Archive for the ‘Mieke Driscoll’ Category

The Small Business Administration (SBA), together with the Department of the Treasury, continue to offer additional guidance regarding the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The guidance is offered in a Frequently Asked Questions format (see link below). Paycheck Protection Program Loans FAQs This resource is reliable since it contains SBA’s interpretation of the CARES Act and of the Paycheck Protection Program Interim Final Rules (see link below). The U.S. government will not challenge lender actions that conform to the PPP guidance found on… read more »

COVID-19 Update: Qualified Disaster Relief Payments Employers may pay or reimburse employees for necessary or reasonable expenses incurred as a result of the COVID-19 pandemic. These disaster relief payments can be made tax-free. This article will provide information on taxation, amount, use, and substantiation of these payments. Typically, employers are taxed for all money that they give to their employees; however, the Internal Revenue Code (Section 139) specifies an exception for “qualified disaster relief payments” paid when there is a federally declared disaster. The COVID-19 pandemic officially qualified when the President declared a “national emergency” on March 13, 2020. Disaster… read more »

Earlier this month, the Small Business Administration’s Paycheck Protection Program (PPP) offered the first round of relief to small businesses under 500 employees by providing needed capital to cover payroll, utilities, rent, insurance, and loan payments (see PPP program description below). For businesses unable to take advantage of these loans in the first round, there is another opportunity! Payroll Protection Program. The SBA’s Payroll Protection Program (PPP) is designed to help businesses maintain their workforce by enabling small businesses to cover payroll and other expenses for eight weeks during the COVID-19 crisis. The loans cover up to $10 million and may… read more »

COVID-19 Update: Save Small Business Fund A new small business grant program offering $5,000 grants has just been announced by the U.S. Chamber of Commerce Foundation. The name of the grant program is the Save Small Business Fund. The application for a $5,000 grant goes live at 3 PM on Monday, April 20th on the website: www.savesmallbusiness.com. All that is needed to complete the application is the company’s W-9 form. The grant application is short and takes approximately 10 minutes to fill out. Eligibility Criteria: 1) To be eligible, the business must have between 3 and 20 employees. (This includes owners… read more »

COVID-19 Update: Main Street Lending Program The Federal Reserve has established the Main Street Lending Program to provide an additional $2.3 trillion in loans to support small and mid-size businesses. Loans in this program may be in addition to loans granted through the Paycheck Protection Program (although these loans are not forgivable). To qualify, a business must have no more than 10,000 employees and a 2019 annual revenue that does not exceed $2.5 billion. The business must also be created and have significant operations in the United States. A loan through this program will have the following terms: Minimum loan… read more »

COVID-19 Update: Your Business May Be Eligible for Federal Loans CGA Law Firm has created a COVID-19 Business Resource Portal on the CGA website with consistently updated information on government loan offerings. The site has easy-to-read charts, articles on specific topics, answers to the most frequently asked questions, and links to targeted loan applications. Follow the links below to learn more about loans that can bring relief to your business. For small businesses (under 500 employees) in need of capital to cover payroll, utilities, rent, insurance, and loan payments:  Paycheck Protection Program. The SBA’s Paycheck Protection Program (PPP) is enabling small… read more »

Small businesses received a bit of good news Thursday, April 3rd with two critical announcements for small businesses.  The SBA announced that they will relieve principal and interest obligations of SBA 7(a) borrowers for six months beginning with payments after March 27, 2020.   This will also apply to loans that have already taken a 6–month deferment, and payments shall begin at the conclusion of the deferment period unless the borrower chooses to have the payments begin sooner.  Further guidance will be forthcoming from SBA.  USDA also announced a temporary exception for lenders to offer a 180–day deferral fo USDA… read more »

COVID-19 Update: Business Exemption Period Ends April 3 Businesses that believe they qualify for an exemption waiver from Governor Wolf’s closure order have until Friday, April 3rd at 5pm to submit their requests. Follow the link below to request a waiver to keep the physical location of your business open: Waiver Request Form For an updated list of life-sustaining industries, follow this link: Updated List of Life-Sustaining Industries  If you need further information or clarification, please contact a CGA Business Law Attorney. Contact a CGA Business Law Attorney Tim BuppApril 25, 2024From Attorney Tim Bupp, chair of the CGA Law… read more »

COVID-19 Update: PIDA’s Working Capital Access Program (CWCA) The COVID-19 Working Capital Access Program (CWCA), administered by the Pennsylvania Industrial Development Authority (PIDA), is making $60,000,000.00 in working capital loans available to vulnerable small businesses located within the Commonwealth of Pennsylvania that have been adversely impacted by the COVID-19 pandemic. The maximum loan amount per business is up to $100,000.00 to help the small business overcome a temporary loss of revenue. The loan terms are three (3) years with a twelve (12) year amortization, with no payments due and payable during the first year. Principal and, if applicable, interest payments… read more »

COVID-19: Aid to Vulnerable Businesses Announced Many businesses in York County and across the Commonwealth have already been deeply impacted by the COVID-19 pandemic, as so many businesses have been forced to close their doors. The Pennsylvania Industrial Development Authority (PIDA) has already stepped forward to announce assistance in the form of working capital loans. These loans are available in amounts up to $100,000 with an interest rate as low as 0%. The loans are targeted to for-profit businesses with less than 100 full-time employees. Eligibility will require the applicant to demonstrate that they have spent an amount equal to… read more »