Monthly news & updates
February 2021
PPP and Your Small Business
Answers that Remind You “YES You Can” Apply

The SBA Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. As such, if you did not access the federal PPP funding during Round 1, you may be eligible to apply today! Application submission ends March 31, 2021!
 
Here are some answers to frequently asked questions to help you get started!

Question: How do I know if I am eligible to apply? 
Answer: This program is available for any federally legal businesses that were in operation prior to February 15, 2020.
  • The small business must have less than 300 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
  • Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 300 workers. This means each store location could be eligible.

Question: If I am the only employee as a sole proprietor or LLC, may I still apply and expect my loan to be forgiven?
Answer: As long as you use 60% of the loan proceeds for payroll costs and the remaining 40% for other eligible business expenses, then the loan can be forgiven, with the submitted forgiveness application.
AmPac Receives $250,000 Grant from James Irvine Foundation
AmPac Business Capital received a $250,00 grant from the James Irvine Foundation to expand training and capital access programs to small businesses in the Inland Empire.

The James Irvine Foundation is a private, independent foundation that provided $109 million in grants in 2020 to organizations in California. The Foundation pursues impact through a portfolio of initiatives with specific goals, timelines, and grantees that inform the organization's investments. 

"These dollars targeted in the cities of San Bernardino and Riverside with multiplier impacts throughout the San Bernardino and Riverside County regions are already showing results, " said Hilda Kennedy President of AmPac. "AmPac was able to increase its capacity with these funds and we are seeing the fruit of our labor with emergency assistance deployed to assist more than 3,000 businesses seeking to obtain the CA relief grant and almost 100 businesses AmPac is serving with PPP loans targeting BIPOC businesses. Thank you James Irvine Foundation for the resources you are providing to make a difference that creates infinite and innovative possibilities!"
VIDEO: The James Irvine Foundation in Two Minutes
This video from Board Chair Kafi Blumenfield really captures the essence of how the James Irvine Foundation works with partners. 

For more information about the Foundation visit: www.irvine.org
SBA Corner
SBA and lenders take more steps to improve Paycheck Protection Program

WASHINGTON – – The U.S. Small Business Administration and lenders are taking more strides to improve the Paycheck Protection Program (PPP) so that small businesses can access much needed PPP funds to persevere through the pandemic, recover, and build back better.

The Administration is working with the Agency to increase equitable access to underserved small businesses, to assure the integrity of the program, and to promote rapid and efficient distribution of funds.

This week, the SBA hit a major milestone of approving $104 billion of PPP funds to more than 1.3 million small businesses. Highlights from this round include:
  • Reaching more of the smallest businesses; 82% of all loans going to businesses requesting less than $100,000
  • Reaching rural communities in a meaningful way; 28% of businesses who have received funding this round are in rural communities
  • Increasing partnerships with Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) who are trusted agents in extending economic relief to minority communities and underserved populations  
2021 Federal Tax Deadlines for Your Small Business
By Karen Doyle for Hiscox

Whether you've started your first company this year or you are a veteran entrepreneur, your business might be subject to a variety of federal taxes. 

Required tax filings depend on your industry, annual revenue, and number of employees.

Here is what you need to know about filing your business taxes this year, plus, what you need to know if you deferred withholding employees' share of payroll taxes.