SBA has reopened the PPP loan application for first time applicants
Loans can be used to help fund payroll costs, including benefits, pay for mortgage interest, rent, utilities, worker protections costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations
Applicants must have no more than 300 employees, and demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020
For more information and to apply, visit the SBA website
Restaurant & Bar Special Sales Tax Deduction
Certain restaurants, bars, and mobile food vendors may be eligible for a special sales tax deduction, which was added by House Bill 20B-1004
The special deduction applies to payment due for the following tax periods: Nov 2020 (due Dec 21, 2021), Dec 2020 (due Jan 20, 2021), Jan 2021 (due Feb 22, 2021), Feb 2021 (due Mar 22, 2021)