Last updated: Tuesday, April 7, 11:30 am
Today’s Latest Updates
Did you apply for the EIDL on or before last Sunday? If you’ve not been in regular contact with an SBA lender, you should re-apply. The SBA retooled their online application and old applications may not be serviced. Click here to reapply or apply for the first time.
Outlook for Payroll Protection Program (PPP) applications: Some Local Lenders Are Processing Applications
Wells Fargo stopped processing PPP loans this weekend when they hit $10B in loans. Bank of America, as of Monday morning, had accounted for another $35B in loans in processing. Not surprisingly, as of midday Tuesday, April 7, the Washington Post was reporting the Treasury is going to seek another $200B from Congress to supplement the rapidly-depleting Small Business loan packages.
Did YOU successfully apply for a PPP loan? Email us and let us know!
Bankers – are you making PPP loans in Lincoln County? Email us and let us know!
PPP Loan (available via lenders starting Friday, April 3: “The amount you qualify for is based on 2.5 times your average monthly payroll costs. Your monthly average payroll is calculated based on your prior 12 months of payroll costs. You take that average monthly payroll number and multiply it by 2.5. For example, if your monthly average payroll was $20,000, then you would qualify for a $50,000 PPP Loan.”
How Do I Get This Loan Forgiven? This is the critical question. The loan forgiveness provision is the best part. You are eligible for loan forgiveness for the amounts you spend over the next eight weeks after receiving the loan on certain qualifying expenses. The qualifying expenses of the business over the eight-week period includes payroll costs, rent, interest on mortgage debt and utilities.
If the number of full-time employees is reduced over this time period or if your payroll costs are reduced 25 percernt or more, then the amount of the loan eligible for forgiveness will be reduced.
The bank who granted the loan is who will determine the loan forgiveness amount based on the criteria above. The business will request forgiveness of the loan with evidence to the bank, and the bank will have 60 days to approve or deny the forgiveness.
Purchased safety equipment and supplies to protect your team? SAIF customer? If so, you may be eligible for a grant. The SBDC spoke with a client in Lincoln County at 4pm on April 2 who’d just received more than $700 in reimbursement for eligible supplies. “It was fast and easy,” he said. Go figure! Here’s the link.
Even More on SBA Loans
Here’s the SBA’s new portal (Posted Monday, March 30):
For Lincoln County Businesses
Mondays & Wednesdays | COVID-19 Business Roundtable Discussion | 10am
Twice-Weekly Business Roundtable via Zoom Videoconference: Join in the discussion to talk about the ongoing crisis and your particular needs and concerns, in a group of other business owners. | FREE | Monday & Wednesday, 10am-11am, Weekly Until Further Notice | Click here to Join Videoconference
Updated list of Oregon & National Disaster Assistance Funding for Businesses | Regularly Updated
Free Online Workshops
This Spring, the SBDC is responding to the COVID-19 outbreak with a series of free classes and workshops, delivered direct to your home or office via live videoconference. Check out the lineup, here.
Welcome to the Oregon Coast Community College Small Business Development Center’s Coronavirus Resource page. We’re developing this resource along with our partners (locally, regionally, and statewide) to provide a simple, straightforward way to access the latest information on resources local employers and employees may need as a result of the ongoing COVID-19 Coronavirus situation.
On the right side of this page (or below, when viewing on a mobile device) you’ll find the latest links to resources such as:
- Layoff Aversion Programs & Unemployment Insurance
- SBA Disaster Relief Loan Programs
- General Information about COVID-19 in Lincoln County
- Click to listen to Rep. David Gomberg’s Virtual Town Hall on the Coronavirus, with
Dr. Lesley Ogden of Samaritan Health, and Dave Price, with the SBDC
Tax Relief! Filing Deadline for Federal & State Tax Now July 15
FEDERAL INCOME TAXES
For anyone with a federal income tax payment that was to have been due April 15, 2020, the due date is postponed to July 15, 2020. The extension applies for payments up to $1,000,000 for individuals and most small businesses. This relief applies only to Federal income tax payments (including self-employment tax) due April 15, 2020 for the 2019 tax year and Federal estimated income tax payments (including self-employment tax) for 2020 due April 15, 2020. There is also an extension of time for payment of any other federal taxes. The due date for payments is extended, as is the due date for filing (or extending the time to file), to July 15.
OREGON INCOME TAXES
Oregon will automatically follow the change in the federal payment due date for tax due with the 2019 tax return. On March 25, Oregon announced the state would extend its tax filing deadline to July 15 as well. Oregon does not generally extend due dates for estimated tax payments, but Oregon law provides that interest will not be imposed on an underpayment of estimated tax if the department determines that by reason of casualty, disaster, or other unusual circumstances the imposition of interest would be against equity and good conscience.
If you have questions, please contact Wendy Ludwig at firstname.lastname@example.org. We will update this notice as any new details become available.
If you have been laid off due to the COVID-19 outbreak, or you are an employer that has been forced to lay off employees, please see this two-page document. Qualifying for unemployment benefits has become dramatically easier in recent days in order to include more people affected by COVID-19. The basic rule for people whose employment has been reduced in any way by COVID-19 is that they should file a claim, because each claim is decided on an individual basis. Even if an individual is ultimately denied unemployment benefits, they may be made aware of other benefits or community resources they can receive during the application process. In other words, even if for some reason you’re not sure you’re eligible, it cannot hurt to apply for benefits.
Every business in Lincoln County is sure to feel the effects of the pandemic in one way or the other. No business should feel they have to ‘go it alone.’ Your SBDC, and its army of partners and affiliate agencies and individuals, are here to help.
• Click to register now for free, confidential, one-on-one business advising – delivered soon, and via live video or teleconference, from our offices here in Lincoln County
The resources on this page will continue to change. This is a fluid and unpredictable situation. If you don’t find what you’re looking for, contact us via email or call 541-994-4166.