Share your story here and learn from other small business owners in a similar circumstance. We will also try to provide any resources and answers we can to help!

The COVID-19 Paid Leave Tax Credit provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave-related to COVID-19. (More info available on IRS.gov)

Some of the key expansion changes include the following:

• Extends the tax credits time window from March 31 to September 30
• Increases the total amount of wages an employer can claim for credit in a year from $10,000 to $12,000 per employee
• Expands the purposes allowed for longer-term paid family leave to match all of the purposes for shorter-term paid sick leave
• Allows credits for an employee who is receiving a vaccination or recovering from its side effects
• Prevents employers from claiming the credit if they make leave available in a manner that discriminates in favor of highly compensated employees, full time employees, or based on employment tenure with the employer
• Resets the clock on March 31, 2021 so that anyone who took leave in the past year can take leave again
• Allows access to the credits for state and local governments, as well as Federal governmental instrumentalities, that are tax-exempt 501(c)(1) organizations

Our question is: Have you seen a decline or increase in foot traffic in-store over the last month? Have you noticed any other new consumer trends that are impacting your business?

We would like to hear from the business owners in our community. Will you be applying for PPP this week? Whether you have already applied or are planning to apply, we want to hear how your experience has been. Please share why the PPP will help your business and why continued support for small businesses is so critical as we begin to recover from the COVID-19 pandemic.

What did you think of the conversation points? Did either candidate deliver on the needs of small businesses across the country?

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With the first presidential debate out of the way, did the candidates deliver on the small business and economic issues that you wanted to see addressed? Share your thoughts with us below!

Disclaimer: Please note that Small Business Majority is a 501(c)(3) organization. For election purposes, this means Small Business Majority does NOT directly or indirectly participate in, or intervene in, any political campaign on behalf of (or in opposition to) any candidate for elective public office.

For those interested in watching the debate online, you can view it on PBS by clicking this link here.

Disclaimer: Please note that Small Business Majority is a 501(c)(3) organization. For election purposes, this means Small Business Majority does NOT directly or indirectly participate in, or intervene in, any political campaign on behalf of (or in opposition to) any candidate for elective public office.

Question:

During tonight's presidential debate, many of the issues discussed will likely focus on COVID-19 and the U.S. economy as a whole. With small businesses playing an enormous role in both of those topics, what issues or questions do you want to hear addressed on the stage tonight?

Our goal is to provide a place for business owners like you to discuss current events and issues that are impacting small businesses across the country. When business owners are able to learn from others in similar situations or gain a better understanding of important small business issues that impact all of us, the small business community at large will benefit. Furthermore, at Small Business Majority, we are always looking for feedback and insights from real business owners so that we can do a better job providing education, resources and advocacy.

Currently, we are looking for feedback around the following question:

With Congress' continued inaction on a new Stimulus Package, it's beginning to look like no deal will be agreed upon before the election. What impact will this have on your business and what do you think Congress should be doing to help small businesses right now?

We are an S-Corp with no W-2's and only pay out periodic distributions to our two owner employees.

I had previously been told by a potential lender that without W-2 employees the business was not eligible to apply.
Based on the information in Brian and David's webinar, it appears that the situation may have changed.

What information do I need to verify our eligibility and successfully get through the application process?

Appreciate any insight that will help us navigate this process,
Audry

Small Business Majority COVID-19: Daily Updates And Resources For Small Businesses
As developments continue to unfold in response to the spread of COVID-19, we know many small businesses have questions about implications in the workplace and funding options to help bolster their businesses during this difficult time. We are compiling relevant tips and resources and information on new funding opportunities and policy developments that we are sharing on our website and through online presentations. We will be posting daily updates to this page with useful information about the ways small businesses can prepare for the impact of COVID-19 on their business and community.

Venturize COVID-19: Funding Resources For Small Businesses
As developments continue to unfold in response to the spread of COVID-19, we know many small businesses have questions about implications in the workplace and funding options to help bolster their businesses during this difficult time. We are compiling relevant tips and resources and information on new funding opportunities and policy developments that we are sharing on our website and through online presentations. We will be posting daily updates to this page with useful information about the ways small businesses can prepare for the impact of COVID-19 on their business and community.

I applied in March and never heard anything from SBA.

For full details, visit: https://venturize.org/resources/payroll-protection-program

The 2020 CARES Act included an advance of up to $10,000 for anyone who applies for an EIDL. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.

For a full breakdown, visit: https://venturize.org/resources/sba-economic-injury-disaster-loan

I already knew that the PUA (Pandemic Unemployment Assistance) is taxable on 2020 return, as well as the UI received from States.

But I am not sure if those above loans and grants are taxable for 2020. At least, I don't think that any loan is a loan, so that it is not taxable, because it has to be repaid. But I am not sure of the grant portion.

Could you, or somebody, explain the taxability?

Thank you.

Harumi

Check out a helpful guide that the Wall Street Journal published, "How to Apply for Small Business Loans Under the Coronavirus Stimulus Bill"