LOOKING AHEAD: PPP, FORGIVENESS AND TAXES
The end of this long, very different year is coming to a close, and there have been several months of confusion regarding the federal emergency funds that were made available to business owners at the onset of the pandemic. Now, many people’s thoughts are turning to taxes and how to reconcile their ledgers.
Where the
Paycheck Protection Program (PPP) is concerned, the number one question has been about how that money is viewed in terms of tax claims. The good news is the
IRS will not be taxing the PPP loans directly. However, because this is effectively a grant (if the loan is forgiven), the IRS has ruled that
expenses that were paid for with PPP loans are not deductible business expenses (read more
here). Also, many people have not had their
loans forgiven, and are not sure if that will happen before the end of the 2020 calendar year. Others have not applied for PPP forgiveness yet.
Questions? Join one of several
U.S. Small Business Administration (SBA) webinars to learn about qualifications and instructions for PPP Forgiveness Forms (3508, 3508S and 3508EZ), Changes of Ownership, and EDIL Request for Reconsideration. The online meetings, set for
Dec. 3, 14, 21 and 28, will be facilitated by Man-Li Lin, an Economic Development Specialist from the SBA NY District Office.
Contact her via email to confirm dates and times and Zoom webinar access
here.
STILL LOOKING FOR GRANTS + LOANS?
Yes, there are some still out there! Check in periodically to our Coronavirus Business Updates page on our website, and look under “Grants + Loans.” We regularly update the list with new programs and applications. (And if you’re in need of masks for your staff, we have a supply; shoot us an email!)
OPEN RESTAURANTS WINTER ENHANCEMENTS
As you may already know, at the start of the fall season, NYC Department of Transportation (DOT) made some mandatory safety enhancements to the Open Restaurants program. There are specific new roadway barrier requirements, enclosure guidelines and expectations pertaining to snowfall. You can read all the updated specifications and siting criteria here. The adjustments should all be in place by December 15.
Through December 11, sandbags, reflector tape, snow sticks and plastic barriers are available to all participants of the Open Restaurants program, free of charge. You can head to a DOT distribution center (any one convenient for you and not necessarily closest to your business) and pick up materials; check the locations, days and hours of operation here.
SICK LEAVE INFO
Join Commissioner Lorelei Salas for a conversation about the new amendments to NYC’s Paid Safe and Sick Leave Act, what they mean for employers, and when they take effect. It’s a virtual roundtable, scheduled for Fri., Dec. 11 from 10-11am, where you’ll:
- Understand your responsibilities
- Get resources
- Ask questions
It was a tight time crunch, so our exploration of a possible
Holiday Market in the FAB FULTON district did not develop into reality this season. However, we’d still like to get
feedback and thoughts from small business owners and merchants regarding the possibility of future outdoor market opportunities that may resume in the new year. Please take a moment to
fill out our survey which will better inform us of the interest level and logistical needs. You can find the brief survey
here; it will take less than 5 minutes to complete.
REACH MORE CUSTOMERS DURING THE HOLIDAYS
Take advantage of the NYC Small Business Resource Network’s #TechTuesdays to help you get your business online this holiday season!
Don’t know where to start? Head to their site
here to
sign up and get the full Holiday Tech Toolkit to learn how to move your business from brick and mortar to online. Here’s a quick overview of some available online services:
- Launch a Basic Website
- Sell Products Online
- Engage on Social Media
- Get your Menu Online
- And More!
If you’re a business in need of personalized assistance, sign up now for free!
ABOUT FAB FULTON
The Fulton Area Business Alliance (FAB FULTON) is a non-profit organization that advocates for and collaborates with small businesses and property owners along Fulton Street in Brooklyn’s neighborhoods of Fort Greene and Clinton Hill to maintain a safe, clean, and welcoming community while securing resources and partnerships for initiatives that enhance and promote the district.
This post contains links to the articles and information referenced in our latest FAB BIZ BLAST email communication. You can subscribe to future newsletters; sign up here for the FAB FULTON BIZ BLAST to get the latest information and resources for FAB FULTON Businesses!
