ppp forgiveness Archives - Lomita Chamber of Commerce

ppp forgiveness

March 25, 2021

Congress extends deadline for PPP applicants to May 31, 2021

Lomita Chamber Business Advocacy, Business Resources, News covid 19 update, first time ppp, lomita chamber, ppp forgiveness, ppp loan extension, small business

Small businesses have an additional two months to apply

PPP applicants can go through the loan process with the following changes:

The PPP program is open through May 31, 2021 or until the new funding is exhausted.
If you are a 501(c)(6), a 501(c)(5), a local news media organization, or a housing cooperative you may be newly eligible for a loan.
You may qualify even if you took advantage of the Employee Retention Tax Credit.
If you are a publicly traded company, you are now prohibited from receiving a loan.
Group insurance payment can be included in your payroll costs when determining your maximum loan amount (see Step 3 in our original Guide).
If you are a seasonal employer, you have greater flexibility in picking the 12-week period between February 15, 2019 and February 15, 2020 used to determine your payroll costs and thus your maximum loan amount.

Small businesses have an additional two months to apply which may also open the door to apply for a second PPP loan if the first draw was recently received and not enough time passed between loans to apply for a second one. (Eight weeks must pass between the loans so there’s time to spend the money on payroll.)

More helpful resources are here:

Guide to Small Business COVID-19 Emergency Loans

Guide to PPP Forgiveness

For more info, visit the SBA website.

December 28, 2020

Employer Resources: 2021 New Laws, Tax Credits, PPP Forgiveness and More

Lomita Chamber Business Advocacy, Employer Resources, News california employer laws, employer law, hiring tax credits, ppp forgiveness, small business

New Laws for 2021

Be sure to read up on the laws that will apply to employers and small businesses including the California Family Care Act, Leaves of Absence, Workers Comp and more. Read more about these laws at the CalChamber website.

Mandatory Sexual Harassment Training

By January 1, 2021, employers with five or more employees must provide one hour of sexual harassment prevention training to nonsupervisory employees and two hours of such training to supervisors. These new requirements expand the prior harassment training law, which required employers with 50 or more employees to provide sexual harassment prevention training to all supervisors in California. The mandatory sexual harassment prevention training can be purchased on the CalChamber Store.

PPP Forgiveness Simplified Application

The SBA has released a 1-page forgiveness application for borrowers to apply for loan forgiveness for loans $50K or less. For loans larger than $50K here’s a link to the PPP EZ Application. Borrowers need to apply within 10 months after the last day of the borrower’s loan forgiveness covered period. For more info visit the SBA PPP Forgiveness FAQs.

California’s $100 Million Main Street Hiring Tax Credit

Qualified California small businesses that employed 100 or fewer employees as of December 31, 2019, and suffered a 50 percent decrease or more in income tax gross receipts can apply. Learn more about this credit.

CA Work Sharing Program Offers Employers Temporary Alternative to Layoffs

Employers can apply for the Unemployment Insurance (UI) Work Sharing program as a temporary alternative to layoffs if the business’s production or services have been reduced. (The program is optional.) Visit the EDD website here.

Please contact the Lomita Chamber of Commerce if you need assistance with any of these areas. We’re happy to connect you with a resource to help answer your questions.

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