Guiding You Through the COVID-19 Economic Relief Options
The COVID-19 pandemic placed a huge economic burden on businesses across the country. Qualifying businesses, large and small, have been able to benefit from an array of enacted legislative packages which provided direct and tax credit-based relief.
Significant Sources of Funding Included
Non-forgivable, fixed interest rate loans offered to businesses who suffered economically from the pandemic.
Fully refundable tax credit in 2020 and 2021 for eligible businesses who suffered significant reduction in gross receipts and/or suspension of operations due to governmental orders.
Commonly referred to as ‘Save our Stages,’ targeted grant funding to shuttered venues, theatre groups and live performing art operators.
Grant funding administered through the Department of Health and Human Services for healthcare providers affected by the pandemic.
Provides refundable tax credit during 2020 and 2021 for employers who paid sick/family leave related to COVID-19.
Although these programs come with significant economic benefits, they also come with significant compliance burdens. With legislative changes, and updated guidance from the SBA and IRS coming frequently, ensuring your documentation is in order is of the utmost importance to obtaining, and keeping, these funds.
Withum’s COVID-19 Financial Assistance Services Team is up to date on all of these programs, and can help your business maximize the opportunities within these programs, and help to keep you compliant.
COVID-19 Resource Center
For more detailed information including articles discussing the above, please visit our COVID-19 Resource Center