COVID-19 Relief Assistance Fact Sheet

COVID-19 Relief Pennsylvania Statewide Small Business Assistance FACT SHEET The COVID-19 Relief Pennsylvania Statewide Small Business Assistance program will provide grants ranging from $5,000 to $50,000 to small businesses that have been economically impacted by COVID-19.  This is not a first-come, first-served program.  There will be multiple rounds of application windows. The Pennsylvania CDFI Network [...]

By |2020-07-06T09:52:29-04:00July 6th, 2020|Financial, Governments|0 Comments

Bucks Back to Work Small Business Grant

Bucks County has outlined a new grant program to help small businesses that have been negatively impacted by COVID-19. http://buckscounty.org/government/CommunityServices/BacktoWorkGrantProgam To qualify, applicants must be for-profit businesses, founded no later than 2018, that have less than $700,000 gross annual revenue and fewer than 50 employees. Primary operations and headquarters must physically be located in Bucks [...]

By |2020-05-21T10:20:57-04:00May 21st, 2020|Financial|0 Comments

SBA Extends “Necessity” Certification Return-By Date to May 18, 2020

Yesterday afternoon the SBA extended until May 18, 2020 the PPP loan return-by date related to the PPP loan “necessity” certification. This is the second extension of the return-by date which allows PPP borrowers who determine they cannot meet the necessity certification required for all PPP loans to return the funds. This extension is intended [...]

By |2020-05-14T13:54:59-04:00May 14th, 2020|Financial, Governments|0 Comments

SBA to Provide Exemption from Loan Forgiveness Reduction for Non-Returning Employees

Yesterday the Small Business Administration (SBA) issued a new FAQ which helps PPP borrowers whose employees elect not to return to work.  As set forth in the CARES Act, the PPP loan amount eligible for forgiveness is to be reduced, in part, if a PPP borrower’s average number of full-time equivalent employees during the 8-week [...]

By |2020-05-05T13:00:59-04:00May 4th, 2020|Financial, Governments|0 Comments

Expenses Paid with Forgivable PPP Loans Not Deductible

The Internal Revenue Service (IRS) recently released guidance on the deductibility of expenses reimbursed by a Payment Protection Program (PPP) loan that is then forgiven. In Notice 2020-32, the IRS states that no deduction is permitted for expenses normally deductible to the extent the expenses were reimbursed by a PPP loan that was forgiven. The [...]

By |2020-05-05T12:59:25-04:00May 4th, 2020|Financial, Governments, Taxes|0 Comments

MontcoStrong Small Business Grant Program

On April 6, 2020, Montgomery County Board of Commissioners announced the MontcoStrong Small Business Grant Program. Applicants must be a for-profit business with a physical location in Montgomery County, Pennsylvania, employing no more than 50 individuals and impacted by the COVID-19 pandemic. For full details visit www.montcopa.org/MontcoStrongSBGP. Applications will be accepted beginning on Wednesday, April [...]

By |2020-04-07T12:12:18-04:00April 7th, 2020|Blog, Financial, Governments|0 Comments