished Paycheck Protection Program.  This morning, the SBA also released top line overviews of the first and second draw programs and indicated they would begin accepting applications from certain lenders Monday January 11.

Join us Tuesday January 12th at noon to review the most current information on the PPP, updates on the Employee Retention Credit and other information and updates related to the COVID19 Economic Relief bill. … Read More

Nonprofits Can Apply Now for 2021 Impact Grants With The Foundation for Delaware County

Nonprofits are invited to submit grant requests to The Foundation for Delaware County as it launches its third competitive grantmaking cycle.

A formal Request for Proposals (RFP) is available on its website www.delcofoundation.org.

Applications are due online Feb. 9, 2021 with awards to be announced in late April 2021.

The grants awarded through this competitive grant process will advance the foundation’s goal to improve the health and quality of life of children and families in Delaware County.

For the current funding cycle, the foundation will consider awarding grant funds in the following priority areas designed to address many social determinants of health:

  • Children’s Health and Well-Being (Infants to ages 18)
  • Community and Economic Development
  • Food Security
  • Hospice and Home Care

There will be a limited number of multi-year grants (up to 3 years) available).… Read More

PPP2 Highlights

On December 27, the President signed the Consolidated Appropriations Act, 2021 (CAA 2021) which included increased funding for the Paycheck Protection Program and allows for previous borrowers to request a “second draw.” The recently enacted COVID relief bill permits PPP2 loans to be issued immediately.

Keep in touch with your lender to understand when they anticipate accepting applications.

PPP2 Highlights:

  • Targets businesses who experienced a 25% decline in gross revenue in any quarter of 2020 over 2019
    • Special rules exist for new businesses; reach out to cares@brinkersimpson.com for more information if you need assistance determining if your new business is eligible
  • Loan amount of up to 2.5X average monthly payroll costs for 2019 or trailing 12 months  (up to $2 million)
  • Restaurant / hotels
    • Businesses with the NAICS code beginning 72 are eligible for 3.5X average monthly payroll and waived affiliation rules
  • 501(c)(6) organizations are newly eligible
  • Expands expenses eligible for forgiveness
  • Program ends 3/31/2021

Estimates indicate at least 50% of first round PPP borrowers could be eligible for round 2. … Read More

ICYMI – Recording Available for December 30, 2020 Webinar – CAA 2021 and the new COVID relief bill

Brinker Simpson & Company, LLC hosted a webinar Wednesday December 30, 2020 for the first overview of the recently passed CAA 2021 which includes the $900 billion COVID19 relief funding including an attractive expansion of the Employee retention credit, Expanded PPP /PPP2 and other updates and programs meant to mitigate the economic impact of virus mitigation measures.

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

You can download the PPT slides from the presentation by clicking here – PPP Update.

We send all webinar invitations to our email distribution list, if you would like to be added and/or there are topics you would like us to consider for future webinars, please let us know.

Read More

Delco Strong: Rapid Response Applications Accepted December 18th thru 28th

Thanks to Delaware County Council, county businesses are being thrown a $4 million life preserver in the hope it can help them tread through the next few weeks.

On Wednesday, council unanimously approved earmarking $4 million of Coronavirus Aid, Relief and Economic Security Act monies to provide grants ranging from $5,000 to $40,000 for businesses that were hit by the most recent virus mitigation guidelines. The program will be administered by the Delaware County Economic Development Oversight Board.

*This program is being offered ONLY to those industries directly affected by Governor Wolf’s new mitigation order announced on Thursday, December 10th that went into effect on Saturday, December 12th and continues through Monday, January 4th.*… Read More

IRS issues guidance on deductibility of forgivable PPP expenses

The Paycheck Protection Program (PPP), a provision in the CARES Act, provides forgivable loans for businesses impacted by the devastating financial impact of the COVID19 epidemic.  Under Section 1106(b) of the CARES Act, these covered loans are eligible for full forgiveness if certain criteria are met.

The language in the CARES Act guided the general understanding of borrowers and advisors that the PPP loans and associated forgiveness would be tax-exempt.  The IRS later clarified that no deduction would be allowed for any expenses that resulted in forgiveness of the loan reducing the benefit of the loans based on marginal tax rate and potentially resulting tax liabilities that devastated businesses will not have the liquidity to pay. Read More

Register now for our upcoming webinar on PPP Forgiveness

Brinker Simpson & Company, LLC will host a webinar November 5th to provide an update on PPP Forgiveness to provide the most up to date information and give you an opportunity to get your questions answered.

The details and registration link are below.

When: November 5, 2020 12:00 PM Eastern Time (US and Canada)

TOPIC:
PPP – Update and Forgiveness 

AGENDA

  • PPP – History & Overview
  • PPP – Forgiveness
    • What we know
    • What we hope to know
    • What our banking friends are telling us
    • EIDL impact
    • Congressional action
  • Tax impact and uncertainty
  • Q & A

Register in advance for this webinar:

CLICK HERE TO REGISTER 

If you would like to submit a question in advance, there is a field to do so on the registration page.… Read More

Delco Strong Round 3 – Guidelines now available

The Delaware County Council has designated funding for a third round of the Delco Strong grant program.  The program is funded through CARES Act dollars (Coronavirus Aid, Relief, and Economic Security Act signed into law by President Trump on March 27, 2020) allocated to the county to help sustain the economic challenges presented by the COVID-19 pandemic.

Applications will be accepted beginning 5am  November 2 and ending at 5pm on November 13th.

The below guidelines for applying for the program can be found HERE:

Delco Strong 3
Small Business Support Grant Program » Program Guidelines

Application Period

5:00am Monday, November 2, 2020 through 5:00pm Friday,  November 6, 2020.Read More

IRS extends Economic Impact Payment deadline to Nov. 21 to help non-filers

The Internal Revenue Service (IRS) has extended the deadline to register for an Economic Impact Payment to November 21, 2020 from October 15.  The IRS announced the extended deadline through a press release October 5, 2020.  The IRS announcement can be read in full HERE.

The IRS urges people who don’t typically file a tax return – and haven’t received an Economic Impact Payment – to register as quickly as possible using the Non-Filers: Enter Info Here tool on IRS.gov. The tool will not be available after November 21.

This additional time into November is solely for those who have not received their EIP and don’t normally file a tax return.Read More

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