Congress may be on the verge of passing a second relief package, one that could mean at least $600 stimulus checks in the mail, supplemental $300-a-week federal unemployment benefits if you’re not working, and deferred student loan payments until April 2021.
Small business owners could also get another shot at federal loan money.
Congress’ package as of Friday totaled roughly $900 billion in relief measures, including $325 billion in small business support, roughly $250 billion in funding to the Paycheck Protection Program; at least a $600 direct payment to individuals; and a $300 per week in supplemental federal unemployment insurance benefits for an additional 16 weeks.
The same Americans who got stimulus checks last March should be eligible for this latest round -- individuals making less than $75,000 and married couples making less than $150,000 in adjusted gross income. Like the first round, those with dependents may also receive extra money.
Checks should go out a few weeks after the relief bill passes. Federal unemployment would pick up where states left off, for an added four months.
Of course the relief bill may not materialize. So stay tuned.
Local accountants and business leaders are prepping their networks of clients to gather documentation for another round of Paycheck Protection Program loans.
A “fix” in the relief package could come for business owners who received or will receive PPP loans: they may be able to deduct the money spent on business expenses on their taxes, according to Anselm Sauter, Greater Philadelphia Chamber’s director of federal and state affairs.
“That was a big win for our constituents,” he said.
The U.S. Small Business Administration is expected to open the next PPP application window soon, although it’s unclear exactly when. PPP loans under $150,000 are mostly forgiven, provided the right documentation is submitted.
Congress’s first round of PPP loans largely excluded minority- and women-owned companies, and The Enterprise Center wants to arm entrepreneurs with the tools needed to ensure additional small business loans are equitably distributed.
The new PPP money will be given out on a “first come first serve” basis, and being prepared will help the region’s minority-owned businesses stay afloat during the COVID-19 pandemic.
“It is likely that the second round of PPP funding will have two additional requirements: businesses must have 300 or fewer employees, and must provide evidence that their revenue has dropped 30 percent or more as a result of COVID-19,” said Ian Lawrence, senior director at Philly’s Enterprise Center.
“Because minority-owned businesses have historically struggled to gain access to private capital and federal funding, it’s essential that they’re prepared to apply for the next round of PPP loans. That means having financial statements, payroll documents, and other paperwork in order and completed,” he said. “If black and brown businesses do not take these steps in the coming days, they may be shut out of government funding again.”
The Enterprise Center has a form online to receive the latest updates and make an appointment for virtual application assistance.
A regional partnership among Philly’s African American Chamber of Commerce PA-NJ-DE; Asian American Chamber of Commerce Greater Philadelphia; Greater Philadelphia Hispanic Chamber of Commerce, Urban League of Philadelphia; and the Enterprise Center is launching the “Get Your Documentation Ready NOW” campaign. It’s meant to encourage local minority-owned businesses to be prepare for PPP applications.
That could be a lifeline for small business owners like Jacqueline Debose, who owns Markhi Kids Children’s Boutique on 5246 Market St.
“It’s been so slow,” she said. “I’m just trying to keep rolling, pay my credit card and other bills.”
“I don’t know what we’re going to do without help,” Debose said. She’d like to apply for PPP money but isn’t sure how to go about it without a tax accountant and other guidance.
Temple University’s Institute for Business and Information Technology is offering free assistance to businesses and non-profits that need a digital presence. Applications are available here: https://ibit.temple.edu/dt/apply/.
A rule clarifying expenses related to PPP loans could be the new relief bill, Sauter said, allowing PPP borrowers to deduct the expenses on tax returns, overturning a Treasury Department decision.
“We’ve heard the intent of Congress is that those would be deductible,” Sauter said. “This bipartisan bill clarifies that. Will that be retroactive for IRS guidance on all PPP loans? We’ll find out soon.”
The Greater Philadelphia Chamber has been in close contact with Pennsylvania’s Congressional representatives and Senators, he added.
“They optimistic that something will pass, we thought on Friday. Now, negotiations could go into the weekend,” he said.
Congress may also include $25 billion in rental assistance, and extend the eviction moratorium through January 2021. The relief package could also extend deferral on federal student loans through the end of April 2021, versus the end of January signed by an extension under President Trump.
FEDERAL: Congress’ emergency relief package could be tied to a vote on the fiscal 2021 Omnibus Appropriations Bill before Congress adjourns. Two contentious issues of state and local government aid and temporary business liability protection from COVID-related lawsuits were cut from the package, and are expected to be addressed in the new year.
The Greater Philadelphia Chamber of Commerce will host a virtual gathering with U.S. Rep. Brendan Boyle, (D-Pa.), on Friday, Dec. 18 to discuss the legislation. Visit the chamber’s website to register.
STATE: The PA 30 Day Fund is still accepting applications for up to $3,000 in forgivable loans to businesses impacted by the COVID-19 pandemic. Visit the website pa30dayfund.com to learn more and to submit your application.
LOCAL: COVID-19 vaccines have begun to arrive for distribution to healthcare workers and nursing home residents. City Council approved a new commitment of $7 million in CARES Act funding to aid Philadelphia small businesses during the COVID-19 pandemic. The City is hosting PHLConnectED Week through this Friday, Dec. 18.
Black Restaurant Week is still accepting applications for its Feed the Soul Foundation Restaurant Business Development Fund. Feed the Soul Foundation grants money to marginalized entrepreneurs and Black business owners; submit an application to apply for stipends to fund business support services and training. Applications are open until January 5, 2021.
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