Get Outlook for iOS<https://aka.ms/o0ukef> ________________________________ From: Frederick Dsouza <[email protected]> Sent: Thursday, December 24, 2020 12:04 AM To: Frederick Dsouza Subject: Fwd: Congress Passes Renewed PPP Extension
Sent from my iPhone Begin forwarded message: From: Frederick Dsouza <[email protected]> Date: December 23, 2020 at 11:56:23 PM EST To: [email protected] Subject: Fwd: Congress Passes Renewed PPP Extension Sent from my iPhone Begin forwarded message: From: SCORE NYC <[email protected]> Date: December 23, 2020 at 4:03:20 PM EST To: [email protected] Subject: Congress Passes Renewed PPP Extension Reply-To: [email protected] [http://r20.rs6.net/on.jsp?ca=bb6eefa8-630d-402f-a8c2-606c5d9300db&a=1101290190908&c=fb6490e8-3e3c-11eb-86e5-fa163e13150e&ch=fb72a412-3e3c-11eb-86e5-fa163e13150e] [https://files.constantcontact.com/c38b20a6001/4fbfe3c6-8477-4c9f-8c85-09a07cc1be2a.jpg] [business digest header] Dear SCORE NYC Clients, For the most up-to-date information on funding options, visit SCORE’s online resources at Coronavirus Funding Support for NYC<http://r20.rs6.net/tn.jsp?f=001JyemtnvJEIvFKy0mio7l5ME1Wb9H_C2MePOFwwgkpOWxImXVT7VrzpCBOtlsz7ujxBrGWYvIMmybCDqAqS7vNMA57bQL_eDH76BrM2oCDa7v3-54_Mn4GUZs6QMPvBJGhBVSk9ukjdq2GUiohxS9JGt8Hob2wwavsb-XSZRlz4XDGrzzVeMdSFObV2we-2Is5yf_gjDQh1g=&c=VwKQ9cQm9DCAaLMmpaX4g7fpkpgn8vRHpxRpxlS-0DEneuv-jy62NA==&ch=sePlyXRxYzlnMxZpPmrg4GmjjRr0e32yFueDzkNKzNeBISTN7k33WQ==>. For additional questions, reach out to your SCORE NYC mentor or Find a Mentor<http://r20.rs6.net/tn.jsp?f=001JyemtnvJEIvFKy0mio7l5ME1Wb9H_C2MePOFwwgkpOWxImXVT7Vrzh79aMIX4bebFnsEB7oBKFc01YoHjl4LqB8dgdu7SIL0nBZ9cvUGqcIUM3Yu3cI-N7wJ6WGyp7Zhyg2--YodcxrhvivEWRPjDdAKAS4SbZWPbjyzR0PnlWex-f6L50DKIw==&c=VwKQ9cQm9DCAaLMmpaX4g7fpkpgn8vRHpxRpxlS-0DEneuv-jy62NA==&ch=sePlyXRxYzlnMxZpPmrg4GmjjRr0e32yFueDzkNKzNeBISTN7k33WQ==> through the New York City SCORE website. Congress Authorizes $285B PPP Extension and Other Small Business Funding Congress has agreed to a $900B relief package, including significant new funds for PPP<http://r20.rs6.net/tn.jsp?f=001JyemtnvJEIvFKy0mio7l5ME1Wb9H_C2MePOFwwgkpOWxImXVT7VrzigsY91mIkRW5Vh3hEPjf9n9tpCp6oLyglxPW1U4GrfwdEzUI-_l8Y1gKMspmzzCktaDZzQTQAQ7E4n3kGJha_-92KAuhFEHQLaez8ZBSjwM9g8eYavB9Q-unE-xub0jfM3zxr8Bkl-h9tMgFOJ0LzKaXqLp1jtiUnTnuiP4ng3MEpQG4PDZBeqX6dSXTquLUkc6ltQw9MdB&c=VwKQ9cQm9DCAaLMmpaX4g7fpkpgn8vRHpxRpxlS-0DEneuv-jy62NA==&ch=sePlyXRxYzlnMxZpPmrg4GmjjRr0e32yFueDzkNKzNeBISTN7k33WQ==> extension as well as $20B for EIDL loans in low-income communities. While the bill has not yet been signed by President Trump, and many details have yet to be worked out, key PPP components include: * In addition to those who have not yet received any PPP funds, prior PPP recipients can apply for a second loan if they meet the following criteria: * Fewer than 300 employees * Full utilization of all the previous PPP funds * They have experienced a drop in sales of 25% or more for at least one quarter * Some businesses, such as hotels and food-service businesses could qualify for a larger PPP, equal to 3.5x monthly payroll; others will receive PPP funding equal to 2.5x monthly payroll. * The list of non-payroll expenses that qualify for forgiveness is expected to expand to include items such as vendor payments, PPE and some repairs, software and services, in addition to the rent, utilities and mortgage interest previously covered. * There is also discussion of allowing businesses to deduct forgiveness-eligible expenses for income tax purposes -- a change from the IRS’s previous guidance. * EIDL advances will no longer need to be deducted from total allowable forgiveness. * Within the PPP funding, $15B will be allocated for cultural institutions, theaters and live venues impacted by the pandemic, while $12B will be dedicated to to low-income and minority communities. * Many details are yet to be clarified, including: * The definition of many of the categories listed above, including eligible businesses, revenue decline and eligible expenses * How and when the application or re-application process will reopen and the payroll documentation required to apply * The impact on forgiveness applications for those who received earlier PPP funds Note: The Business Digest will not publish next week. We will return January 5th with more details on the new funding and other areas of interest to our small business clients. Wishing all a happy, healthy New Year! Upcoming Webinars January 6 Control Your Finances<http://r20.rs6.net/tn.jsp?f=001JyemtnvJEIvFKy0mio7l5ME1Wb9H_C2MePOFwwgkpOWxImXVT7Vrziuy3nIqo2z4STnphDfwzAcu1OaIKc6IgOi94drxDm-ZpmlRfMHOHoeJ18ZtGAJECisosCsKfl_dpZhI_ngiYqMzcpDLrrrE47g6fGewSGKOoHJi5Zmp6fNOCHMTeagHZVWNikFDKhzaEzJc72fwsHFUwmPW54m6QXBdkuU0-Jav-SwK2H_tJ62bYaYYpxeI9Q==&c=VwKQ9cQm9DCAaLMmpaX4g7fpkpgn8vRHpxRpxlS-0DEneuv-jy62NA==&ch=sePlyXRxYzlnMxZpPmrg4GmjjRr0e32yFueDzkNKzNeBISTN7k33WQ==> January 7 Quickbooks Online<http://r20.rs6.net/tn.jsp?f=001JyemtnvJEIvFKy0mio7l5ME1Wb9H_C2MePOFwwgkpOWxImXVT7Vrziuy3nIqo2z4kJTjrAGmkryj4hzuapMk2MCThefuDDlkbRcbbWxmUnrcivxz8oMK3blxJdBjTFMlyDPiAmni0tlB45Es2vwhSJ0cyHp6ZXQp13708rSZd5aQhyYwJ7wvE19CApmrOrIa1ZQALQuXe5LiCqfGeWE-gq3uqMLyRTHJDYNvK7_-k7UO4aFwLRHkgw==&c=VwKQ9cQm9DCAaLMmpaX4g7fpkpgn8vRHpxRpxlS-0DEneuv-jy62NA==&ch=sePlyXRxYzlnMxZpPmrg4GmjjRr0e32yFueDzkNKzNeBISTN7k33WQ==> January 8 Trademarks, Copyrights and Patents<http://r20.rs6.net/tn.jsp?f=001JyemtnvJEIvFKy0mio7l5ME1Wb9H_C2MePOFwwgkpOWxImXVT7VrzpYL2lXShDc8iy33yuD-AaNc5zl82Rvz6dkbyN18aRQaPvBrvE7TT2YH8Nr5J5Y6W3Sb-paeJjsYcf4Zz1lQewacN8S7EeefTYFucNRt8oHMpr-3oSa-INOEtgKItfYX2hOafhkdmhXqN-xb_gF7Ul6969cus4Jxbc2gD3YjxObB5D9qcny31wK5gSb3hl603g==&c=VwKQ9cQm9DCAaLMmpaX4g7fpkpgn8vRHpxRpxlS-0DEneuv-jy62NA==&ch=sePlyXRxYzlnMxZpPmrg4GmjjRr0e32yFueDzkNKzNeBISTN7k33WQ==> January 11 Creative Marketing on a Shoestring Budget<http://r20.rs6.net/tn.jsp?f=001JyemtnvJEIvFKy0mio7l5ME1Wb9H_C2MePOFwwgkpOWxImXVT7VrzpYL2lXShDc89xpPaB4mJvSQAt_5xjGQ-HKogeKZQWIxFN29nTp1nzQh8M-CTM6q5Fb9yk3pdKua5-mOMFuEzkz_qHZX_aXaxOXksPR5OO-kIYlqfKL8p8652kQYtZU4xVW_4pKstUU0DZPAivmNxteoLOUcaoNWcRpUoVZmuJSOlCXOUON5Zwxc-hbH6y4I1A==&c=VwKQ9cQm9DCAaLMmpaX4g7fpkpgn8vRHpxRpxlS-0DEneuv-jy62NA==&ch=sePlyXRxYzlnMxZpPmrg4GmjjRr0e32yFueDzkNKzNeBISTN7k33WQ==> January 14 Proposals and Pricing for Consultants<http://r20.rs6.net/tn.jsp?f=001JyemtnvJEIvFKy0mio7l5ME1Wb9H_C2MePOFwwgkpOWxImXVT7VrzpYL2lXShDc8sp_v4tRXag5hjbApuyJtRDkUQDfoiVG56PN1d8awFAAc3jP3gtRI2HFgsQDdn8pbH9Bh1-IS323sEeE3P06TTGY5sdJxPC9aJK9bk7C__eQDbib6znPcvwoMWQci4rR5SIoh9np0IQ8UXrLmPozfVV5HpQAxhYKxPGLGfE90wxyqnN13WnXzRw==&c=VwKQ9cQm9DCAaLMmpaX4g7fpkpgn8vRHpxRpxlS-0DEneuv-jy62NA==&ch=sePlyXRxYzlnMxZpPmrg4GmjjRr0e32yFueDzkNKzNeBISTN7k33WQ==> January 15 Launch and Optimize Your Food Product<http://r20.rs6.net/tn.jsp?f=001JyemtnvJEIvFKy0mio7l5ME1Wb9H_C2MePOFwwgkpOWxImXVT7VrzpYL2lXShDc8LAGGiOCiwK5D36tcenYOCdg7G2-JwFaN8IWaQBp2t3DBV5oWLd4UYwFqz5LZ86pukcRwkkh9O3KHmOCcjpHvQEdaJcgURgL6PQg5huac2IpBhv4-jYyv03kXPfwqyq-ZvRBuEqC1bsSWslNudHpAiDKhvFbTNDVbzKy-rKXyo9qx73q7MaynIA==&c=VwKQ9cQm9DCAaLMmpaX4g7fpkpgn8vRHpxRpxlS-0DEneuv-jy62NA==&ch=sePlyXRxYzlnMxZpPmrg4GmjjRr0e32yFueDzkNKzNeBISTN7k33WQ==> January 21 Starting a Nonprofit<http://r20.rs6.net/tn.jsp?f=001JyemtnvJEIvFKy0mio7l5ME1Wb9H_C2MePOFwwgkpOWxImXVT7Vrziuy3nIqo2z4IfL7MjnPW7HSK4MSoh7xenTonStEkrvd4lYvfWbEOTvDTYI0VX_k_eVwMhTj6aI1Es_VC2_pLjIN6msoDwUs7b_C7IQbPWETtVw5XzeQNzC44BkuVYbbihZB1u4cLhdZcxPhBFsatopQpgB2q811HDeo5oPgyV5gljq2pFtaQRCsW8B7ecY9Fg==&c=VwKQ9cQm9DCAaLMmpaX4g7fpkpgn8vRHpxRpxlS-0DEneuv-jy62NA==&ch=sePlyXRxYzlnMxZpPmrg4GmjjRr0e32yFueDzkNKzNeBISTN7k33WQ==> January 26-27 Setting Goals in Uncertain Times<http://r20.rs6.net/tn.jsp?f=001JyemtnvJEIvFKy0mio7l5ME1Wb9H_C2MePOFwwgkpOWxImXVT7VrzpYL2lXShDc86vZoBSWSGoBdP83dRTl1k8fG9YzGyb6OVpusvqlY4E8_Ac0rjyX_I6RvsM7UmqLaHAaIcdi32qXxJhSthDS90sxuATNmZC2o2Vav-Ds_KGRV6F6r-Y6IST0Y7SMlICS9ePYOWV9-kMNnCIWZbUmLw50JPDPNhbievGnGtjjcaXyayS3HCQs6Ew==&c=VwKQ9cQm9DCAaLMmpaX4g7fpkpgn8vRHpxRpxlS-0DEneuv-jy62NA==&ch=sePlyXRxYzlnMxZpPmrg4GmjjRr0e32yFueDzkNKzNeBISTN7k33WQ==> January 28 Email, Your #1 Marketing Channel<http://r20.rs6.net/tn.jsp?f=001JyemtnvJEIvFKy0mio7l5ME1Wb9H_C2MePOFwwgkpOWxImXVT7VrzpYL2lXShDc8jDPlKfuXKduvkpQS24S1VJbboL0-seikCZefCizhXiLycx2g3l26VcC9Ix3R_objjlZ0cBZHJREKnQKkXj6Tac182bjFDeXBP07mdu0SbXKboBF1rtNgFJU9xlyVRWzeetPIv0kpeF9-X7bKfTFXl7HKm1nKEGd7-23Ss-DwjNvhBCp_iKiB6Q==&c=VwKQ9cQm9DCAaLMmpaX4g7fpkpgn8vRHpxRpxlS-0DEneuv-jy62NA==&ch=sePlyXRxYzlnMxZpPmrg4GmjjRr0e32yFueDzkNKzNeBISTN7k33WQ==> Thank you — visit our website<http://r20.rs6.net/tn.jsp?f=001JyemtnvJEIvFKy0mio7l5ME1Wb9H_C2MePOFwwgkpOWxImXVT7VrzuC3TvXOW2FwDkBPz4SY2PdKdRslAnaw7-pOqUELowDYlG8ZMGF2VIYvgF5fyykClbZAr5MfqMpspcUNhhd2uJi92js-sJ4To82GiO0RSQY2&c=VwKQ9cQm9DCAaLMmpaX4g7fpkpgn8vRHpxRpxlS-0DEneuv-jy62NA==&ch=sePlyXRxYzlnMxZpPmrg4GmjjRr0e32yFueDzkNKzNeBISTN7k33WQ==> for more information or to connect with a business mentor. SCORE NYC Team SCORE NEW YORK CITY 26 Federal Plaza, Room 3100, New York, NY 10278 Tel: 212-264-4507 | newyorkcity.score.org<http://r20.rs6.net/tn.jsp?f=001JyemtnvJEIvFKy0mio7l5ME1Wb9H_C2MePOFwwgkpOWxImXVT7VrzuC3TvXOW2FwDkBPz4SY2PdKdRslAnaw7-pOqUELowDYlG8ZMGF2VIYvgF5fyykClbZAr5MfqMpspcUNhhd2uJi92js-sJ4To82GiO0RSQY2&c=VwKQ9cQm9DCAaLMmpaX4g7fpkpgn8vRHpxRpxlS-0DEneuv-jy62NA==&ch=sePlyXRxYzlnMxZpPmrg4GmjjRr0e32yFueDzkNKzNeBISTN7k33WQ==> [https://s3.amazonaws.com/score.marketing.images/bizsuccesstips/sbascorefooter_transparent.png] Funded in part through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA. Constant Contact is a proud sponsor of SCORE. 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