State of Nebraska Economic Developments small business Stabilization Grants changed the eligible business. Check out and see if you qualify. At least one employee up to 12 k only till friday or July 17th. ... See MoreSee Less
SBA Provided $20 Billion to Small Businesses Through EIDL Advances
The U.S. Small Business Administration announced the conclusion and success of the Economic Injury Disaster Loan (EIDL) Advance program, which provided small businesses, non-profits and agricultural businesses a total of $20 billion in emergency funding. In order to assist the greatest number of small businesses, the EIDL Advance provided $1,000 per employee up to a maximum of $10,000. Recipients did not have to be approved for a loan to receive the Advance, and the Advance provided an interim but vital source of funds while applicants awaited a decision on their loan application.
“Following the enactment of COVID-19 emergency legislation, the SBA provided nearly six million small businesses employing 30.5 million people with $20 billion through the unprecedented EIDL Advance program,” Administrator Jovita Carranza said. “This program, built from the ground up in less than two weeks, assisted millions of small businesses, including non-profit organizations, sole proprietors and independent contractors, from a wide array of industries and business sectors.”
Having allocated the full $20 billion that was appropriated by Congress, SBA will discontinue making EIDL Advances to new applicants. By law, the SBA is not permitted to issue new EIDL Advances once all program funding has been obligated.
EIDL loan applications will still be processed even though the Advance is no longer available. As a reminder, the loan portion of the EIDL program continues to have funds available at very affordable terms, including a 3.75% interest rate for small businesses and 2.75% for non-profit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. Every eligible small business and non-profit is encouraged to apply to get the resources they need.
PPP Application Deadline Extended
More than $100 billion in Paycheck Protection Program funding remains for small businesses impacted by COVID-19. Here's what you need to know.
1. The new deadline to apply is Aug. 8, 2020. Find a PPP lender to start the application process.
2. Nonprofits and faith-based organizations, as well as sole proprietors, independent contractors and those who are self-employed are all eligible. To qualify for forgiveness, at least 60% of the loan must be spent on payroll within 24 weeks of disbursement.
3. Ready to apply for forgiveness? Documentation is available on our website.
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On June 8, 2020 the IRS released proposed regulations allowing medical deductions for payments for direct primary care arrangements and health care sharing ministries, including if paid via HRA reimbursements.
In layman’s terms here is what these new proposed regulations allow as a medical deduction:
• Payments to concierge physicians or medical groups now qualify as medical costs under IRC Sec. 213(d);
o This includes fixed annual fees without 3rd party billings,
o Periodic fees without 3rd party billings,
o A direct primary care physician is one who has “a primary specialty designation of family medicine, internal medicine, geriatric medicine, or pediatric medicine.”
o The Treasury is also asking for comments whether this treatment should also be extended to dentists, physician assistants, specialists and nurse practitioners.
• Payments to health care sharing ministries also qualify as deductible health insurance for medical care deductions;
o The ministry must have been in continual existence since 12/31/1999.
• The proposed regulations also clarify that Medicare A,B,C and D premiums, as well as CHIP and TriCare are considered medical insurance.
• These new Regulations now allow Section 105 HRA programs to reimburse as a tax-free fringe, the above payments to direct care primary physicians.
• Similarly, the HRA may reimburse for payments to a health care sharing ministry under these new Regulations.
These changes at the individual level also mean that if these benefits were provided by the employer they would be tax-free employee fringe benefits as long as other non-discriminatory rules were followed.
The proposed regulations will become effective when printed as final regulations in the Federal register. ... See MoreSee Less
On July 1, hours after the Small Business Administration stopped accepting loan applications, the House of Representatives fast-tracked S.4116, to extend the Paycheck Protection Program (PPP). S. 4116 extends the small business loan program through August 8. Some lawmakers questioned extending the PPP due to concerns that businesses materially unaffected by the economic crisis would also be able to benefit from the extension.
House Democrats also secured enough votes to push through the Moving Forward Act (H.R. 2). The largest-ever tax investment in combating climate change, the bill would improve and make permanent the new markets tax credit and further extend and expand the low-income housing tax credit.
From NSA's
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