Our industry has taken a hard hit with the COVID-19 pandemic, and with many of our 40,000 members owning or working for a small business, we understand that identifying and accessing financial resources is the number one priority. We are enlisting the services of some of our trusted partners to provide more specific insights through our Financially Fit presentations, hosted each Monday, which will allot plenty of time to address specific questions. And, as governmental programs are rolled out, we will continue to update this area with helpful information and links. Financial Resources
If you weren't able to attend previous Financial Fitness webinars, here is a list of past webinars and the links to the recordings. U.S.: The Economy and Your Business: Where to from Here? EMEA: Business Survival Post COVID-19 UK: Navigating the Insurance Market During COVID-19
U.S. Economic Impact Payments
: See if you are eligible for an Economic Impact Payment. If you are eligible, use the IRS' guide to figure out which tool you should use to get your payment. SBA Paycheck Protection Program (PPP):
Provides small businesses with funds to pay up to eight weeks of payroll costs, as well as interest on mortgage, rent, and utilities. PPP Application
Guide to PPP Loan Forgiveness: Prepared by the U.S Chamber of Commerce this guide is designed to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the loan forgiveness process. PPP Loan Forgiveness Application
: On May 15, 2020, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application and instructions on how to apply for forgiveness of these loans. PPP Tax Guidance:
The IRS released guidance that could potentially eliminate much of the benefit to small businesses unless Congress intervenes. The IRS stated that PPP funds are not eligible for tax deductions when used for expenses such as payroll and rent, which are typically deductible. While forgiven debt is normally taxable income, under the CARES Act, PPP loan forgiveness is not taxable. 238210 Electrical Contractors and Other Wiring Installation Contractors
The U.S. Small Business Administration’s Paycheck Protection Program asks borrowers on its application for its NAICS industry code. The 2017 NAICS code for CEDIA members and the residential technology systems industry is 238210.
This industry comprises establishments primarily engaged in installing and servicing electrical wiring and equipment. Contractors included in this industry may include both the parts and labor when performing work. These contractors may perform new work, additions, alterations, maintenance, and repairs PPP Information Sheet
PPP Required Document Checklist
CARES Act Summary: A 35-page, section-by-section summary of the CARES Act – more than $2 trillion in relief from the economic damage caused by COVID.
EIDL vs. PPP Information Sheet
SBA Disaster Assistance: Business owners can apply for a slate of long-term, low-interest loans (including Business Physical Disaster Loans and Economic Injury Disaster Loans) through the SBA.
Financial Support for UK Businesses
: The Chancellor has set out a package of temporary, timely and targeted measures to support people and businesses.
A Summary of the available funding
from UK Chartereed Accountants and CEDIA
Member, Moore Thompson. Start an application for the Coronavirus Business Interruption Loan scheme
and explore the currently accredited lenders.