Port Clinton Area Chamber of Commerce

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  • Home
  • Chamber
    • About Us
    • Office Staff
    • Board of Directors
    • Committees
    • Accomplishments
    • Testimonials
    • Sponsorship
    • Mobile App
    • Chamber Store
  • Events
    • Calendar
    • Business >
      • Annual Dinner
      • Business After Hours
      • Job Fair
      • Leadership Conference
      • Lunch-N-Learn
      • Speed Networking
    • Festivals >
      • Walleye Festival
      • Riverfront Live
      • Rock the Light
    • Holiday >
      • Trick or Treat
      • Community Christmas
    • Community Fun >
      • Sunset Cruise
      • Car Show
      • Meals On Madison
      • Golf Outing
      • One Mile of Dollar$
    • Photo Gallery
  • News
    • Chamber Blog
    • Member Spotlight
    • Information To Know
    • Newsletters
    • Join Mailing List
  • Community
    • Directory
    • Visitors & Relocation
    • Community Links
  • Local Resources
    • Important Numbers
    • Ottawa County Map
    • Business Location Map
    • Job Postings
    • Organizations
    • Request Response
    • Coupons
    • Gift Certificate Program
  • Contact
  • Membership
    • Join the Chamber
    • Premier Membership
    • Membership System
    • Member Benefits
    • Chamber Resources
    • Member's Area
    • Member Support
  • Sign In

PC Chamber Blog

Business Task Force Call-COVID Relief

1/13/2021

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​We are also pleased to announce that on Thursday, January 14th at 11:30am, as part of the Ottawa County Commissioners Small Business Task Force bi-weekly meeting, we will be providing a COVID-19 Relief Bill Presentation. This presentation will be conducted by Nick Apling, Robert Apling & Associates, and Justin Moore, GenoaBank. The presentation itself will last approximately 10-15 minutes and will be followed by a question and answer period. This presentation is open to the business community and accessible by clicking this link: https://us02web.zoom.us/j/3427603931 or call 312-626-6799 with Passcode: 3427603931#
 
COVID Relief Bill (Stimulus 2.0)
On December 27th, 2020 the COVID Relief Bill (Stimulus 2.0) was signed into law.  The $900 billion spending bill has several provisions that will assist individuals and small businesses.  This includes the popular Paycheck Protection Program (PPP), Employee Retention Credit (ERC), and the SBA Economic Injury Disaster Loan (EIDL).  These programs are expected to launch as early as next week.
 Paycheck Protection Program (PPP)
For businesses, it includes significant updates to the Paycheck Protection Program (PPP) – including how they are taxed, tax credit eligibility, receiving grants and more.  You must use an eligible banking institution to apply.
  • You are encouraged to apply even if you did not do so the first time (2020);
  • First-time applicants AND businesses that qualified and received a PPP loan in 2020 will also have the opportunity to apply again, but must meet these criteria:
    • The business has less than 300 employees, and;
    • had a 25% reduction in gross receipts during at least one quarter of 2020 when compared to the same quarter of 2019, and;
    • the amount of the loan does not exceed $2 million.
  • Like the original program, to get a PPP loan forgiven, 60% must be spent on payroll, but the 40% expenses (rent, utilities, mortgage interest) rule has been expanded. Eligible non-payroll PPP expenses now include:
    • Operations expenses: cloud computing services, business software, human resources and related expenses.
    • Supplier costs: payments that go to suppliers who provide essential goods.
    • Worker protection expenses: expenses that go toward keeping employees safe during COVID-19, including personal protective equipment (PPE), drive-thru windows, sneeze guards and outside dining enclosures.
    • Covered property damage costs: costs related to civil unrest that occurred in 2020 that were not covered by insurance.
  • Congress also made the necessary changes as they relate to a business’s taxable income. Whether you previously received a PPP loan or are getting one in the future, all PPP loans now are NOT taxable and the IRS cannot limit your deductions as a result of receiving the PPP loan. The language is retroactive and goes all the way back to the enactment of the CARES Act -- thus covering all PPP loan recipients.
  • Another positive change is that businesses will now be able to take advantage of both PPP loans and the Employee Retention Tax Credit (ERTC). It also expands the ERTC in 2021, with the new ERTC credit offering a maximum of $14,000 per employee through June 30, 2021. Originally, the CARES Act only allowed businesses to choose PPP or ERTC. You should take these changes into account for year-end (2020) tax planning purposes and as you plan out 2021.  You are eligible based on a decrease in revenue when comparing to 2019 quarterly revenue to 2020/2021 quarterly revenue. Please talk to your accountant regarding eligibility.  This is a complicated matter and details are still developing.
How do I apply?
  • We strongly urge you to talk to your accountant or local bank directly.  Their knowledge and expertise will be invaluable.
  • The federal government is working to ensure a smoother process with this new round of funding – more details and the rollout are expected the week of January 11.
  • These funds are expected to go quickly just like the first time – the longer you wait the less likely you will be to receive the funds.
  • For more information about the Paycheck Protection Program click here.
Economic Injury Disaster Loan (extended thru end of 2021 -- apply directly with the SBA on their website)
  • Lending option to assist businesses with a loan.  You must pay this loan back.  The interest rate is 3.75% and fixed over 30 years.
  • However, there are restrictions of distribution of assets (Example: cash distributions to owners).
  • SBA determines eligible loan amount based on your revenue.
  • Click here to be directed to the Economic Injury Disaster Loan page and application on the SBA’s website.
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Leadership Ottawa County 2021 Virtual Institute

1/5/2021

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Free SBDC Webinar - Creating Marketing Materials

1/5/2021

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    Author

    Nicole Kochensparger
    ​President/CEO

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Port Clinton Area Chamber
110 Madison Street 
Port Clinton, OH 43452

P:  (419) 734-5503
F:  (419) 734-4768
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