Important Information about COVID-19
Updated February 24, 2021
COVID-19 Relief Bill
The U.S. House of Representatives and U.S. Senate passed the Consolidated Appropriations Act, 2021 (bill), a massive tax, funding, and spending bill that contains a nearly $900 billion coronavirus aid package. The emergency coronavirus relief package aims to bolster the economy, provide relief to small businesses and the unemployed, deliver checks to individuals and provide funding for COVID-19 testing and the administration of vaccines. Review/download a complete summary.
Paycheck Protection Program
First-draw PPP Loans
A new document has been released outlining how to calculate maximum loan amounts for first-draw loans, and explains what documents are required by business type.
Second-draw PPP Loans
A new document has been released outlining how to calculate revenue reduction and maximum loan amounts, and explains what documentation is required to provide.
Borrower Resubmission for Loan Forgiveness Application
The purpose of this Procedural Notice is to inform Paycheck Protection Program (PPP) lenders of the process for borrower resubmission of loan forgiveness applications using PPP Loan Forgiveness Application Form.
Excess Loan Amount Error Guidance
This new Procedural Notice outlines what PPP borrowers must do if they or their lender made an application error that resulted in a borrower receiving a PPP loan amount that exceeds the borrower’s correct maximum loan amount.
SBA Assists the Smallest of Small Businesses
On Monday February 22, President Biden announced a two-week window that only allows businesses with fewer than 20 employees to apply for loans. The 14-day period will start on Wednesday, February 24, and will end on Tuesday, March 9 at 5 p.m. ET. Administration officials said this would allow lenders to focus on serving the smallest businesses.
In an attempt to improve equitable distribution of loans, administration officials said changes would also be aimed at helping sole proprietors, independent contractors and self-employed individuals to receive more financial support by revising the program’s funding formula. At least $1 billion is also being set aside for businesses in this category that do not have employees and are located in low- and moderate-income areas. Details of the changes have not yet been released.
Connecticut CARES Small Business Grant Program
On October 20, Governor Ned Lamont has created a new grant program to assist Connecticut small businesses and non-profit organizations that have been negatively impacted by COVID-19. Companies with fewer than 20 employees or who had a 2019 payroll of less than $1.5 million will be eligible to receive a one-time grant of $5,000. This grant will be administered by the CT Department of Economic and Community Development and applications can be submitted online starting the week of November 9, 2020.
State of Connecticut – Reopening CT Plans
Governor Ned Lamont has rolled back reopening plans from Phase 3 to Phase 2.1, effective November, 2 2020. Click here for more details.
We will continue to closely monitor the progress of these rollout plans. Should any of our business clients have questions, we are here to help guide you in all of your business and cash flow concerns.
MahoneySabol Company Updates
The majority of our employees continue to work remotely and our office spaces remain closed. We have business continuity plans in place that enable us to continue to provide a high level of service as our team works remotely. These plans include the use of various technologies, as we remain committed to delivering the service that you are accustomed to receiving.
If you need to drop off documents, please do so Monday-Friday between 9:00 AM and 3:00 PM. There is a box outside our front door and our receptionist will retrieve the file upon drop-off.
We draw on our 30 years of experience in helping our clients navigate through the most urgent and challenging situations. In a crisis, the foremost concerns must be personal health and safety of our clients and friends, our families, and our employees. Our firm exists to protect our clients’ businesses and help you manage through the most complex of challenges. During this period, we will be available to you as always via phone and email. Please do not hesitate to reach out.
Additional COVID-19 Resources
The IRS has issued a detailed Q & A in regards to tax payment and filing relief announced last week. The webpage is updated daily with the latest news and information about changes in tax filing deadlines, payment deadlines, eligibility, IRAs, and HSAs.
State of Connecticut
For up to date information and to ask general questions about COVID-19 in the state of Connecticut, go online or call 2-1-1 or text the word “COVID19” to 898211.
U.S. Small Business Administration (SBA)
The SBA’s Newsroom provides up-to-date information on SBA programs, services, and PPP loan changes.