DEMING PLLC is committed to assisting businesses, non-profits religious organizations, and individuals in accessing resources in the midst of the COVID-19 pandemic. This commitment extends to recovering from the pandemic in the months and years to come..
Payment Protection Program
Through the Payment Protection Program now being implemented by the Small Business Administration under the Cares Act, small businesses, non-profits, sole proprietorships, self-employed individuals, and independent contractors are available for easily obtainable loans. These loans are forgivable if certain standards are met in terms of maintaining payroll. The U.S. Department of Treasury has issued regulations implementing the program and issued an application form.
Small Businesses and Non-Profits
DEMING PLLC stands ready to be of assistance to small businesses and non-profits. It is actively monitoring developments as this new program is being implemented. As with any new program of this vast size and complexity, a host of issues are being worked out in the course of its implementation. DEMING PLLC is prepared to assist and work with businesses, non-profits, religious organizations, and individuals in addressing the various issues that may arise.
Faith-based organization, including houses of worship, are not excluded from seeking benefits under the Paycheck Protection Program. The Small Business Administration has issued clear guidance reaffirming the availability of the program for faith-based organizations. As long as a faith-based organization is registered as a 501(c)(3) organization with the Internal Revenue Service, the Payment Protection Program is available with limit restrictions on the organization.
Sole Proprietorships, Independent Contractors, Self-Employed Individuals
The Payment Protection Program is also explicitly available to individuals who are sole proprietorships, independent contractors, or otherwise self-employed. In many of these situations, challenges will be presented in establishing what may be deemed to be “payroll” for purposes of an application. DEMING PLLC is prepared to work with individuals in preparing the applications along with the supporting documentation.