The salary protection program has expired. The $ 29 billion restaurant revival fund has officially closed its doors to new applications. But there are still plenty of places to get help for the small business that is struggling before the end of this year. If you need help, it’s still here.

Businesses affected by the Covix epidemic can receive up to $ 500,000 in loans from small businesses (applications submitted before April 6, 2021 may be eligible). The loans will be repaid in advance over 30 years, with interest rates fixed at 3.75% (2.75% for nonprofits). The loans are still available at the end of the year and you can still get one, even if you get a loan check protection loan.

If you apply for EIDL, you may be owed $ 15,000 even if you are not approved for EIDL. To qualify, businesses (including sole proprietors, independent contractors, and private, non-profit organizations) must show that they are in low- to middle-income areas, have fewer than 300 employees, and have lost more than 30% in eight weeks. Starting March 2, 2020 (or later, depending on certain criteria) compared to the same period in 2019. In those areas, businesses with less than 10 employees and more than 50% income loss may be eligible for an additional $ 5,000.

If you received SBA Part 7 (a) or 504 microns before September 27, 2021, you are entitled to a waiver of principal and interest for the first three months if your business is affected by the epidemic. You will also be forgiven for three months if you have an existing 7 (a) or 504 loan. The loans are up to $ 5 million and can be used for work capital, assets and equipment and are provided only by SBA lenders (not directly from SBA). You can expect them to spend the same amount of hard work as any other regular financier, but the loans are 90% guaranteed by the federal government, so banks are encouraged to lend the money.

The program is still receiving applications from businesses in the arts industry, including live site operators or advertisers, theater producers, live arts organizations, museums, motion picture theater operators (including owners) and talent representatives. The grant – these are not loans – is equal to 45% of the applicant’s income, the maximum amount being $ 10 million for a single grant. $ 2 billion for eligible applications for up to 50 full-time employees. Other restrictions apply.

This payroll tax credit will be up to $ 10,000 per employee per 2020 and $ 28,000 ($ 7,000 per quarter) per employee for 2021 years. To qualify for the quarter by 2021, you must show that your business is complete. Either it was partially closed in that quarter or your revenue decreased by more than 20% compared to the same quarter in 2019. If the credit is higher than your quarterly salary tax return, you may be eligible for a refund. If you do not use the credit for 2020 or 2021 and you think you may be eligible, you can always go back and improve your tax returns. You can still use this credit even if you get a credit protection program loan, but you will not be able to use the same payroll you used to apply for a PPP apology when calculating this credit.

Until December 31 of this year, employers can pay up to $ 511 a day through payroll tax credit, including immunizations (and any possible side effects) or follow-up for any worker who loses their job due to COVID. Sick family member.

Extended until 2025, this income tax credit can be up to $ 9,600 for a new employee when the employee meets certain requirements, such as being released from prison, leaving a charity or returning to work for more than six months unemployed. Some employers I know use this tax credit to support new employees.

If your business is making a loss for 2020, 2019 or 2018, you are allowed – thanks to the 2020 CARES law – to repay that loss for five years and make up for any of the profits listed earlier. This means that if you have paid taxes in those previous years, you may be able to repay some or all of your taxes after you have shared the loss. If you think you are eligible, talk to your accountant about improving those last year’s returns.

For the remainder of 2021, individuals will now be allowed to receive a special tax deduction of $ 300 ($ 600 for common return) when they donate to a charity, even if they use the regular deduction on your personal return. Businesses have a special tax deduction of up to 25% (usually 10%) for charitable donations by the end of 2021.

Covid-related relief programs in the city are out of date. However, the city’s InStore Forgiveness Program is still accepting applications for up to $ 50,000 to help existing retailers, restaurants and in-house improvements in creative arts. The city’s storefront improvement program provides subsidies of up to $ 10,000 ($ 15,000 for most address businesses) to build masonry, doors, lights, security, and signage.

The State Department of Social and Economic Development will allocate $ 225 million in federal stimulus funds to CVD-19 for community development financial institutions. Grants ranging from $ 5,000 to $ 50,000 are available for small businesses (under $ 1 million and under 25 employees) in CV-19. Priority is given to minority-owned and historically disadvantaged businesses (at least 51% owned by black, Hispanic, Native Americans, Asian Americans or Pacific Islanders because they are typically discriminated against when it comes to financial services and financial services).

New Jersey small businesses affected by the epidemic (temporarily closed, needed to reduce hours, cut income by at least 20%, affected workers or incapacitated by supply due to the disease or supply chain disrupted) so slow steady production (still needed) for New Jersey’s economic development An official small business emergency assistance program can apply for up to $ 20,000. Applications remain open until July 15, 2021, so hurry up.

Unfortunately, new applications for assistance are no longer accepted under the state’s assistance program.

Gene Marx is a certified public accountant and owner of the Marx team of Bala Sinwood Technology and Financial Management Consulting.

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