3/27 Important: The CARES Act

COVID-19 Update

P I S C A T A Q U I S C O U N T Y

Members,

As many of you may already know, the federal stimulus package, called the Federal Cares Act , was passed by the Senate; and just moments ago, the House, and now needs only the President's signature.

The B ill (S.3548) is close to 250 pages in length, and its language may not be easy for some to grasp. For this reason I am forwarding an email we received from the Retail Association of Maine President and CEO, Curtis Picard, who did a wonderful job providing the highlights of the Bill and its benefits as they pertain to you, separated into a section for employers, and another for individuals and employees. I will be involved with a number of calls over the next few days about the Act and how it will all work. Please forward your questions to me here and I will work to have them answered. Curtis explained that some questions will be easily answered, while others will likely need guidance from various state and federal agencies as they work through details.

I understand this is a VERY difficult season and many of you are deeply concerned. Please rest assured we are all working tirelessly for our members and all businesses within the boarders of Piscataquis County. We will make it!

Yours,

Denise Buzzelli

Piscataquis Chamber Director

From the Retail Association of Maine:

The Federal CARES Act - in simple terms

For Employers:

· Forgivable payroll protection loans for small businesses of 500 people or less. It looks like the loan will cover up to 2.5 months of payroll (including typical benefits), rent/mortgage, utilities and certain other debt.

· If employers maintain their payroll, which according to our reading would be based on the average number of employees for January and February 2020, and comparing that to the covered period of the Act.

· There are some salary limits in the bill for employees making more than $100,000 annually.

· The maximum loan is $10 million.

· Payments (on loans not forgiven) can be deferred for up to a year.

· We believe this section would also apply to self-employed individuals, and gig economy workers.

· The Act also allows employers to DEFER social security payroll taxes. Half deferred until December 31, 2021 and the other half until December 31, 2022.

· The SBA will increase the limit of their Express Loans from $350,000 to $1 million to help provide additional working capital to businesses.

· There is a refundable payroll tax credit for all employers whose operations were fully or partially shut down by COVID-19 or gross receipts declined by more than 50%.

For Individuals and Employees:

· $1,200 direct payments to Americans plus $500 per dependent child. Individuals making more than $75,000 ($150,000 married filing jointly) will see a reduction in the amount. We believe it would phase out completely at $99,000 for an individual (reduced by $5 for every $100 above the threshold). Although not explicit, one of our questions is whether or not this money is taxable income for next year's taxes?

· No action will be required of individuals. It will be based off of your 2019 taxes (if filed) or 2018 return.

· The money is expected to be delivered by April 6.

· One of the more controversial sections of the bill is the increased unemployment benefit of $600 per week. This is in addition to the existing state limit ($440 per week we believe). The controversy is whether or not it will be more lucrative for someone to take unemployment instead of an existing pay rate if their job reopens. This added benefit will apply for up to 4 months.

· The overall unemployment benefits will be extended 13 weeks beyond the current limit.

In this rapidly changing situation, we will provide you with daily updates to keep you informed. Here are some helpful links:

Financial Assistance

U.S. Small Business Administration (SBA) disaster assistance

The deadline to apply is December 16, 2020.

CLICK HERE FMI

Finance Authority of Maine COVID Relief Loan Programs

Offered through FAME: Contact your bank

CLICK HERE FMI

Your financial institution credit union or bank can assist you with these programs.

_______________

Harvard Pilgrim Offers Grants for Non-Profits

CLICK HERE

___________

Helpful Links/info/updates/rules for employers

Link to new DOL document: Unemployment Insurance FAQs Regarding COVID-19

RETAIL ASSOCIATION OF MAINE

Resources for retailers

Updates from the Maine State Chamber of Commerce HERE

‌

COVID-19 UPDATES are ALWAYS available

on the Chamber's new WEBSITE HERE:

‌

The United Way is looking for Volunteers in the Piscataquis County area to assist area food cupboards, and with food and medication pick up and drop off. Register to volunteer HERE.

If you need help or know someone who does, click HERE .

COVID-19 IMPACT / Chamber Response

Are you CLOSING? Have you altered your HOURS? Click the button to let us know what's happening at your business, and how we can help.

Deadline Extended

We are working on the Piscataquis Visitor's Guide and have extended the deadline for ad sales. Our goal is to have the guide ready by early May. If you are interested in promoting your business in the guide (25,000 copies printed this year), click HERE to reserve your ad space. We will extend payment deadlines through Dec. 2020 for your convenience.

WE NEED YOUR SUPPORT!

Did you know?

The Piscataquis Chamber created a NEW Facebook Page for restaurant owners to post changes to hours of operation and information on take-out, curbside pickup, and delivery options. This is a public page, anyone can post, members and non-members. The chamber will promote the information posted!

Click the banner to visit Piscataquis Take-Out!

Please complete the survey above to let us know how we can best support you during this time.

We are here for you!

Email us HERE. Call us at 207-564-7533.

All updates posted on our FACEBOOK page.