We understand there is a lot of information from various national, state, and local agencies being circulated. Our professionals are proactively advising clients to help navigate COVID-19 directives and opportunities. In addition, DWC wishes to help our clients and communities find valid information during the pandemic. We’ve gathered important COVID-19 business and employer resources to help you stay abreast of issues and directly access the most reliable sources. We will keep this page updated as changes occur. You can also stay up-to-date via our BLOG.
DISASTER LOAN ASSISTANCE
Small Business Administration (SBA) Funding for Small and Medium-Sized Businesses. There are two programs available to help businesses with disaster relief – the revised Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP). Both programs can be used, however they are not intended for the same purpose. Additional conditions and amendments may apply.
We are ready and available to help our clients provide accurate information for efficient processing of your PPP loan and loan forgiveness applications through your bank. Contact your DWC representative if you received a PPP loan.
PPP “2” PROGRAM (Consolidated Appropriations Act 2021)
The new Consolidated Appropriations Act of 2021 includes additional PPP loan funding. Eligible borrowers should talk with their bank to ensure it is participating in the program and regarding application process. Additionally, we encourage borrowers to consult with their accountant for proper calculations and proceeds usage per PPP application and forgiveness criteria. The below links are to assist with general information only.
- Top-line Overview of the First Draw PPP
- Top-line Overview of the Second Draw PPP
- PPP Second Draw Borrower Application Form(updated 03.18.21)
- PPP Second Draw Borrower Application form for Schedule C Filers Using Gross Income(updated 03.18.21)
- How to Calculate Maximum Loan Amounts for Second Draw PPP Loans (updated 03.12.21)
- PPP FAQs for Borrowers and Lenders
- SBA Issues Guidance on How to Apply for More PPP Funds (article provided as reference, DWC is an independent member of BDO Alliance USA)
PPP LOAN FORGIVENESS INFORMATION
There are three PPP Loan Forgiveness Application forms: SBA Form 3508, SBA Form 3508EZ, and SBA Form 3508S. Borrowers should check with their lender to ensure they have the most recent PPP loan forgiveness application and instructions. The 3508EZ and the 3508S are shortened versions of the application for borrowers who meet specific requirements. Your Lender can provide further guidance on how to submit the application.
- Forgiveness Forms & Instructions
- SBA Form 3508 Paycheck Protection Program Loan Forgiveness Application (updated 01-19-21)
- SBA Form 3508EZ Paycheck Protection Program Loan Forgiveness Application (updated 01-19-21)
- SBA Form 3508S Paycheck Protection Program Forgiveness Application (for loans $150,000 or less) (updated 01-19-21)
- Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act
- Interim Final Rules
- Treatment of Owners and Forgiveness of Certain Nonpayroll Costs
- Additional Revisions to Loan Forgiveness and Loan Forgiveness Procedures (loans $50,000 and less)
- Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act (originally posted 1/6/2021)
- Interim Final Rule on Second Draw Loans (originally posted 1/6/2021)
- Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act (originally posted 1/19/2021)
- Interim Final Rule on Loan Amount Calculation and Eligibility (originally posted 3/3/2021)
- PPP Loan Forgiveness FAQs
- PPP Loan Audit for Loans $2 Million and Up
- Additional PPP Loan Forgiveness Guidance from the IRS – Revenue Procedure 2020-51 and Revenue Ruling 2020-27
ORIGINAL PPP LOAN INFORMATION
The original PPP loan program closed August 8, 2020. The below links are for PPP/PPPFA loan rules and loan forgiveness information only.
- PPPFA Summary & full PPPFA bill
- PPPFA – Interim Final Rule Revisions to Original PPP Rule
- Top-line Overview of the PPP
- PPP Borrower Information
- Federal Register – PPP Rules & Regulations
- PPP Interim Final Rule – Additional Eligibility Criteria and Requirements for Certain Pledges of Loans
ADDITIONAL PPP RESOURCES
SBA EIDL LOAN PROGRAM AND OTHER ASSISTANCE
This loan is only accessible through the SBA. The prior EIDL Advances are no longer available. Access the EIDL application and information HERE.
SBA is also providing assistance for those who already have an SBA loan and business relationship with an SBA Express Lender. You should contact your SBA lender for more information on these programs.
- Enhanced Debt Relief assistance. If you already had an SBA loan in place prior to the Coronavirus pandemic, SBA is providing Enhanced Debt Relief assistance. The SBA will pay the principal and interest of current 7(a) loans for a period of six months.
TAX DEADLINES AND PAYMENT EXTENSIONS
The Treasury Department, IRS, Colorado and other states issued guidance on both tax filing and payment relief. Here are the summaries.
FEDERAL AND STATE RELIEF PROVISIONS
- The American Rescue Act of 2021 – This link provides the full text of the House bill. For a summary, click HERE. (NEW!)
- Shuttered Venue Operators Grant (SVOG) – SBA is working on building the application platform and they anticipate opening the grant program by the end of the week of 04/18/21. This page provides program details, FAQ page, and other preliminary information for grant application. (NEW!)
- Restaurant Revitalization Fund – This SBA page provides details about the RRF program to prepare restaurants for application. The opening date for application acceptance is TBD. (NEW!)
- The Consolidated Appropriations Act of 2021 – This link provides the full text of the House amendment. For a summary, click HERE.
- The Employee Retention Credit for 2020 and 2021
- BDO webinar on Employee Retention Credit and PPP”2″ – This webinar, presented by BDO presenters Randy Emmons and Michael Malody, covered the changes to the the ERC and PPP”2″. HERE is accompanying slide deck for ERC and HERE is a comprehensive reference to the PPP”2″ portion of the webinar.
- IRS Economic Impact Payments (aka Stimulus Payments) – This link provides information and FAQs for the first, second and third rounds of stimulus payments and 2020 Recovery Rebate Credit. NOTE – BEWARE of scammers pretending to be the IRS asking for your personal information to “verify” for payments. This link also provides information on payment schemes.
- Families First Coronavirus Response Act – This link includes information about common issues employers and employees face when responding to COVID-19, and its effects on wages and hours worked under the Fair Labor Standards Act (FLSA), job-protected leave under the Family and Medical Leave Act (FMLA), and paid sick leave and expanded family and medical leave under the Families First Coronavirus Response Act (FFCRA). Additionally, it provides the Employee Rights Posters (and Poster FAQs) employers are required to display/provide to employees.
- For Employers: Employer Paid Leave Requirements
- HR Update Webinar Presented by Employment Law Attorney Michael Santo: This webinar recorded on 08/13/2020 includes some FFCRA updates. Access the webinar and info HERE.
STATE OF COLORADO
- COLORADO DEPARTMENT OF LABOR & EMPLOYMENT (CDLE) – The State has adopted temporary emergency rules for unemployment requirements. This site provides a variety of resources for workers and employers who are impacted by the Coronavirus. Here is some helpful information for those seeking unemployment or employers with questions from employees:
- For Employers
- The Colorado Health Emergency Leave with Pay (“Colorado HELP”) Rules provides paid sick-leave information, including which employees and employers are covered under the Rules and additional requirements per the State (versus Federal).
- Additional resources for employers from CDLE can be accessed HERE.
- For Employees
- Employees whose employers are closed or working fewer hours click HERE for information on unemployment benefits and how to file an unemployment claim.
- For Employers
- Colorado Healthy Families & Workplaces Act (HFWA) webinar hosted by Autopaychecks and presented by Employment Law Attorneys Michael Santo and Alicia Severn of Bechtel Santo & Severn. Access the webinar HERE and the slides HERE.
WE ARE HERE FOR YOU
Safety of our employees, families, clients, and community is still our first priority. While our physical offices will remain closed to the public at this time, we are still available to provide advisory support to our clients and businesses to help recover as quickly as possible. Please reach out to your DWC professional for questions. Our professionals are prepared to collaborate and work with you via phone, email, or video conferencing using our Zoom platform.
Additionally, we have secure and free ways for you to provide us needed tax or other documentation to work on your engagement. Along with mailing options, you may access our secure file transfer service (LeapFile) or upload the information to your DWC Client Portal (login credentials required for the Portal).
If you are not able to provide documents electronically to us per the above options, please call us and we will find the best way to exchange needed information. For Glenwood Springs and Grand Junction clients, we have a convenient and secure “drop box” located just outside the front doors of the building.