The federal government recently enacted legislation to help small businesses weather the COVID-19 crisis, including the CARES (Coronavirus Aid, Relief, and Economic Security) Act passed on March 25,2020. Subsequently, additional funds were allotted to the Payroll Protection Program and the Economic Impact Disaster Loan Fund. Below are links to organizations and federal and state agencies that we hope will prove useful during this time.
Links to the most recent, in this case January 7, 2021, guidance to the Best Smart, Stay Safe Order. This includes updates on the post-holiday state of retail establishments, lodgings, restaurants, and businesses.
PPP to Reopen January 11, 2021. The U.S. Small Business Administration, in consultation with the Treasury Department, announced that the Paycheck Protection Program will re-open the week of January 11th for new borrowers and certain existing PPP borrowers. This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021. Find more information on the SBA website.
The Vermont Chamber is tracking important updates related to COVID-19 that impact businesses and employers.
The loan amounts will be forgiven as long as:
* The loan proceeds are used to cover payroll costs, and most mortgage
interest, rent, and utility costs over the 8 week period after the loan is
* Employee and compensation levels are maintained.
Links to tax help for taxpayers, businesses, tax-exempt organizations and others – including health plans – affected by coronavirus (COVID-19).