As the coronavirus (COVID-19) pandemic continues to have widespread economic impacts, small businesses, nonprofits, and similar organizations have been hit hard.
To help combat the economic fallout from the pandemic, the federal government has introduced sweeping legislation to provide emergency relief via loan and grant programs and tax breaks, credits and other incentives.
Sources of relief include:
- SBA Economic Injury Disaster Loans (EIDLS)
- SBA Paycheck Protection Program (PPP)
- Families First Coronavirus Response Act (FFCRA) Tax Credits
- CARES Act Employee Retention Tax Credit
- CARES Act Employer Tax Payment Deferral
Millions of dollars of emergency relief is now available to qualifying organizations, some of which is eligible for 100% forgiveness. Unfortunately application processes are complex and time-sensitive, strict usage rules determine what can be forgiven, and changes to tax code are complex.
MGO has created the attached one-page summary to provide basic details on what your organization may be eligible for, and the levels of relief available.
If you need assistance applying for loans, or applying tax incentives, please do not hesitate to reach out to our team.