Posts Tagged ‘COVID-19’

COVID-19 Update: Gov. Wolf Renews COVID-19 Disaster Declaration

access_time Posted on: September 13th, 2020

On September 1, 2020, Governor Tom Wolf signed a second renewal of the 90-day disaster declaration for the COVID-19 pandemic. The emergency was originally declared on March 6, and this action is the second 90-day extension. The declaration extends protections for individuals and businesses during the ongoing pandemic. Protections include additional unemployment compensation, restrictions on eviction, an extension of licensing, and benefits for care workers and others who provide life-sustaining services to children, senior citizens, and other vulnerable residents.Act 15 Provisions Extended. Also extended are the provisions of Act 15 of 2020, under which municipalities can continue to take steps to assure safety… read more »

COVID-19 Update: SBA Released FAQs Today Regarding PPP Loan Forgiveness

access_time Posted on: August 4th, 2020

The SBA just released additional guidance on Paycheck Protection Program (PPP) Loan forgiveness in the form of Frequently Asked Questions and answers. The PPP resumed accepting applications July 6, 2020, and will continue until August 8, 2020. The SBA will forgive loans if the funds are used for employee retention and eligible expenses.  FAQs about PPP Loan Forgiveness (8/4/2020) Loans used for payroll costs, rent, interest on mortgages, and utilities will be fully forgiven. (At least 60% of the forgiven loan must have been spent on payroll.) Other important details include: –    PPP loans have a 1% interest rate and payments will be… read more »

COVID-19 Update: YoCo Strong Restart Fund for Small Business & Nonprofit Support

access_time Posted on: July 30th, 2020

The York County Commissioners voted to use a portion of the  Coronavirus Aid, Relief and Economic Security (CARES) Act funding to support YoCo Strong Restart Fund, a small business and nonprofit organization grant program. The County allocated $4 million for nonprofit organizations and $10 million for small businesses. Eligible organizations will receive grant funding between $10,000 to $35,000. Organizations are eligible if they have been negatively impacted by the COVID‐19 pandemic and meet any of the following criteria: Small business with less than 50 full‐time equivalent employees and gross revenues of $3 million or less for the 12‐month period.Restaurant with less… read more »

COVID-19 Update: $50 million to Reimburse Hazard Pay for Front Line Employees

access_time Posted on: July 22nd, 2020

$50 million in grant funding is available to assist employers in providing hazard pay to employees who are working in life-sustaining occupations during the pandemic. Hazard pay keeps essential employees working in vital Pennsylvania industry sectors. Hazard Pay Grant Funding Information on DCED Website This reimbursement-based grant is part of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act and is available to employers who will be offering hazard pay during the eligible program period. The grants are administered by the Department of Community and Economic Development (DCED) and will not exceed $3 million per business. Applicants eligible to apply… read more »

COVID-19 Update: Pennsylvania Small Business Grants OPEN Until July 14!

access_time Posted on: July 7th, 2020

The COVID-19 Relief Pennsylvania Statewide Small Business Assistance program has been established to provide grants ranging from $5,000 to $50,000 for small businesses impacted by COVID-19. There will be several rounds of funding. The first application window is open from June 30th to July 14th.   Visit the website below for details on the various Pennsylvania small business grants available. PA Business Grants Website be physically located, generating at least 51% of revenues, and certified to do business in Pennsylvania; have no more than 25 employees prior to February 15, 2020; andhave annual revenues below $1,000,000 prior to COVID impact. Operated and owned by… read more »

COVID-19 Update: New Interim Final Rules and Forms

access_time Posted on: June 19th, 2020

When a government agency such as the SBA has good reason to issue a final rule before publishing a proposed rule, it issues the rule as an “interim final rule,” or “interim rule.” Interim rules becomes effective as soon as they are published. The SBA’s new Interim Final Rules (described briefly below) were created to implement the PPP Flexibility Act and offer additional guidance to both borrowers and lenders. On June 5, 2020, the PPP Flexibility Act, which amended the CARES Act (see above), was signed into law. This IFR changed key provisions in the CARES Act such as deferral of loan payments, loan maturity, and forgiveness provisions. The provisions… read more »

New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program Announced

access_time Posted on: June 18th, 2020

The U.S. Small Business Administration (SBA) and the Department of the Treasury posted a revised Paycheck Protection Program (PPP) loan forgiveness application that is more borrower-friendly.  The SBA, in addition to revising the full forgiveness application, has also published a new EZ version of the forgiveness application. Are self-employed with no employees; ORDid not reduce the wages or salaries of their employees by more than 25%, and did not reduce the hours of their employees; ORExperienced reductions in business activity due to COVID-19 health directives and did not reduce the wages or salaries of their employees by more than 25%. … read more »

COVID-19 Update: EIDL and Advance Program Reopened to All Eligible Applicants

access_time Posted on: June 16th, 2020

To meet the needs of small businesses and non-profits, the U.S. Small Business Administration (SBA) today reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible small businesses and nonprofits experiencing economic impacts due to COVID-19. SBA’s EIDL program provides low interest, long-term assistance for small businesses or non-profit organizations.  These loans help alleviate temporary loss of revenue and can be used to fund expenses, pay debt, and cover payroll and inventory.  The EIDL Advance offers up to $10,000 ($1,000 per employee) of emergency relief to businesses experiencing temporary difficulties, and these emergency funds do not need to be… read more »

COVID-19 Update: $225 Million Grant Program for Small Businesses Impacted by COVID-19

access_time Posted on: June 10th, 2020

Governor Tom Wolf announced a $225 million Pennsylvania grant program to aid the smallest and most vulnerable businesses impacted by COVID-19 and the business closure order. The state has shifted its focus towards reopening the commonwealth and is offering assistance to those businesses that were hurt by the pandemic and the resulting economic downturn. When Governor Wolf announced the new program, he said. “This new program will provide direct support to impacted businesses to cover operating expenses during the shutdown and the transition to reopening.” The funds can be accessed through three programs: This program provides relief for small businesses… read more »

COVID-19 Update: President Signs Paycheck Protection Plan Flexibility Act!

access_time Posted on: June 10th, 2020

President Trump signed the Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010) .  This bill modifies several provisions regarding the forgiveness of loans to ease usage restrictions and increase the time businesses are able to utilize PPP funds. Major provisions of the bill include:   An extended forgiveness period, which gives businesses the option to extend the covered period from the original eight weeks to twenty four weeks beginning on the date of origination of a covered loan to December 31, 2020 (twenty-four weeks). An extension of the Jun 30th safe harbor for rehiring employees. A reduced payroll spending requirement from 75% to 60%. An extended… read more »