Critical Business Updates...
Federal Action and updates
NEW/UPDATED US Chamber Guides for Businesses [April 6]
The US Chamber of Commerce has newly-released and updated guides for businesses for the following key programs:
• Coronavirus Emergency Loans Small Business Guide and Checklist
PPP program via local lenders. Click here for a list (Eau Claire EDC)
• Economic Injury Disaster Loan (EIDL) Program Guide
• Employee Retention Tax Credit Guide
• Temporary Paid Leave and Family Medical Leave Guide
For all of the US Chamber resources, it also has a dedicated web page:
US Chamber Coronavirus Small Business Survival Guide
[NEW April 7] PAYCHECK PROTECTION PROGRAM LOANS - US Treasury Information
Frequently Asked Questions (FAQs) for lenders and borrowers
CARES Act signed by the President [Updated April 2]
Includes forgivable loans to small businesses to keep workers employed
President Trump on March 27 signed the sweeping $2 trillion relief bill, Coronavirus Aid, Relief, and Economic Security (CARES) Act , designed to mitigate the economic impact of COVID-19.
The bill allocates $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the “Paycheck Protection Program,” the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls quickly.
The US Chamber of Commerce has developed a Guide and Checklist to help small businesses understand and use this program. Click below to access it:
US Treasury releases additional emergency loan information for lenders and businesses
[Updated April 2]
The US Treasury has released additional information about the Paycheck Protection Program, which prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
NEW: Local lenders who will be offering PPP Loans
Click here for an updated list (Provided by the Eau Claire Economic Development Corporation)
Here's what else is in the CARES Act
The CARES Act also includes direct payments of $1200 to individuals, a corporate relief fund, an extension and increase in unemployment benefits (including help for self-employed individuals), tax incentives for businesses to keep people on the payroll, aid to the health care system, and funding for state and local governments.
NEW [April 2]: Economic Injury Disaster Loan (EIDL) Program Guide
The CARES Act expanded the Small Business Administration’s long-standing Economic Injury Disaster Loan (EIDL) program. The EIDL program was created to assist businesses, renters, and homeowners located in regions affected by declared disasters. The program is applicable to small businesses and most small nonprofits (less than 500 employees), sole proprietors and independent contractors. The US Chamber has issued a new guide that helps you check eligibility, understand loan parameters, and find out how to access $10,000 emergency grants.
Economic Injury Disaster Loan (EIDL) Program Guide (US Chamber of Commerce)
NEW [April 2]: Employee Retention Tax Credit Guide (No size restriction)
The CARES Act also created a new employee retention tax credit—that does not have size restrictions—for employers who are closed, partially closed, or experiencing significant revenue losses as a result of the coronavirus pandemic. The US Chamber has produced a new guide to help businesses check eligibility, calculate their credit, and understand which employees count toward eligibility, among other information.
Employee Retention Tax Credit Guide (US Chamber of Commerce)
More CARES Act information:
US Chamber: Comprehensive analysis of the Coronavirus Aid, Relief, and Economic Security (CARES) Act
Federal “CARES” Act Summary (Wisconsin Manufacturers & Commerce)
Small Business Owner's Guide to the CARES Act (US Senate Committee on Small Business & Entrepreneurship)
Families First Act now in effect [Updated April 1]
President Trump has signed the coronavirus relief plan passed in recent days by Congress that extends paid leave and unemployment insurance, including employers with under 500 employees, with costs reimbursed to employers through refundable tax credits.
President Trump signs coronavirus relief plan to expand paid leave (CNBC)
Q&A for Employers: Families First Coronavirus Response Act (MRA)
Families First Coronavirus Response Act Resource Page (MRA)
Federal tax payment and filing deadlines extended (UPDATED)
The Trump administration has announced that most individuals and businesses will not only be allowed to delay paying their federal tax bills for 90 days, but the filing deadline has now been extended to July 15.
Tax Filing Deadline Extended To July 15 (Forbes)
Posted by Scott Rogers, Governmental Affairs and Workforce Director
Eau Claire Chamber
The Eau Claire Chamber of Commerce has more than 1,200 members.