These additional resources may be of assistance to your business during the global pandemic.
The PA Chamber’s website provides business resources for Coronavirus. Below is a link to the website:
Link to Commonwealth of PA’s Coronavirus information including updates for individuals and businesses.
Additional Resources for Businesses
Business Loans and Support
The Department of Community and Economic Development (DCED) offers working capital loans that could be of assistance to businesses impacted by COVID-19. Resources and information will be posted to the following link as they become available.
The U.S. Small Business Administration, in addition to local funding partners, may also be a source of assistance for affected businesses.
SBA Loan Disaster Assistance Loans
Businesses seeking guidance from DCED can also contact its customer service resource account by calling 1-877-PA-HEALTH and selecting option 1.
Email using the following link: firstname.lastname@example.org
Philadelphia Small Businesses
PA Working Capital Access Program
Delaware “HELP” Loan Program for Hospitality businesses.
The no-interest loans are capped at $10,000 per business per month. The money can cover rent, utilities and other unavoidable bills but cannot be used for personnel costs. The loans have a 10-year term with payments deferred for nine months.
The Division of Small Business will administer the program using existing state funds and is aiming to have an application available later this week. Eligible businesses must have been in operation for at least a year, have annual revenue below $1.5 million and be in certain hospitality-connected industries.
To learn if you qualify or have additional questions, call 302-739-4271.
Email using the following link: email@example.com
Link for New Jersey businesses.
Coronavirus Relief Legislation Provides for Tax Credits for Employers
President Trump signed into law H.R. 6021, The Families First Coronavirus Response Act. The Act provides for tax credits for employers who provide family or medical leave or paid sick leave for their employees who miss work for various COVID-19 (Coronavirus) related reasons.
The key provisions of The Act provide for employer payroll tax credits for required paid family leave and required paid sick leave pertaining to employees and self-employed individuals. These provisions are described below.
Payroll tax credit for required family leave
The payroll tax credit for required family leave provides for an employer payroll tax credit that equals 100% of the qualified family leave wages paid by an employer. Generally, it requires employers with less than 500 employees to provide emergency leave when an employee is unable to work or telework due to care for a son or daughter under 18 because of a public health emergency pertaining to the Coronavirus.
Self-employed individuals will be eligible for qualified family leave equivalent amounts if they would be entitled to receive paid leave if the individual was an employee. Such individuals will be able to claim a refundable credit against income tax.
Generally, the credit is limited to $200 in eligible daily family leave wages received by an employee, subject to a maximum wage threshold per employee. Eligible wages consist of wages paid within 15 days of enactment of this Act through December 31, 2020. The credit will be applied against the employer portion of social security taxes. Other restrictions and limits apply to the credit.
Payroll tax credit for required paid sick leave
The payroll tax credit for required sick leave provides for an employer payroll tax credit equal to 100% of qualified sick leave wages paid by an employer. Generally, it requires employers with less than 500 employees to provide up to 80 hours of paid sick time through the end of 2020 if the employee is unable to work due to having Coronavirus or caring for someone who has Coronavirus.
Self-employed individuals will be eligible for qualified sick leave equivalent amounts if they would be entitled to receive paid leave if the individual was an employee. Such individuals will be able to claim a refundable credit against income tax.
Generally, the credit is limited to $511 in eligible daily sick leave wages received by an employee who has or has been exposed to Coronavirus, and $200 for other workers. Eligible wages consist of wages paid within 15 days of enactment of this Act through December 31, 2020. The credit will be applied against the employer portion of social security taxes. There are other restrictions and limits to the credit.
Nawn & Company is committed to helping our clients in any manner during this crisis. If you have more questions on how this new law may impact your business, please contact us.
Link to Pennsylvania Unemployment and COVID-19 Eligibility