CONTACT ACCURATE BUSINESS AND TAX SERVICES TODAY TO RECEIVE PROFESSIONAL ASSISTANCE WITH YOUR SBA LOAN FILINGS. YOU MUST HAVE ACCURATE AND DETAILED ACCOUNTING STATEMENTS, BUSINESS AND PERSONAL TAX RETURNS COMPLETED. WE CAN GET YOU TO THAT PLACE WITH 30 YEARS EXPERIENCE. WE SERVE MARYLAND, PENNSYLVANIA, DELAWARE, DC
CARES ACT 3.5 WILL PROVIDE ADDITIONAL FUNDING
The federal government, through the U.S. Small Business Administration, is offering multiple types of assistance for small businesses. If your business has been adversely impacted by the coronavirus pandemic, please consider taking advantage of these resources. We'll continue to post updates on relevant programs as we learn more.
Small businesses may be eligible for loans in an amount up to 250% of their average monthly payroll, with a maximum loan amount of $10 million. These loans may be forgiven (e.g., not repaid) if borrowers maintain their payrolls during or restore them after the crisis.
Funds can be used for payroll costs, including salary, wages, payment of cash tips, employee group health care benefits, retirement contributions and covered leave. Funds can also be used to pay interest payments on mortgage obligations, rent, utilities, and interest on other debt obligations.
Loans are made through SBA-certified lenders. Applications OPENED Friday, April 3. Apply early to maximize your chance of getting a loan.
Complete the form: Paycheck-Protection-Program-Application-3-30-2020-v3
Use this link to find a lender in your area: https://www.sba.gov/partners/lenders/microloan-program/list-lenders
THIS IS A PARTIAL LIST OF DOCUMENTS NEEDED TO COMPLETE A PPP LOAN APPLICATION; BASED ON THE ONLINE PORTAL AT M&T BANK;
For Businesses with Employees (if applicable):
For Sole Proprietors(Sch C) and 1099 Independent Contractors (if applicable, and not verified yet by the SBA) Schedule C business owners, get your 2019 taxes done.
Other Documents as Applicable:
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000 and working capital loans of up to $2 million. These loans and grants are designed to help small businesses overcome the temporary loss of revenue they are experiencing.
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
Small businesses that have non-disaster loans from the SBA, such as 7(a), 504 and microloans, may be eligible for debt relief. The SBA will cover all loan payments for six months, including principal, interest and fees. This is also available to borrowers who take out new loans within the next six months.
Contact your current lender to request a deferment of payments.
Call the SBA: (800) 659-2055
Email the SBA: email@example.com
Contact your local SBA branch: https://www.sba.gov/local-assistance
Subscribe for SBA email updates: https://www.sba.gov/updates
Follow SBA on Twitter: @SBAgov
YOU WILL NEED FORMAL FINANCIAL STATEMENTS FOR THESE PROGRAMS, PLEASE CONTACT US TO PUT A PLAN TOGETHER FOR THIS PRESENTATION.
MARYLAND LOAN AND GRANTS
MD TAX CREDITS
PA SELF EMPLOYED UNEMPLOYMENT INSURANCE (PUA) - STATE AND FEDERAL - SEE BELOW
* NOTE - THIS WEBSITE WILL OPEN APRIL 24, TAKE A FEW DAYS TO OPERATE BUT IT WILL BACKDATE PUA BENEFITS, APPLY AS SOON AS IT IS WORKING.
HERE IS WHAT YOU NEED TO START GATHERING FROM SAME PERIOD 2019;
Acceptable documentation of proof of employment or self-employment can include, but is not limited to:
PA SMALL BUSINESS WORKING CAPITAL PROGRAM
We are committed to updating you as we learn more from the SBA. To help prepare for the application, we recommend that business owners begin to gather the following information and documents:
Documentation verifying the number of full-time equivalent employees on payroll as well as the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight week period following this loan will be provided to the lender.
v. Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities. As explained above, not more than 25 percent of the forgiven amount may be for non-payroll costs.
Not more than 25 percent of loan proceeds may be used for non-payroll costs.
ARE YOU READY, MAKE CERTAIN YOU KNOW THE DETAILS BEFORE GOING INTO ANY LENDING AGREEMENT. THIS LOAN MAKES NO SENSE IF YOUR BUSINESS IS NOT A GOING CONCERN AFTER FORCED CLOSURE.
THIS INFORMATION IS ON STATE PUA, FEDERAL FPUC IN ACCORDANCE WITH THE CARES ACT
You probably are, on a temporary basis, UNEMPLOYED FOR THE FIRST TIME IN YOUR CAREER.
The CARES act established a new program called Pandemic Unemployment Assistance, or PUA. It extends weekly unemployment benefits to the following groups:
If you’re in one of these groups, you’re eligible if you’re jobless through no fault of your own. You also have to be able and available to work, even if you’re not actively searching for a new job.
How do I apply for benefits?
The best way is to apply online with the unemployment office in the jurisdiction where you last worked, ideally late at night or early in the morning when web traffic is lower.
If you’re a gig worker who works in multiple states — driving a car for Lyft, for instance — you can apply for benefits in any state where you worked. The smart move is to apply in the jurisdiction that gives you the most money. (D.C. pays more than Virginia or Maryland. More on that in the next section.)
But here’s the rub: D.C. and Virginia are still struggling to adapt to new federal guidelines for independent contractors.
D.C.’s Department of Employment Services’ latest guidelines say self-employed people who were denied benefits “will have an opportunity to resubmit an application soon.” If you haven’t applied yet, the city suggests waiting until their system is updated. You can sign up for notifications by emailing firstname.lastname@example.org, but the city has offered no timeline or launch date for the updated system.
Expansion of Unemployment Insurance Benefits Under the New CARES Act
The federal government recently passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which includes an expansion of unemployment insurance benefits for Marylanders. Please read our CARES Act Frequently Asked Questions for more information about benefit eligibility, duration, and amounts.
On Friday, April 24, Labor will be launching a new, one-stop unemployment insurance application to allow Marylanders to file claims for all unemployment programs entirely online. This includes the Pandemic Unemployment Assistance program, the Pandemic Emergency Unemployment Compensation program, and those who were previously required to file by phone like federal employees, members of the military, individuals who have worked in multiple states, and those who have worked for more than 3 employers in the last 18 months.
The Secretary of the Maryland Department of Labor opted into providing ALL three of the expanded unemployment insurance programs offered through the provisions of the CARES Act:
Virginia is also scrambling to update its system, but the state has offered a clearer timeline than Maryland or D.C.
The Virginia Employment Commission says it plans to have PUA updates later this week, around April 10. Independent contractors who filed a claim for traditional unemployment and were denied will be contacted — either with a text or robocall — on how to file a claim for PUA. UPDATE- April 18 - NO changes to the Virginia Unemployment program for Self Employed.
How much money can I get, and for how long?
The maximum payout varies based on where you file. The maximum weekly benefit in Virginia is $378, Maryland’s is $430 and D.C.’s is $444. Claimants can collect benefits for up to 39 weeks, or about nine months.
If you were forced to stop working due to Coronavirus at any time after Jan. 27, 2020, you are eligible to receive benefits for any week after that date. PUA benefits will stop being paid after Dec. 31, 2020.
Isn’t there federal money available for contractors?
Yes. Unemployed independent contractors are eligible for an extra $600 per week, courtesy of the federal government.
The $600 supplement is called Federal Pandemic Unemployment Compensation, or FPUC. Gig workers can collect this money for work lost after March 27, and it will be paid until July 31, 2020. This supplement is rolled into your regular state benefits and you don’t have to apply separately for it.
But self-employed people can’t start collecting the extra $600 until their state approves them for PUA benefits. Virginia says it will start paying the $600 federal supplement as soon as the week of April 13, but this only applies to people who have approved applications by that date.
Remember: Once your unemployment benefits are approved, you have to file a new claim every week to keep getting money.
I couldn’t (or didn’t) apply for unemployment as soon as I stopped working. Can I collect benefits retroactively?
Yes. When you fill out your initial PUA claim in D.C., Maryland and Virginia (and we still don’t know when you’ll be able to) you’ll be asked to provide the date when you last worked. That’s the date that matters; not the date when you applied for benefits.
For example, if you stopped working March 12 but you couldn’t apply for PUA benefits until April 15, you’ll be retroactively paid for those missed weeks once you begin receiving benefits. That includes both the state money and the extra $600 from the feds.
PA WEBSITE IS OPEN
You should file for PUA if you are ineligible for regular UC because you have lost income due to COVID-19 and
The amount of PUA benefits you will receive is based on your previous income reported. PUA benefits may not be more than the state's maximum weekly benefit rate for regular UC, which is $572 in Pennsylvania. PUA benefits may not be less than half of the state's average weekly benefit amount. In Pennsylvania, the minimum PUA payment is $195.
PENNSYLVANIA - PA APPLICATION OPEN NOW - AS OF MAY 11
PUA SITE IS AVAILABLE, you may submit claims backdated to January 27, 2020, if you have been unemployed due to one of the COVID-19 related reasons that are PUA-eligible. If you are found eligible for PUA, you will receive compensation retroactive to January 27, 2020, or to the date when you became unemployed, whichever is more recent.
PUA provides benefits for up to 39 weeks for weeks of unemployment beginning on or after January 27, 2020. PUA payments will not be made for weeks of unemployment after December 31, 2020.
DELAWARE - UPDATE - POSSIBLE WEBSITE WEEK OF MAY 11,
"We anticipate that these workers (SELF EMPLOYED) will be able to apply through this new system within 3-6 weeks. We will provide more details regarding implementation and how to apply on our website next week. "
DELAWARE - RELEASED MAY 4- FOR PUA, SELF EMPLOYED, YOU MUST APPLY FOR REGULAR UC AND THEN BE REJECTED. THEN, YOU WILL RECEIVE A LETTER WITH INSTRUCTIONS. READ MORE HERE.
HERE ARE THE MOST RECENT UPDATES FROM OHSA - CLICK HERE
NOW IS THE TIME THAT SOCIAL MEDIA IS YOUR BEST SOUNDING BOARD. EASY TO UPDATE, KEEP CUSTOMERS UP TO DATE ON YOUR PLANS
THE COMPANIES THAT LOOK AND FELL SAFE, WILL GET THE BUSINESS. CRITICAL TO YOUR PLANNING IS YOUR CLEANING, RULES, AND MANAGEMENT STRATEGY.
UNDERSTAND YOUR LIABILITY WITH EMPLOYEES AND THE WORKPLACE. TALK WITH YOUR INSURANCE PROVIDER, UPDATES ALL POLICIES AS NECESSARY. FORM A LLC TO PROTECT YOUR PERSONAL ASSETS. NOW IS THE TIME.
BRANDYWINE ADVISORS GROUP LLC IS PROVING THIS INFORMATION FROM THIRD PARTY SOURCES . IT TAKES NO RESPONSIBILITY FOR ACCURACY, CHANGES, OR UPDATES. IT IS FREE OF LIABILITY AS A PUBLIC SERVICES UNDER JOURNALISM . USE IS VOLUNTARY. CONSULT YOUR PROFESSIONALS. ATTORNEY, TAX AND FINANCIAL ADVISORS.