April 27, 2020
In Brief
I n this issue of the Monday Morning Messenger , read our first story of the morning, to find out how the $484B COVID relief bill signed by President Trump on Friday can help your business.

Also, those that do not need a loan or did not apply for a business assistance on time may be eligible for Employer Retention Tax Credits. Read our second story of the morning to see if this applies to your business.

With more and more people working from home and with schools canceled for the remainder of the school year, increased propane usage may occur. PERC has developed a new PSA to help "Will Call" customers not run out of gas. Download & share it.
In this issue
  • In Brief
  • Business Assistance $$$
  • Retention Tax Credits
  • Will Call Customers
 Calendar

April 20- May 8, 2020

May 5-7, 2020
CVSA International Roadcheck
POSTPONED

May 15, 2020

May 15, 2020
TX Franchise Tax Filing Deadline Extended to July 15
How Does COVID 4 Relief Bill
Help Your Business?
On Friday, President Trump signed a bipartisan $484B COVID relief bill, to replenish depleted small business loan programs, some of the loans, businesses do not have to pay back.

U.S. Congress allocated $310B more for the Payroll Protection Program and $60B more for the EIDL Loans/Grants. The previous round of funding was exhausted in 14 days, so businesses seeking assistance, are encouraged to ACT FAST if they want to apply.

Funding options for businesses with fewer than 500 employers:

  • Payroll Protection Program - forgivable, designed to keep jobs, covers payroll up to 8 weeks, have to keep same staffing level or rehire quickly.
  • Economic Injury Disaster Loan Advance - get up $10,000 in forgivable loan. Advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue.
  • Economic Injury Disaster Loan - enables businesses to take out low-interest loans of up to $2 million.

To find a qualifying lender , please visit https://www.sba.gov/paycheckprotection/find . Also Intuit, PayPal and some other online lenders are approved to administer PPP Loans.

COMPARE FUNDING & ADDITIONAL FUNDING OPTIONS
Don't Need a Loan? See If You're
Eligible for Employee Retention Tax Credits
There was an alternative option for employers, those not taking advantage of the PPP program may be able to apply for Employee Retention Tax Credits.

The Employee Retention Tax Credit is taken against equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. 

Employers are eligible for the credit if they operate a trade or business during calendar year 2020 and experience either: the full or partial suspension of the operation of their trade or business during any calendar quarter because of governmental orders limiting commerce, travel, or group meetings due to COVID-19, or a significant decline in gross receipts .

Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. Also,
if the employer’s employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS.

More information about the tax credit can be found at https://www.irs.gov/coronavirus/employee-retention-credit .

For questions about the tax credit, please consult your CPA or a tax professional.
Will Call PSA - Keep Tanks Full
The Propane Education & Research Council (PERC) has released a new radio public service announcement (PSA) that you can share with your local radio stations.

The PSA is available for download from the PERC resource catalog to help propane marketers encourage will-call customers to avoid running out of gas during these times of social distancing.
A copy can also be requested by emailing info@propanecounciloftexas.org
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