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Consolidated Appropriations Act (CAA) Effect on PPP and EIDL
The Consolidated Appropriations Act (“CAA”) signed into law on December 27, 2020, included several business relief provisions and had a notable effect on PPP and EIDL funding. The CAA includes a variety of tax provisions, extensions and modifications to both the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL), which are administered by the Small Business Administration (SBA). While more guidance is needed from the Treasury and IRS, which could alter current interpretations of the
Mission Health restricts visitation to level 3 at all locations
ASHEVILLE – December 29, 2020 To protect our patients and staff, at 8 p.m. tonight, Mission Health will be elevating our visitor restrictions to Level 3 at all locations, including Angel Medical Center, Blue Ridge Regional Hospital, CareParters, Highlands-Cashiers Hospital, Mission Hospital McDowell and Transylvania Regional Hospital. Level 3 visitation was implemented at Mission Hospital in Asheville on Dec. 18. The exception will be for our pediatric patients, who will be allowed to have one adult
What's In The Covid Relief Bill For Businesses?
December 23, 2020 Information current as of Wednesday, December 23, 2020 - 9:00 a.m.Congress reaches deal on COVID-19 relief and FY21 funds Congress has additional COVID-19 relief and appropriated Fiscal Year 2021 spending levels. This $2.3 trillion package, including $900 billion in coronavirus relief funds and $1.4 trillion to fund the government for FY21, has been negotiated over the past several months, and addresses many key areas: Paycheck Protection Program (PPP) Reopening of the program upon
The Healing Power of Science and Nature
SUWS of the Carolinas Old Fort, North Carolina BY TINA M. WOLFE On any given day, deep in the pith of the Pisgah National Forest in Old Fort, new stories are unfolding. Stories of discovery and healing. Stories set not to the world’s crash-and-burn pace but rather nature’s gentle rhythm. Each year, SUWS of the Carolinas welcomes in a cadre of angst-ridden, emotionally overwhelmed, and sometimes angry youth. Adolescents are struggling to keep pace mentally and emotionally with the
Nonprofit Financial Resilience Webinar
The North Carolina Center for Nonprofits is gearing up for the 2020 virtual conference, Rebuilding for Resiliency, December 8-10. The organization is particularly excited about a pre-conference sessions that they are offering on Tuesday, Dec 8 “Nonprofit Financial Resilience: Understanding “Full Cost” and Dialogue on Post-COVID Recovery. This 3-hour session, led by the Nonprofit Finance Fund (NFF), explores the concept of asking for and funding full costs for nonprofit organizations. The John Rex
SBA PPP Forgiveness Webinar
On Wednesday, October 21, 2020, join North Carolina District Director Thomas A. Stith III and members of the North Carolina District Office for Let’s Talk Business: Paycheck Protection Program (PPP) Forgiveness. The webinar will focus on PPP forgiveness with topics to include: Downloading the PPP Loan applicationWhat documents to have readySole proprietor, partnerships, LLC’s, and C&S Corp optionsIdentify which PPP Loan forgiveness application is right for youHow to fill out the applicationSafe Harbors
SBA & Treasury Announce Simpler PPP Forgiveness
WASHINGTON—The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars. “The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing
Updates On Payroll Tax Exempt Rules
In response to Congress’ delay in providing additional relief in the wake of COVID-19’s economic impacts, on August 8, 2020, President Trump issued an executive order to the Department of Treasury to allow deferral of employee Social Security (SS) taxes. The Secretary of the Treasury is authorized under Section 7508A of the Internal Revenue Code to defer certain payroll tax obligations. No matter the size of a business, each employee’s compensation is subject to various withholdings, including SS, which is
McDowell May Sales Up 2.3%
Marion Economic Development NewsMcDowell County COVID Business Recovery Survey According to the NC Department of Revenue (NCDOR), retail sales figures in McDowell County for June, which represent May sales, totaled $38.5 million. This is a 2.3% increase over the same period last year. This is in contrast to retail sales across North Carolina, which decreased by 4.4% in June. These figures are showing that McDowell County has weathered the COVID-19 storm better than other communities in our state. We
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