Thank you for supporting East Atlanta businesses during this time, please continue!
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Many businesses that are allowed to re-open per Gov. Kemp's orders will remain closed until they feel safe for their customers and employees.
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Some businesses will choose to re-open. It is up to each business to choose what is best for them at this time.
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See the guidelines for salons, spas that choose to re-open tomorrow.
We continue to support safe practices for businesses and individuals alike per the CDC guidelines.
New Grant Opportunity
Thanks to a $1 million grant from Sam’s Club, LISC will provide emergency assistance that small businesses desperately need during the Covid-19 crisis. And it doesn’t stop there: Sam’s Club is mobilizing its members to support this effort as well.
Learn More
MOST UP TO DATE INFO ON COVID-19 LEGISLATION + PPP Lender Contact
Senate Passes Roughly $484 Billion in New Coronavirus Aid
The Senate on Tuesday approved roughly $484 billion in new coronavirus aid for small businesses and hospitals and more funding for testing, ending a lengthy battle over the size and contents of the package.
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SBA Payment Protection Program: Information from Congressman John Lewis
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Get your application in now!
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The funds will move fast and many lenders have applications lined up already.
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CDFIs, Credit Unions, and smaller banks are expected to be able to offer these loans this round with the new funding.
Unity Bank of Texas urges small businesses to apply with them immediately if they have not applied already. You do not have to be a current client.
https://www.unitybanktexas.com/Business-Loans.aspx
George Andrews 404.588.9611
Michael Green 404.609.3463
View the NFIB Update
Great Webinar that answers a lot of questions!
Click here to view.
On the Federal Tax Deferrals
The federal government is now allowing deferrals for 100% of the social security payroll tax paid by employers and deferral for 50% of social security costs paid by self-employed individuals. This is applicable to any tax deposits due between 3/27/20 and 12/31/2020.
Why it's right for you:
The social security payroll tax amounts to 6.2% of gross wages. You can pay 50% of the taxes by December 2021 and the other 50% by December 2022.
Things to note:
If you defer these tax deposits, you as the employer are solely liable for payment by the extended due date.
Employers that participate in the PPP are not eligible for this program. However, they can defer taxes up until the date the employer applies for and receives a decision that their PPP loan has been forgiven.
On Employee Retention Credit (ERC)
Why it's right for you:
For each quarter through the end of 2020, employers are eligible for a credit of up to 50% of the first $10,000 in qualified wages for each qualified employee. This employee retention credit is limited to the 6.2% employer share of Social Security taxes subject to several conditions, and any excess credit is refundable.
Things to note:
You cannot get this credit if you have a PPP loan.
On Refusing to Work + Collecting Unemployment
There are a lot of questions as Georgia prepares to reopen for business under strict social distancing guidelines to prevent the spread of coronavirus.
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FILL OUT THE EABA COVID-19 BUSINESS RESPONSE SURVEY
We want to know how your business has been impacted over the month and business continuity steps you have taken.
- We will share this information with the City of Atlanta to gather data to better inform the needs of the business community during these uncertain times.
DEADLINE TO SUBMIT IS FRIDAY APRIL 30, 2020
FILL OUT THE SURVEY NOW
