Payroll Deferral Guidance from the U.S. Chamber

The following blog was shared by the US Chamber of Commerce with its members regarding the recent changes to the payroll tax.

On Friday evening, August 28, the IRS released its first notice regarding implementation of the President’s executive order on payroll tax deferral. The document, which is just over two pages, can be found here: https://www.irs.gov/pub/irs-drop/n-20-65.pdf.

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Paycheck Protection Program Loan Forgiveness Guide

uscoc-logoUnder the Paycheck Protection Program (PPP) created by the CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses.

The Treasury Department and Small Business Administration recently released the application form and instructions for loan forgiveness. The forgiveness forms, instructions, and worksheets can be downloaded here.

PPP borrowers must apply for loan forgiveness with the lender that processed the loan.

The US Chamber of Commerce has produced a step by step guide to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the loan forgiveness process.

COVID-19 Business Loan/Grant Resources

With COVID-19 hitting businesses tremendously hard, all levels of government and other organizations have made a number of financial resources for businesses available. Below is a comprehensive list of those resources with links to where you can learn more. Continue reading “COVID-19 Business Loan/Grant Resources”

Self-employed and Independent Contractor Guide to the CARES Act

chamber guideIf you are an independent contractor or self-employed, you may be eligible for Paycheck Protection Program (PPP) loans/grants, SBA’s Economic Injury Disaster Loans (EIDL), and/or Unemployment Compensation for losses of income related to the coronavirus pandemic. While the PPP and EIDL programs are currently out of money, Congress is actively working to provide additional funds. This great guide to the CARES Act for Self-employed and Independent Contractors from the US Chamber of Commerce will ensure you have the information you need to take advantage of these federal programs.

Small Business Grant Opportunity

small business fundTo extend a helping hand to small businesses suffering from the impacts of the coronavirus pandemic, the U.S. Chamber of Commerce Foundation is working to provide financial relief through the Save Small Business Fund.

The Fund is providing $5,000 in one-time supplemental cash grants for businesses that have between three and 20 employees and operate in an economically vulnerable community. In our area, this includes the 56001, 56082, 56050, 56055, and 56037 zip codes. Unfortunately it excludes the 56003, 56063, 56024, and 56034 zip codes.

The grant application will go live on Monday, April 20 at 2:00 PM CDT. The application will take about 10 minutes to complete and will only require your business’s W-9 form and basic supporting information about your business.

To learn more about the Save Small Business Fund and to apply for a grant, visit savesmallbusiness.com.

Webinar: How State and Federal Legislation Can Help Your Business

FromTheDome

Both the federal government and Minnesota Legislature have recently passed legislation that will speed critical funds to Minnesota businesses and families. With new legislation comes questions on what the changes mean for Minnesota businesses. The Minnesota Chamber of Commerce recorded a webinar to answer your questions on both the state and federal COVID-19 relief packages. Patrick Baker on the GMG team is also well-versed in these new state/federal programs and is happy to walk any business through them. You can contact him at 507-385-6657 or pbaker@greatermankato.com Continue reading “Webinar: How State and Federal Legislation Can Help Your Business”

Attend The U.S. Chamber Small Business Series For Free

Greater Mankato Growth members have the opportunity to attend an upcoming event put on by the U.S. Chamber of Commerce and the Minnesota Chamber of Commerce.  The U.S. Chamber Small Business Series will make a stop in the Twin Cities on Tuesday, July 24th in Minneapolis.   As an additional benefit of being a member of Greater Mankato Growth you can attend for free by using promo code: SBSMNChamberContinue reading “Attend The U.S. Chamber Small Business Series For Free”

Announcing GMG’s 2018 Policy Priorities

FromTheDomeThe Minnesota Legislature gavels into session today. As always, Greater Mankato Growth (GMG) will keep our members up to speed on key issues and provide the information you’ll need to be an advocate for your business. Be sure to stay tuned to this blog in the coming months as we post updates on key issues businesses should keep an eye on. Continue reading “Announcing GMG’s 2018 Policy Priorities”

Tax Bill Provisions Benefitting Small Business

tax cuts and jobs actThis week the U.S. Senate and House Passed the Tax Cuts and Jobs Act, sending it to President Trump for his signature. This is the most significant federal tax legislation passed in more than three decades and will have sweeping impacts on businesses and individuals alike. Over the coming weeks and months, Greater Mankato Growth will work to keep our members up to speed on the impacts of the bill and what it means for you and your business – so stay tuned to this blog and GMG’s weekly E-news.

First up, an overview of what the bill means for small businesses. The information below is courtesy of the U.S. Chamber of Commerce.

Should you wish to discuss tax reform and its impact on you or your business, please be sure to contact one of our fantastic member businesses with tax expertise.

Continue reading “Tax Bill Provisions Benefitting Small Business”