COVID-19 Business News
U.S. Chamber Provides Answers to PPP Questions

As part of an end-of-year pandemic relief package, Congress passed several changes to the Paycheck Protection Program (PPP) and created a “Second Draw” PPP for small businesses who have exhausted their initial loan. Other changes impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans.

Congress has also made changes to other programs – including Economic Injury Disaster Loans (EIDL), the Employee Retention Tax Credit, a Venue Grant program, and SBA loan programs –that will benefit small businesses. Here’s a link to everything small business owners need to know now.

GSSCC is in the process of planning a webinar to provide members the information they need on these new programs. Watch your email for details.
SBA Offers Workshop on PPP-2.0, EIDL Updates

The U.S. Small Business Administration (SBA) has announced a free workshop from 1 p.m. to 2:30 p.m. tomorrow, Tuesday, January 12, to provide updates on the Paycheck Protection Program (PPP) extension, recently approved, and its Economic Injury Disaster Loan (EIDL) program.

The workshop will provide the following: PPP guidelines for first-time and second-round applicants; PPP revised eligibility, uses, and forgiveness; and the EIDL.

Register at this link. The registration process requires registration with the SBA and providing business information, including gross revenues, date of establishment, and ownership details.
Comptroller Extends State Tax Filing, Payment Deadlines

Comptroller Peter Franchot has extended filing and payment deadlines for certain Maryland business taxes and quarterly estimated income tax returns and payments that would be due in January, February and March 2021 until April 15, 2021. Included are: sales and use, admissions and amusement, alcohol, tobacco, and motor fuel tax, as well as tire recycling fee and bay restoration fee returns and payments with due dates between January 1, 2021 and April 14, 2021. No interest or penalties will be assessed and there is no need to file a request for extension.

Businesses and self-employed individuals or independent contractors with estimated income tax returns and payments due on January 15, 2021 also will be granted an extension until April 15, 2021.

Employers must complete their 2020 withholding tax returns and payments due by January 31, 2021, ensuring that W-2s will be delivered on time for taxpayers to file when the tax season begins at the end of January. Any State withholding returns and payments originally due between February 1, 2021 and April 14, 2021 may be submitted by April 15, 2021 without incurring interest and penalties. Employers must still file and pay Federal withholding taxes.

Read the full announcement here.
Another GSSCC Member Business-Pivot Success Story
SpeedPro Silver Spring Adds Product Lines

As soon as the pandemic started SpeedPro Silver Spring pivoted in three new directions. First, it began creating personalized graduation signs for students who had lost their in-person graduations. These signs were loved by the recipients and will be something graduates can keep as a remembrance. Second, the company started doing more safety signage, including lots of floor and wall graphics, and created an online store to purchase safety signage. Finally, SpeedPro launched a new product, InfoLnkX, which allows people to use their phones to receive information in restaurants, museums, and buildings. InfoLnkX won the 2020 Marcom Platinum Award. Congratulations to SpeedPro Silver Spring on successfully pivoting the business!

Want to highlight how your business successfully pivoted? Share your story with the Chamber by emailing Jane here.
January Events
After 2020, we could all use a break. Take yours with the Young Professionals Network for a Virtual Beach Party Business After Hours, sponsored by CCI Health & Wellness Services!

There will be a cocktail demonstration by All Set Restaurant & Bar, a cooking demonstration by Corcoran Caterers, networking in breakout rooms, and a beach-themed trivia competition.

Thursday, January 28
5 p.m. - 6:15 p.m.
Latest News
2021 General Assembly to Convene on Wednesday

The Maryland General Assembly will convene for its 442nd Legislative Session this Wednesday, January 13. Because of COVID, this Session will be unlike any other as it will be almost entirely virtual. The General Assembly chambers, as well as legislators’ offices are closed. Elected officials are scheduling video and phone calls to connect with constituents.

All committee work will be conducted virtually. Bill hearings will be scheduled Monday to Friday between 11 a.m. and 5:30 p.m. Committee, subcommittee, and voting sessions will be streamed online. All Senate and House floor sessions will be streamed online.

As in past years, GSSCC is tracking all legislation relevant to business and will provide updates and opportunities for members to be involved as necessary.
* Cornerstone Montgomery, serving more than 2,500 adults and transition-age youth living with severe mental health and substance use disorders, is seeking a few special individuals to join its board of directors. Those with skills in the following areas are urged to consider applying: accounting, consumer of behavioral health services, business development/entrepreneurship, education, or fundraising. Click here for more details.

* Denizens Brewing Co. was recently on the front cover Craft Beer and Brewing magazine and was also named Bethesda Magazine’s 2021 Editor’s Pick for Best Door-to-Door Service for 6-Packs. Congratulations! Read here for more information.


See your company's news here! Send us your news releases and news items by noon on Friday for publication in the following Monday's edition. Click here for guidelines on submitting Member News.
Does Your Business Need PPE?

To help employers tasked with providing PPE to keep their employees safe, GSSCC launched a “Back to Business Products” page on our website for members looking to purchase PPE products, signage, and more. If your business is selling PPEs and you would like to be on this page, please complete this form and send it to Julie at jpawlikowski@gsscc.org.
Upcoming Committee/Network Meetings

* Non-Profit Team Virtual Meeting - 9 a.m. on Tuesday, January 12.

* Membership Development Committee Virtual Meeting - 9 a.m. on Tuesday, January 26.

* Economic Development Committee Virtual Meeting - 9 a.m. on Wednesday, January 27.
OUR MISSION:
Working to enhance the economic prosperity of greater Silver Spring through robust promotion of 
our member businesses and unrelenting advocacy 
on their behalf.
Thank you to our 2019-2020 GSSCC Partners

Corporate Partners - Downtown Silver Spring; Lee Development Group; Montgomery College; Joseph W. McCartin Insurance;
Adventist HealthCare White Oak Medical Center

 Business Partners - Andalman & Flynn, AFI Silver Theatre; Apex Home 
Loans; Atlantech Online; Digital Industry; EagleBank; Holy Cross Hospital; The Fillmore Silver Spring; Lerch, Early & Brewer Chtd.; Linowes and Blocher, LLP; Revere Bank; The Tower Companies (The Blairs); United Therapeutics Corporation; Washington Property Company.

 Partners - Adam Lowe Creative; Bell Flowers; EBA Ernest Bland Associates; Image360.
Greater Silver Spring Chamber of Commerce
8601 Georgia Avenue Suite 203
301-565-3777
info@gsscc.org