Frankfort Chamber CARES Act Updates

Dear Frankfort Chamber members,

I hope this email finds you safe and healthy., and that the information I have been providing over these past several weeks has been useful to you. As I noted in my email update last week, the COVID-19 CARES Act information changes daily. I am including a summary of some of this week’s updates for you below, along with references as to where you can seek the most current information available.

Independent Contractors & Self-Employed individuals Guide

The U.S. Chamber of Commerce released a new guide to help independent contractors and self-employed individuals secure funding under the CARES Act. The guide is intended to assist millions of independent contractors including accountants, construction workers, musicians, real-estate agents, freelance writers, and gig workers. It provides step-by-step assistance to help individuals understand eligibility requirements, borrowing limits, and appropriate use of funds under the Paycheck Protection Program and Economic Injury Disaster Loans. It also outlines the steps required to apply for Unemployment Compensation under a special program created by the CARES Act.

The guide for independent contractors and self-employed individuals is available at uschamber.com/ICguide . The Spanish version of the guide can be found at uschamber.com/ICGuideESP .

Paycheck Protection Act Funding Update

Beginning on April 7, independent contractors receiving 1099-MISC forms and self-employed individuals were eligible to apply for the Paycheck Protection Program loan as part of the $2 trillion CARES Act. While these loans are potentially 100% forgivable, loan commitments have reportedly reached the maximum total of $349 billion available in the Paycheck Protection Program. According to Nick Simpson, Senior Vice President for public affairs at the Consumer Bankers Association, “As of right now, we are waiting on Congress to approve additional funding. Loans cannot be approved at any institutions until then.” Those whose Paycheck Protection Program applications were pending or who had not yet submitted their paperwork to an SBA-approved lender will reportedly need to wait for relief as Congress determines how to move forward.

Please refer to the Small Business Administration’s website currently offering guidance for small businesses struggling to stay solvent via this link to the SBA’s Enhanced Debt Relief programs . https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief

Get My Payment:

T he Internal Revenue Service unveiled the new Get My Payment with features to let taxpayers check on the status of their Economic Impact Payment date and update direct deposit information. Please click on the following link for further information: https://www.irs.gov/coronavirus/economic-impact-payments

Frankfort Chamber Meet, Greet & Network:

Please consider joining us Tuesday, 4/21/20, at 8:30 am, for our second Zoom, Meet Greet & Network, where we will have the following speakers available to provide a brief presentation & Q&A regarding Economic Injury Disaster Loans, the Paycheck Protection Program and potential IRA ramifications:

Ryan Gleason, Manager of the Great Lakes Regional office for the US Chamber of Commerce-
Ryan Bergeron, President of Town Center Bank
Brett Schaibley, Edward Jones

To Join Zoom Meet, Greet & Network click on:

https://us04web.zoom.us/j/472117203

Meeting ID: 472 117 203

One tap mobile

1-312-626-6799

Thank you and I hope you have a safe and peaceful weekend.

Sincerely,

Marianne Melcher

Executive Director