GMSVCC's January Calendar!
Stay Positive,Stay Strong & Stay Connected with the GMSVCC!
members-only events and meetings.
Tues, Jan 12th, 9am- Membership committee meeting via ZOOM
Thurs, Jan, 15th, noon- deadline to get your ad in for SUPPORT LOCAL COUPON BOOK!
Sat, Jan 16th,all day- National Use your Giftcards Day!
Mon, Jan 18th, Office closed for MLK day observance
Wed, Jan 20th, 5:30-6:30, Business After Hours via ZOOM! Come Socialize, Network and Connect!
Tues, Jan. 26th, 9am- Education committee meeting via Zoom
Tues, Jan 26th, 6pm- Take Out Tuesday and Virtually Dine with Us!! Support a fellow Chamber member: click here for Restaurants, Food, Beverage!
Thurs, Jan 28th, 9 am- Chamber 101: How to make the most of your Chamber membership in 2021! Perfect for not-yet members, new members and long-time members!
News You Can Use
Next Round of PPP:
Here are some quick details and clarifications based on the information we have now (more questions should be answered once the Administration releases revised regulations and guidance documents):
This program has not yet been reinstated by the Administration and further guidance is expected by next week. Eligible businesses will be able to take out a second PPP loan or an initial PPP. Businesses must have been in operation prior to February 15, 2020, employ fewer than 300 FTEs and have experienced a 25% reduction in gross receipts.
o Businesses that opened between February 15, 2019 and February 15, 2020 and do not have historical revenue to compare to will use different criteria.
o EIDL Advances will no longer reduce PPP forgiveness. The Administration will need to issue rules to apply this retroactively.
o Of interest to restaurants - Entities in industries assigned to NAICS code 72 (Accommodation and Food Services) may receive loans of up to 3.5X average monthly payroll costs.
o Seasonal businesses may use any 12-weeks between February 15, 2019 and February 15, 2020 to calculate number of employees and payroll.
o Borrowers may have existing loan amounts increased for the amount that they previously returned or due to changes in the interim final rules from this bill. Borrowers need to consult with their lenders directly.
o 1099 employees and sole proprietorships are eligible for PPP.
o As with the initial round of PPP, you will need to be able to demonstrate payroll or wage history as reported to the IRS in order for your loan size to be calculated. You will also need to be able to show economic hardship relating to the pandemic. If you have not been profitable in 2019 or 2020 then your economic hardship predated the pandemic; therefore, you will not be eligible for this program. You are encouraged to communicate directly with your lender and to meet with a Small Business Development Center Advisor as soon as possible to assess your eligibility.
- Taxes. At the federal level, business expenses paid for with forgiven PPP loans will be tax deductible and forgiven PPP loans will not be treated as taxable income. The ERTC program will be extended to July 1, 2021 and expanded.
o State grants received via the CARES Act state fund administered via the State of NH GOFFER (MSRF, GAP, SELF, etc) will be treated as taxable income by the federal government. Please review IRS guidance here.
o Unless the NH state legislature passes legislation that updates the state of NH’s recognized Internal Revenue Code Conformity Date retroactively, the state of NH will treat CARES Act grants and forgiven PPP amounts as income for BPT purposes. Refer to the NH Dept of Revenue for the most updated guidance. You can find your local representatives here.
o You are strongly encouraged to consult with your CPA or tax attorney for the latest information and for interpreting how the guidance applies to your specific business.
- Grants for performance theatres, independent movie theaters and museums. These grants will be administered through the SBA. Eligible recipients must demonstrate 25% reduction in revenues. It will be open to entities that have experienced greater revenue declines first. The formula for determining grant size will be determined by the administration; however, initial grants are not to exceed $10 million and 50% for supplemental grants. Recipients cannot receive both this grant and a PPP second draw.
- Existing SBA Loans – 7(a), 504 and Microloans. Qualifying, existing loans will receive an additional 3 months of P&I up to $9,000/month starting in February. Borrowers may receive up to an additional 5 months of P&I (as determined by the Administration) if they are categorized: food service and accommodations, arts, entertainment and recreation, education, or laundry and personal care service.
- New SBA Loans – 7(a), 504 and Microloans. P&I up to $9,000/month on up to 6 months (as determined by the Administration) for loans approved between February 1 and September 30, 2021. Lender and borrower fees are waived for 7(a) and 504 loans.
- EIDL Advances. These will be available to certain businesses that were operation prior to January 31, 2020 and are located in low-income communities. The Administration will release guidance on how they will determine a community to be low-income.
See below for all upcoming webinars!