11/22/20: WBE Tools, Resources, Information and Connections Bulletin November 23 – 27, 2020

We all know all this information is still unfolding daily so we urge you to review other resources so you can make the most informed decisions for your situation.

 

General

  • What happens when some of all of a PPP loan is not forgiven? The IRS Revenue Ruling 2020-27, issued on November 18, 2020, disallows a 2020 deduction for a calendar-year PPP loan borrower for eligible expenses incurred or paid in connection with the loan, where there is a reasonable expectation of forgiveness. The disallowance applies regardless of whether the borrower files a forgiveness application in 2020 or 2021, and regardless of when the actual forgiveness event occurs. The revenue ruling was accompanied by Revenue Procedure 2020-51, which addresses what happens when some or all of the PPP loan is not forgiven, or the borrow decides not to file for forgiveness. Learn More>>
  • 2020 Year-End Tax Guide This tax guide is a road map to many of the changes brought about by new governmental policies directed at COVID-19, not the least of which is the CARES Act. Due to the magnitude of the legislation, this cannot be an all-encompassing, definitive guide. Please utilize it as a summary of highlights, as it covers many top-level issues and opportunities in the country’s economic recovery efforts.

 

Small Business Administration

  • There is still time to apply for a COVID-19 Economic Injury Disaster Loan. Reminder! If you are a small businesses, nonprofit organization of any size, or a U.S. agricultural business with 500 or fewer employees that have suffered substantial economic injury as a result of the Coronavirus (COVID-19) pandemic, you can still apply for the COVID-19 Economic Injury Disaster Loan. Learn More>>
  • Small Business Saturday November 28, 2020. It’s been a challenging year for America’s nearly 32 million independent businesses. Now more than ever, it’s important to shop small and support small businesses on Saturday, November 28 and throughout the holiday season. Learn More>>
  • National Native American Heritage Month. American Indians, Alaska Natives, and Native Hawaiians have a strong history of entrepreneurship and small business ownership. There are about 300,000 Native American-owned small businesses in the U.S. today, generating around $50 billion of revenue a year. Native American business owners have made their mark in a variety of industries, including tourism, gaming, energy, agriculture, forestry, manufacturing, and federal contracting. These businesses sustain local communities, create jobs, and help grow the economy. If you are interested in starting a business or boosting your existing business, the U.S. Small Business Administration can help through a variety of financial support, contracting opportunities, and educational tools for Native American business owners.

 

Connecticut

  • REV-Up! Connecticut Back to Work is a Wage Subsidy and Training Program in partnership with the Governor’s Workforce Council, the CT State Department of Economic and Community Development (DECD) and the Connecticut Center for Advanced Technology, Inc. (CCAT). CCAT administers the REV-Up! Program. REV-Up! is intended to retain manufacturing talent pipeline by recruiting manufacturing employers to re-hire former employees or add to staff with manufacturing workers laid-off as a result of COVID; provide customized training and support; help employers grow their business for the future and build a stronger, vibrant workforce for a fast changing work world.

New York

  • The NYC Counsel to the Mayor released a series of FAQs to ensure that you can have a safe and happy holiday. In this new guidance, you’ll find details for how many people you can have in your home for the holiday (answer: 10 people max) and what steps you can take to ensure any holiday travel is done safely and responsibly. We are sharing this guidance widely across the city with the goal of keeping this next wave of the virus in check and avoid further restrictions.
  • NYC Business: Manage all services from the New York City Department of Small Business Services 
  • Access to Capital
  • Legal Assistance
  • M/WBE Certification for Minority- & Women-owned Businesses
  • Upcoming Webinars from NYC Department of Small Business Services
  • In partnership with the NYC Department of Youth and Community Development (DYCD), the Mayor’s Office of M/WBEs are seeking M/WBEs to host students in paid internships through the Work, Learn & Grow Employment Program (CareerReady WLG). CareerReady WLG offers talented NYC public high school students ages 16 to 19 free credit-bearing CUNY courses and City-paid remote and in-person internships for a comprehensive career development experience. CareerReady WLG interns can work on teams, be assigned to a specific project, or rotate through several departments and job functions within your organization. This is a great opportunity for you and your team to secure a bright, young mind and a new pair of hands to support your business while providing career exposure, industry knowledge, and mentorship to NYC youth – our future workforce! 

Key Internship Information 

    • Internship Period: December 21, 2020 through March 12, 2021 with flexibility to start after January 1, 2020
    • Students can work up to 12 hours per week while school is in session, and up to 30 hours per week during school recess periods 
    • Rate of pay: $15 per hour, paid by the City of New York 
    • Internship opportunities may be remote, in person, or a hybrid model 
    • DYCD recommends assigning five or fewer interns per supervisor for a remote model; the maximum allowable ratio is 12 interns per supervisor 

Please complete the short survey here to gauge your interest and compatibility to host a free WLG internship. The survey should take no more than five minutes and someone from the Mayor’s Office of M/WBEs will contact you regarding next steps. 

 

New Jersey

  • Gov. Phil Murphy ordered more restrictions Monday – this time targeting gathering limits – ahead of Thanksgiving as the number of people across the state being hospitalized or killed by the coronavirus continues to climb and case counts rise sharply. Though there are several exceptions, indoor gatherings now have a 10-person limit while outdoor gatherings are to include no more than 150 people after Murphy signed an executive order. The previous limits were 25 indoors and 500 outside. (NJ.com) Read More>>
  • Eligible small businesses and nonprofits in #NewJersey with 100 employees or fewer can qualify for discounts of up to 35% on PPE from approved retailers through the New Jersey Economic Development Authority (NJEDA) PPE Access Program! All New Jersey businesses & nonprofits qualify for at least 10% off.

 

Maryland 

 

Webinars

  • Tuesday December 8 | 1:00pm – 2:00pm Managing Crisis through Agility: Keeping Not-for-Profits Missions Possible. In the COVID-19 environment, not-for-profits have been forced to pivot quickly from their normal financial management routine and rely much more heavily on real-time, dynamic, and meaningful financial data. Join CohnReznick for this webinar as we discuss the pandemic-related shortcomings in organizations’ systems and processes, and how finance leaders can fully understand how to assess these weaknesses, improve on them, pivot, and respond to the new economic reality.

Additionally, panelists from the not-for-profit industry will share real-world examples of economic challenges and disruptions they’ve faced amid the pandemic and how they pivoted to keep their organizations functional and sustainable, while filling an increased demand for program services to members, the public and others.

The webinar will cover:

    • Identifying information that is necessary to facilitate decision-making in a distressed and changing environment
    • Strategies to alleviate operational shortcomings unearthed after the COVID-19 pandemic began
    • Leveraging technology lessons-learned to help mitigate the impact of future crises
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