For Employers & Business Owners
Dec 22nd – The Consolidated Appropriations Act, 2021: Should you wish to read more about the Act, here is the lengthy H.R. 133 bill in its entirety, or here is a more-concise summary.
Nov 2nd – BWC Approves $5 Billion for Ohio Employers
Governor DeWine Announces CARES Act Funding to Support Small Businesses, Nonprofits, and Ohioans Impacted by COVID-19
A full list of the eligible use of funds and terms and conditions for participation in the SBRG can be read here.
Small Business Loans – CARES Act
SBA Economic Injury Disaster Loans (EIDL) – This document is just a summary regarding the application process for a Disaster Loan from the SBA, which can include a $10k grant that may be obtainable in as little as three days. These loans have been around for some time, but the recent CARES Act reduced the amount of restrictions and eligibility requirements. This is not a forgivable loan. However, the $10k grant may be forgiven if it is used for payroll and other working capital items.
Payroll Protection Loans (PPP) – This document from the US chamber of commerce is a really nice summary of the Payroll Protection Loans under the new CARES Act (passed 3/27/20). These will be obtainable soon through lenders and financial institutions. As I understand it, the funds may be obtained in as little as 48 hours in some cases. This is a forgivable loan as documented in the attachment.
With all of the new legislation, it can be confusing as to what small business loans you should apply for; SBA disaster loans (EIDL) or the Payroll Protection Loans (7a). We’ve created a flow chart to help you decipher which path may be right for you. Please call us regarding the best options for your specific situation.
Watch an interview with Neil Hinkle, CPA and Partner at Whitcomb & Hess, about the loans available to small business owners as part of the recently-passed CARES Act.
The US Chamber has added another overview document of the different options (on EIDL loans):
– Paycheck Protection Program
– SBA EIDL Loans
– Employee Retention Tax Credit
You can also reference this handy graphic from the SBA on the differences between the two types of loans.
An Independent Contractor’s Guide to CARES Act Relief – If you are an independent contractor or self-employed individual, you may be eligible for Paycheck Protection Program (PPP) loans/grants, SBA’s Economic Injury Disaster Loans (EIDL), and/or Unemployment Compensation for losses of income related to the coronavirus pandemic.
Guide to PPP Loan Forgiveness – Under the Paycheck Protection Program (PPP) created by the CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses.
If you still have questions and would be interested in a short (15-20 minute) consultation on what options may be best for your business, give us a call at 419-289-7007, or contact us here.
Save Small Business Fund Grants
U.S. Chamber of Commerce Foundation
Ohio Unemployment FAQs for Employees
Ohio Unemployment FAQs for Employers
Employers Guide to Ohio Unemployment
Sick Leave – Family First Act / Expanded FMLA
It is required that all employers notify employees of the new laws regarding paid leave for COVID-related time off.
Required posting for all employers (non-federal)
FAQ on the posting requirements
FMLA (Family and Medical Leave) Update – Department of Labor
Families First – Paid Sick Leave
Watch an interview with Teri Yoder, CPA and Senior Accountant at Whitcomb & Hess, on how the CARES Act impacts payroll for business owners.
Ryan Gilmer, our Chief Investment Officer, has been writing weekly update on the markets.
You can email email@example.com if you would like to subscribe to this series to stay up to date.
Watch an interview with Ryan, about what’s happening in the market, and how it could affect your long-term investment goals.
Tax Deadlines & Filing Information
Both federal and Ohio state taxes for 2019 are now due July 15, 2020.
If you are expecting a refund, it is recommended that you file sooner.
Filing requirements for stimulus payments
Social Security Recipients Will Automatically Receive Economic Impact Payments
Watch an interview with Aaron Bates, Certified Financial Planner and Wealth Management Principal at Whitcomb & Hess, on some highlights you should know about the CARES Act.
Coronavirus-related updates at IRS.gov
Coronavirus-related relief for retirement plans and IRAs questions and answers
If you still have questions and would be interested in a short (15-20 minute) consultation about your personal financial plan or tax situation, give us a call at 419-289-7007, or contact us here.
Other Information & Resources
Visit the IRS Get My Payment page for information on the status of your stimulus payment. If you’re expecting your payment via paper check, here is an article from Forbes detailing when they are expected to be mailed out.
If you received a stimulus check for a deceased relative, here is an article about returning it to the IRS.
State of Ohio
5/20/20 – Stay Safe, Partial Rescission
Responsible Restart Links
Manufacturing, Distribution & Construction
Critchfield, Critchfield & Johnson’s COVID19 Task Force Page
Our friends at CCJ are doing an amazing job staying on top of this changing landscape.
Whitcomb & Hess – Information and Updates
We are still open and here to serve you. We are continuing to follow CDC guidelines of increased sanitation of high-touch surfaces. We encourage you to help keep us all healthy by doing the following:
– Please refrain from coming into the office if you or anyone in your household is ill.
– Call before coming to the office, in case the person you would like to speak with is working from home.
– Have your meeting virtually with your CPA or Advisor. We are happy to help you set this up.
– Utilize the drop slot on our side door if you are just dropping off paperwork.
– Consider allowing us to mail your completed tax return, rather than picking it up.
Stay updated by reading our most recent blog posts concerning the COVID-19 outbreak or check out our interview series on YouTube, where we breakdown some of the pertinent information for both business owners and individuals.
We are making it a priority to keep this page as up-to-date as possible. If you have any questions, please feel free to call us at 419-289-7007 or contact us here.