April 1, 2021
Welcome, April! Don’t let that snow fool you – spring truly is on the way! As I type, the Reds are playing (not very well, but they are playing!), and spring sports are underway at our local schools. We welcome this change of pace and pray we can all continue to enjoy the good things life has to offer in Fayette County.
Speaking of fun – Night at the Races is back this year! Along with Fayette Co. Travel & Tourism and the Fayette Co. Ag Society, we have added some fun, and it will now be called “Community Day at the races!” That’s right – a whole day of fun kicks off at noon on Wednesday, July 21st. Stay tuned for all the details, but if your business is interested in sponsoring a race, please reach out! We have a few sponsorship opportunities available and would welcome an opportunity to discuss those with you in person.
In observance of the Easter holiday, the office will be closed on Friday, April 2nd. However, we will be cutting the celebratory ribbon at the new Fayette County Sheriff’s Office and Jail tomorrow at 11:00 a.m. We hope you will join us for this momentous occasion!
I am forwarding a few important updates from the Governor’s office. Please see those items below:
HIGHER EDUCATION VACCINATIONS
Governor DeWine announced today that the state would begin working with local colleges and universities to offer vaccination clinics on campuses across the state. These higher-education vaccination clinics will start on various campuses next week and will offer the one-dose Johnson & Johnson vaccine.
“Although young people are less likely to get sick from the coronavirus, they are significant carriers of the virus,” said Governor DeWine. “By offering one-dose clinics on campus, students who wish to be vaccinated will have a nearby, convenient location to get the vaccine with their peers.”
The goal is to offer on-campus clinics to all of Ohio’s college students before the school year ends in May.
Governor DeWine also announced that Ohio would begin working with employers and other organizations to offer workplace vaccination clinics throughout Ohio. Beginning the week of April 12, vaccine providers can allot up to 25 percent of their vaccine allocation to be used to vaccinate their own employees or to partner with local employers, labor unions, and other organizations to vaccinate their employees at their work locations.
LAUNCH OF APRIL ROUND OF TECHCRED
The next round of TechCred launches today and closes on April 30 at 3:00 p.m.
Ohio businesses can visit TechCred.Ohio.gov to apply and help their employees earn a new tech-focused credential at no cost.
More than 1,100 Ohio businesses have used TechCred, creating the opportunity for 19,841 technology-focused credentials to be earned by Ohio employees.
Wishing you all a wonderful Easter weekend,
Stay safe, take care of your neighbor and yourself!
Have a great evening,
- Investing $200 million in grants for bars and restaurants;
- Investing $150 million in grants for Small Business Relief Grant applicants, who previously applied and are qualified;
- Investing $50 million in grants for lodging industry businesses;
- Investing $40 million in grants for indoor entertainment venues;
- And investing $20 million in grants for new businesses, many of whom were unqualified to receive previous funding.
- Investing an additional $5 million for 5,000 tech-focused credentials through the TechCred program in fiscal year 2021;
- Funding $50 million ($25 million in each fiscal year 2022 and 2023) for 40,000 tech-focused credentials through the TechCred program;
- And investing $15 million for workforce efforts in economically distressed rural and urban communities.
Good Friday afternoon!
Below you will find a comprehensive explanation of the most current round of PPP loans. Please remember that while the portal for application is open, your personal lender may not have the information necessary to assist you at this time. Please be patient as they await direction and appropriate loan documents. This is a great time to gather your finances and read up on what will be expected of you throughout the loan application process.
If you received a PPP Loan during the first application period, the information below pertains to you and your business:
Second-draw PPP loans
One of the biggest changes with the new PPP is that Congress made funding available to businesses that had previously received a PPP loan. Borrowers are eligible for a second-draw PPP loan of up to $2 million, provided they have:
The Economic Aid Act did not provide a general definition of gross receipts for determining a borrower’s revenue reduction, so the new guidance makes the definition consistent with the definition of receipts in 13 C.F.R. Section 121.104 of SBA’s size regulations. Specifically, the IFR defines gross receipts to include all revenue in whatever form received or accrued (in accordance with the entity’s accounting method) from whatever source, including from the sales of products or services, interest, dividends, rents, royalties, fees, or commissions, reduced by returns and allowances. Forgiven first-draw PPP loans are not included in the 2020 gross receipts.
The Economic Aid Act makes first-draw PPP loans available to borrowers that were in operation on Feb. 15, 2020, and come from one of the following groups:
PPP applicants must submit documentation sufficient to establish eligibility and to demonstrate the qualifying payroll amount, which may include, as applicable, payroll records; payroll tax filings; Form 1099-MISC, Miscellaneous Income; Form 1040, Schedule C, Profit or Loss From Business, or Schedule F, Profit or Loss From Farming; income and expenses from a sole proprietorship; or bank records.
PPP borrowers can have their first- and second-draw loans forgiven if the funds are used on eligible costs. As with the first round of the PPP, the costs eligible for loan forgiveness in the revised PPP include payroll, rent, covered mortgage interest, and utilities. In addition, the following costs are now eligible:
To be eligible for full loan forgiveness, PPP borrowers will have to spend no less than 60% of the funds on payroll over a covered period between eight or 24 weeks.
Borrowers that receive a PPP loan of $150,000 or less shall receive forgiveness if the borrower signs and submits to the lender a certification that is not more than one page in length, includes a description of the number of employees the borrower was able to retain because of the loan, the estimated total amount of the loan spent on payroll costs, and the total loan amount. The SBA has yet to create the simplified application form but must do so by Jan. 20. The form may not require additional materials unless necessary to substantiate revenue loss requirements or satisfy relevant statutory or regulatory requirements. Borrowers are required to retain relevant records related to employment for four years and other records for three years, as the SBA may review and audit these loans to check for fraud.
To apply, CLICK HERE then choose the appropriate option – PPP First Draw or PPP Second Draw.
Again, we find ourselves in uncharted waters. Many have called with questions and we are happy to help you navigate. I will do my best to answer your questions or provide you with the necessary resources.
Monday, January 8th is Martin Luther King, Jr. Day and as such, many of our businesses will be closed in observation. Enjoy your weekend!
New business, new member, grant opportunities and today’s top Chamber news!
County Commissioners announce CARES Act Grant Program
The Fayette County Commissioners recently announced a small business grant program, funded by the CARES Act, for county-based businesses. If you are a business owner with 25 or fewer employees, and suffered loss due to the pandemic, please fill out the application and return to the County Commissioners office or the Chamber of Commerce office. Each grant award is worth up to $10,000.00 and questions regarding the application can be directed to the Commissioner’s office or by calling the chamber at 740.335.0761. Click the green button below to access the application.
Recovery, Adaptation & Innovation
- You are a member in good standing prior to June 3, 2020
- Your payroll does not exceed ten individuals
- Your business was adversely affected by the Stay at Home Order
- You share our webstore link on your business Facebook page.