Free Legal Assistance For Small Businesses
You can also receive help from the COVID Relief Coalition, a group of Massachusetts non-profits, law firms, and governmental agencies of which the Attorney Generals Office is a part. The Coalition helps small businesses and non-profit entities in the greater Boston area with one-on-one advice about access to emergency loans and other sources of relief. The Coalition will also provide you with free pro bono legal advice from an attorney and should respond to your request for help within 24 hours.
Youre Our First Priorityevery Time
We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.
How Bench Can Help
Get ready for your next PPP loan application by having your bookkeeping up to date. Use the financial reports we provide to prove a 25% reduction in revenue. Our expert bookkeepers can answer any questions you have about the relief programs ensuring youâre getting the support you need to keep your business thriving. Then, once itâs time to file your taxes, youâll have access to everything you need for a stress-free tax season.
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Closed: Small Business Assistance Grant
The Small Business Assistance Grant December 2021 assists small businesses that were directly financially impacted by the Chief Health Officers COVID Restrictions from 23 December 2021 to 4 January 2022.
The Small Business Assistance Grant December 2021 is available to small businesses operating within the hospitality sector, the music events industry or the creative and performing arts sector.
Eligible employing businesses will receive $1,130 for each impacted day , while eligible non-employing small businesses will receive $400 for each impacted day .
The final grant payment available will be based upon the number of days that your business was impacted over this period, as demonstrated in your application and supporting evidence.
Applications for this grant have now closed.
- Have an annual turnover of more than $50,000.
- Have a valid and active Australian Business Number .
- Have an Australia-wide payroll of less than $4 million.
- Operate in the food and beverage industry.
- Have a local government approved alfresco plan.
Applications for this grant have now closed.
Pay Attention To Deadlines
Be aware of different filing deadlines. When you use a Schedule C, it becomes part of your Form 1040 and therefore, no separate filing deadlines apply. It is generally subject to the same April 15 deadline.
If you are taxed as a C-Corp, you need to file a Form 1120, you must file it by the 15th day of the forth month following the close of the tax year, which for most taxpayers is April 15 or the next business day if it falls on a weekend or holiday. If you are taxed as an S-Corp or as a partnership, you need to file a Form 1120S or form 1065. These forms are due by the 15th day of the third month following the close of the tax year, which for most taxpayers is March 15. You cannot send this form to the IRS with your personal income tax return.
To understand more about tax deductions, visit our Self-Employed Tax Deduction Calculator for Sole Proprietors.
With TurboTax Live Full Service Self-Employed, work with a tax expert who understands independent contractors and freelancers. Your tax expert will do your taxes for you and search 500 deductions and credits so you dont miss a thing. Backed by our Full Service Guarantee.You can also file your self-employed taxes on your own with TurboTax Self-Employed. Well find every industry-specific deduction you qualify for and get you every dollar you deserve.
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The Restaurant Revitalization Grant Program
Who qualifies: Businesses that focus predominantly on serving food and beverages are able to apply, including restaurants, bars, caterers, food trucks, and brewpubs.
What it is: A new program established by the ARP, this effort is intended to help one of the industries disproportionately affected by the pandemic and distribute grants to establishments in need.
These grants could be as much as the difference in revenue that businesses experienced between 2020 and 2019, based on their gross receipts, and are capped at $10 million. $5 billion of the funding for the program is also specifically set aside for establishments that made $500,000 or less in gross receipts in 2019.
The shuttered venue program is up and running. Hopefully the idea is the restaurants one can look really similar, says Sarah Crozier, a communications director for the advocacy group Main Street Alliance.
How to apply: Information about this programs application isnt available yet, but the SBA should be issuing guidance shortly. Much like the venues program, the application is expected to go through the agency directly.
Whats new: The ARP includes $28.6 billion to set up this program and ultimately distribute to different establishments.
What Are Qualified Wages For The Employee Retention Credit
The definition of qualified wages depends on how many people you employ.
If you employed more than 100 people in 2019, qualified wages apply only to wages paid to employees who are not working because of one of the reasons above.
If you employed fewer than 100 people in 2019, qualified wages can apply to any of your employeesas long as your business meets the qualifications above.
You can get more details about the Employee Retention Credit on the IRS website.
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Aniece Meinhold Owner Of Phuc Yea In Miami Florida
It’s been exactly one year since we first shut down our restaurant. I remember the first week of March 2020 sales decreased by 25%, and the next week was the same. Overnight we prepared to do takeout and delivery only. I was doing all the deliveries in my own car for the first month, but we were able to stay busy so we had to switch to the delivery apps, which I wasn’t happy about because they take 30% of sales. At the beginning, we benefited a little from the CARES Act and received a PPP loan from a small local bank after having been denied by Chase.
We used those funds to cover payroll and make sure our full-time staff was still able to stay on board and get paid. We also put UV lights on our air conditioners, installed hand sanitizer dispensers all over the restaurant, and made use of our outdoor space to accommodate social distancing.
With this next round of stimulus, I’m planning to use it to save and to keep paying our employees. My main concern is employee retention. Right now it’s very difficult for me to find skilled cooks and servers, because some people are still benefiting from unemployment and taking advantage of other cash-based gigs.
Our space doesn’t need a lot of upgrading, but I plan to use the stimulus check to purchase a patio enclosure for our front outdoor space. During May in Miami it rains nearly everyday, so I want people to still be able to come and eat outside. Last year I lost 30% of my revenue, and I’m still making it back up.
Increase The Child Tax Credit Earned
- For those without children, the American Rescue Plan increased the Earned-Income Tax Credit from $543 to $1,502.
- For those with children, the American Rescue Plan increased the Child Tax Credit from $2,000 per child to $3,000 per child for children over the age of six and $3,600 for children under the age of six and raised the age limit from 16 to 17.
- The American Rescue Plan also increased and expanded the Child and Dependent Care Tax Credit, making more people eligible and increasing the total credit to $4,000 for one qualifying individual and $8,000 for two or more.
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Richard Vn L Owner Of Matta In Portland Oregon
I started Matta with my wife Sophia in November 2018. As a first-generation Vietnamese American, it’s always been important to me to tell my story of growing up here through food. At the end of 2019, we were named Portland’s Food Cart of the Year by Eater PDX. Coming into 2020, we were hitting our stride as a business and working really hard to establish ourselves as a brand, and then the pandemic hit.
My wife and I are the only ones who run Matta, so we were not eligible for some of the loans other small businesses received to help with payroll. With this latest stimulus check, we want to take care of the thing that’s been taking care of us: our cart.
The first two years we’ve been in business, we haven’t been able to make any upgrades because we were focused on surviving. We want to add appliances to the cart. Right now I have a countertop electric fryer, but we’re planning to purchase a propane fryer and install a propane line. We also want to hire a local artist to paint a mural on the cart.
As a person that never really gets much from the government, it’s nice to get a little something. This stimulus will help make our business better, so we are appreciative that something is being done.
Gov Wolf: Effective April 4 More Options For Restaurants And Other Businesses Mass Gathering Maximums Increase
HARRISBURG As COVID-19 cases have declined and vaccination rates are climbing, Governor Tom Wolf today announced the lifting of some targeted restrictions on restaurants and other businesses, as well as increased gathering limits.
UPDATE: MARCH 15, 2021
PA COVID-19 Hospitality Industry Recovery Program
The PA COVID-19 Hospitality Industry Recovery Program will begin accepting applications on Monday, March 15. The program allows businesses in the hospitality industry that were affected by the pandemic to receive grants of up to $50,000 to offset losses.
This program is administered County by County. Please visit your County links below to learn more about the application process and program guidelines.
Shuttered Venue Operators Grant Program
The Shuttered Venue Operators Grant program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the SBAs Office of Disaster Assistance.
SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, January 15 and All Lenders on Tuesday, January 19
PPP First-time applicants
Continuing the Paycheck Protection Program and Other Small Business Support
Section 03: Emergency Rulemaking Authority
- Requires the SBA Administrator to establish regulations to carry out this title no later than 10 days after enactment of this title.
Section 05: Hold Harmless
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Access To Loans And Immediate Emergency Funds
To keep businesses afloat and employees paid, the legislation includes another round of first and second forgivable loans for small-business owners.
The relief bill provides $284.5 billion for the Paycheck Protection Program, which offers loans guaranteed by the Small Business Administration at an interest rate of 1%.
The new PPP authorization expands funding to more industries and businesses, while also allowing some businesses to qualify for a second PPP loan. Second loans target previous borrowers with no more than 300 employees and who can show a 25% drop in annual gross receipts or in any 2020 quarter compared with the same period in 2019. Businesses must also have used or plan to use all of their first PPP loan in order to qualify for a second loan.
Self-employed workers, independent contractors and sole proprietors are also eligible for first and second PPP loans.
The loans don’t require fees, personal guarantees or collateral that small-business loans typically involve.
These loans are to be used for payroll and compensation costs, health care benefits, mortgage interest, rent, utilities, and interest incurred on other existing business debts.
The relief bill expands the allowable expenses to include operations costs such as software supplier costs protective equipment and workplace modifications to meet health guidelines. It also wraps in property damage from public disturbances in 2020 if these costs weren’t covered by insurance.
Community Development Financial Institutions Fund
The CDFI Fund promotes economic revitalization and community development in low-income communities through investment in and assistance to mission-driven lenders known as Community Development Financial Institutions and other community development organizations. The CDFI Fund accomplishes this goal through the Community Development Financial Institutions Program, the New Markets Tax Credit Program, the CDFI Bond Guarantee Program, the Bank Enterprise Award Program and the Native American CDFI Assistance Program.
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How To File Federal Income Taxes For Small Businesses
OVERVIEW
Depending on your business type, there are different ways to prepare and file your taxes.
For information on the third coronavirus relief package, please visit our American Rescue Plan: What Does it Mean for You and a Third Stimulus Check blog post.
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Key Takeaways Before filling out any tax form to report your business income, gather all your recordspaper or electronicthat pertain to your business earnings and expenses. If you run your business as a sole proprietorship, or as an LLC and you are the sole owner, you can report your business income and expenses on Schedule C along with your personal income tax return. If you run your business as a corporation, or decide to treat your LLC as one, then you need to prepare a separate corporate tax return on Form 1120 or Form 1120S if you are an S-Corp, or Form 1065 for a partnership and/or multi-member LLC. |
When its time to file a federal income tax return for your small business, there are various ways you can do it, depending on whether you run the business as a sole proprietorship or use a legal entity such as an LLC or corporation.
Different types of business entities can require a different set of tax forms for reporting your business income and expenses. Regardless of the form you use, you generally calculate your taxable business income in similar ways.
The Ppp Application Is Much More Simplified
Say goodbye to complicated applications: If youre applying for a PPP loan under $150K, youll only need to complete just a one-page application that contains the following information:
- The number of employees youll retain with the loan funding
- How much of the loan will be spent on payroll costs
- An agreement that youll retain records for the duration of your loan
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Restaurant Revitalization Fund Grants
One of the most significant parts of the ARPA is the new Restaurant Revitalization Fund . This $28.6 billion grant program will specifically target hard-hit restaurants and bars. Affected entities will be able to apply for grants based on lost gross revenue between 2019 and 2020, with maximum grant sizes totaling $5 million for restaurants and $10 million for restaurant groups.
The SBA will administer and disperse the RRF grants. To apply, businesses will need to either apply through SBA-recognized point-of-sale restaurant partners or directly with the SBA using an online application portal.
The SBA will begin registrations for the Restaurant Revitalization Fund on Friday, April 30, 2021, at 9 a.m. EDT and open applications on Monday, May 3, 2021, at noon EDT. The online application will remain open to any eligible establishment until all funds are exhausted.
In preparation, the SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience, specifically by:
- Registering for an account in advance at sba.gov starting Friday, April 30, 2021, at 9 a.m. EDT.
- Reviewing the official guidance, including program guide, frequently asked questions, and application sample.
- Preparing the required documentation.
- Working with a point-of-sale vendor or visiting sba.gov to submit an application when the application portal opens.
Economic Injury Disaster Loan And Targeted Eidl Advance Payments
Who qualifies: There are two programs that are part of the Economic Injury Disaster program including targeted grants and more standard SBA loans.
EIDL grants: The grant or targeted advance program is currently aimed at businesses in low-income communities that have applied for EIDL relief in the past but did not receive the full amount they needed. These businesses also had to show a 30 percent decline in revenue in an eight-week window from March 2020 onward versus a comparable time frame before then. SBA is reaching out directly to those eligible for this targeted advance via email.
EIDL loans: The loans program, meanwhile, is still open to all small businesses that meet the SBA size standards and have suffered economic injury during the pandemic.
What it is:
EIDL grants:Businesses in need that have previously submitted applications are eligible for up to $10,000 in grants. These include businesses that either did not receive grants in the past or ones that received a smaller amount than they requested. SBA is directly reaching out to these businesses in order to update them.
EIDL loans:Businesses pursuing the loans can receive up to $150,000 to use on everything from payroll to operational costs.
How to apply:
EIDL grants:Currently, the grants application process is closed to new applicants, and SBA is focused on addressing applications they already received. Those who are eligible for this advance will receive a specific email notice from SBA.
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