Feast and Famine
Credit: Jacob M. Dietz, CPA
2020 just passed the halfway point and it could be called a year of feast and famine financially. The economy showed signs of strength early in the year, but then Covid-19 hammered the economy.
Many years ago, things were going very well in Egypt. In fact, there were 7 years of plenty. Those years of plenty, however, gave way to 7 years of famine. Fortunately, a very wise man providentially stored up resources during the years of plenty, which allowed him to feed his family and others during that time. Today there are also options to help business owners provide for their families.
Churches and Charities
If you are struggling to make ends meet, consider checking with your local church and charities to see if there is assistance available.
More importantly, if you are blessed and do not need assistance, consider donating to your local church and charities to help those that are in need. Some businesses may thrive through the Covid-19 pandemic. Local charities or churches may be able to inform you of the needs that are nearby if you are unaware of who needs help. “Give, and it will be given to you. Good measure, pressed down, shaken together, running over, will be put into your lap. For with the measure you use it will be measured back to you.” Luke 6:38 ESV
Lancaster County Small Business Recovery & Sustainability Fund Phase 2
Lancaster employers with fewer than 100 employees may apply for this grant. Companies may apply for this grant even if they received other grants, such as PPP, EIDL, and PIDA. They may not apply, however, if they already received this grant under phase 1. The application process begins 7/20/2020.
Covid-19 Relief PA Statewide Small Business Assistance
The second window to apply is intended to open in August. Eligible businesses must have at least 51% of their revenues in PA and are limited to 25 or fewer full-time employee equivalents as of 2/15/2020.
This program prioritizes certain businesses, such as those owned that are historically disadvantaged and those businesses owned by with low or moderate incomes.
Paycheck Protection Program (PPP)
We have written earlier about this loan program with the option of having the loan forgiven. The deadline to apply for this loan has been extended until August 8, 2020.
Economic Injury Disaster Loan (EIDL)
The Small Business Administration (SBA) is accepting EIDL loans. Applicants can have up to 500 employees, and possibly more in some cases. These loans are not grants, and they do need repaid.
Pennsylvania’s Covid-19 Dairy Indemnity Program
This program provides financial aid to farmers who had to dump milk during the covid-19 crisis. Farmers should apply for this by September 30th.
And the List Could Go On
We could continue to go on and name possible help available. Some of the options available might be just right for you, and some may not be a good fit. These programs may also have additional qualifications in addition to the summary mentioned here. If your business is struggling, feel free to call our office to discuss what options may be right for you.