A message for our #FunChamber partners:
I want to make sure everyone has updated information as it is passed along to us so please continue to check your emails. If you are not currently receiving our newsletter, please sign up on our website. Also, we’ll continue to update you on Facebook as well.
Finally, please do not hesitate to reach out to me during this time and make sure I have updated information on your hours of operation, special situations like curbside food service or online ordering, etc. I am happy to share it with our network but I just need to know about it. Tag the Chamber on FB, use our #FunChamber hashtag, text me, Zoom me or just send it to me in an email. Doing business in the coming months is going to be challenging but the show must go on and think about all the new ways we will learn how to communicate with each other effectively!
Try to stay positive, healthy and well, friends!
**** Update 5/18/2020****
For the Summary of the Cares Act please click button below.
PPP Loan Forgiveness
Congressman Wilson’s office sent the following information about the application for PPP Loan Forgiveness. Please read if this applies to you:
SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application
WASHINGTON—Today, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
- Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
- Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
- Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
- Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
- Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined
The PPP was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic. The documents released today will help small businesses seek forgiveness at the conclusion of the eight week covered period, which begins with the disbursement of their loans.
Click here to view the application and instructions.
More resources for small businesses and employees
Apply for the Bartenders Emergency Assistance Program. For more information and a link to the application https://www.usbgfoundation.org/beap…
One Fair Wage emergency relief fund https://ofwemergencyfund.org
You can apply for unemployment under measures implemented specifically to address the economic distress of the coronavirus. This link provides access to the unemployment application. https://dew.sc.gov/individuals/apply-for-benefits
From people who I’ve spoken to it seems like the largest source of stress is making sure you don’t get evicted for being unable to pay your rent while the business you work for has closed. Now is a GREAT time to learn about your rights as a tenant. Here are some great resources to start with:
The federal tax return filing deadline is now July 15, 2020. For tax payments of up to $10 million, the IRS has also extended the deadline for both individuals and businesses to July 15, 2020. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15.
Many banks have offered deferment and forbearance to business loan customers having trouble making payments. Check Forbes’ list of banks offering relief. You can also search for your bank on the American Bankers Association’s ongoing A-Z list of coronavirus response programs.
Facebook has committed to offering up to 30,000 small businesses $100 million in cash grants and Facebook advertising credits. The grants will be provided to businesses in more than 30 countries. Information is limited, but sign up to get more details from the company when they’re available.
Although all Lexington County Public Libraries are closed we are open to take Reference Calls and queries from the community. We have a skeleton staff here at the Irmo branch to answer any reference questions our community needs help with. We can be reached at (803) 798-7880 ext 3. See the link below for a full list of local resources provided by the Lexington County Library.
Irmo is a beautiful town nestled between the capital city of Columbia and the man-made wonder that is Lake Murray. A family-based community, Irmo offers all the conveniences of a city with the feel and sights of suburban, southern living. The Irmo business community is thriving and we encourage you to Shop Local, Eat Local and Stay Local!
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