Employee Retention Tax Credit or ERTC (CARES Act)
Provides a refundable, advanceable tax credit of up to $14,000 per employee on payroll from March 12, 2020 to January 1, 2021.
- To qualify, businesses must have 500 or fewer employees and more than 20% decline of gross receipts in a quarter compared to 2019.
- To apply for the credit, inquire with your payroll company or tax preparer on how much of the credit you can apply for.
Economic Injury Disaster Loan
SBA is currently accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations.
- Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to COVID-19.
- Agricultural businesses with 500 or fewer employees are now eligible as a result of new authority granted by Congress in response to the COVID-19 pandemic.
- Agricultural businesses include those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).
This is a service of the Small Business Administration. More information and application available here
Paycheck Protection Program (PPP)(Cares act)
PPP is designed for business expenses like payroll, operating expenses, supplier costs, worker protection supplies (masks, plexiglass shields, hand sanitizer, etc.) and property damage costs.
This program was open last year for a first draw . There is now a second draw option. These provide a forgivable loan up to $2 million.
To qualify, businesses must have fewer than 300 employees and more than 25% decline of receipts
in a quarter compared to 2019.
- If you have not applied prior, you must first apply to first draw and receive funds.
- If you received and exhausted your first draw, you can apply for the second draw now.
- The portal for both is now open to apply.
You can apply for the Employee Retention Tax Credit and PPP as long as you are not using the funds for the same expenses.
To apply, download the application and find a qualified lender to submit your application. More information available here.
Shuttered Venue Operators Grant
Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees
Who qualifies: Live venue operators or promotors, theatrical producers, live performing arts organization operators, museum operators, movie theatres or talent representatives who have experienced a minimum of 25% reduced income.
Other qualifications of note: This grant is only open to small entities of up to 50 employees and you cannot take this grant and a PPP loan. Must have been in operation as of February 29, 2020Venue or promoter must not have received a PPP loan on or after December 27, 2020.
Applications will go through the SBA, they are not yet accepting applications. Check on www.sba.gov for updates