SBA Region One Review - June 17, 2021

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New England Regional Office  - June 17, 2021

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Amy K. Bassett

Acting Regional Administrator

New England Regional Office

U.S. Small Business Administration

On May 31, 2021, after serving 8.5 million businesses nationwide, the Paycheck Protection Program (PPP) closed to new applicants.  PPP was among the first COVID-19 economic disaster relief programs to provide emergency funds to small businesses affected by the pandemic and it played a historic role in America’s recovery. The Biden-Harris Administration pushed an effective and equitable implementation of this program, with a focus on ensuring small businesses receive the backing they need to stay afloat and continue to employ millions of Americans.

While PPP is no longer available, there are still financing options to help your business get back on track as we reopen our communities.  SBA offers several relief options to help businesses, nonprofits, and faith-based organizations recover from the impacts of COVID-19. You can find out more about these options here: COVID-19 guidance & resources (sba.gov).

Some of the pandemic relief available is in the form of tax credits for your small business. The American Rescue Plan extended several critical tax benefits for small businesses including the Employee Retention Tax Credit and the Paid Leave Tax Credit

Employee Retention Tax Credit

The American Rescue Plan extends the availability of the Employee Retention Credit for small businesses through December 2021 and allows businesses to offset their current payroll tax liabilities by up to $7,000 per employee per quarter. This credit of up to $28,000 per employee for 2021 is available to small businesses who have seen their revenues decline, or even been temporarily shuttered, due to COVID.

Paid Leave Tax Credit

The American Rescue Plan extends through September 2021 the availability of Paid Leave Credits for small and midsize businesses that offer paid leave to employees who may take leave due to illness, quarantine, or caregiving. Businesses can take dollar-for-dollar tax credits equal to wages of up to $5,000 if they offer paid leave to employees who are sick or quarantining. This credit now includes leave taken by employees to receive or recover from COVID-19 vaccinations. You could see these credits in your bottom line as soon as your next quarterly filing.

On June 23, 2021 SBA New England will host a webinar with the IRS to go over these tax credits.  You can find out more about this session below.

The American Rescue Plan extended a number of critical tax benefits for small businesses. Learn more on Wednesday, June 23 at 10am.

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Join the Small Business Administration (SBA) New England Regional Office and the Internal Revenue Service (IRS) for an informative webinar on American Rescue Plan (ARP) tax benefits for small businesses. This webinar will highlight the Employee Retention Tax Credit and the Paid Leave Tax Credit.

 


Pride Month

June is Pride Month. The SBA is proud to support the LGBT business community. SBA's Network for LGBT Businesses aims to bring focus on economic empowerment in the LGBT business community by providing access to the SBA's programs and services.

Business owners can use our local assistance tool to find nearby offices and resources. There, you can get counseling on whether our 8(a) Business Development Program is right for you.

The SBA conducts outreach to be more inclusive of LGBT business owners, and our staff welcomes and recognizes the importance of greater inclusion at all levels and in all communities.

On June 24, 2021 at 1PM EDT SBA will host a webinar in celebration of Lesbian, Gay, Bisexual and Transgender Owned Small Businesses. Connecticut business owner, John Pepe of  Chez Est in Hartford will be featured on the small business panel. Chez Est is  a chic full-service restaurant and entertainment venue. During its 45+ year history, it has survived three owners, a relocation, two fires, and a pandemic. Not bad!  

Elevating Small Business Series on June 24 at 1 pm EDT

John Pepe and the other panelists will  share their small business stories and how they utilized SBA’s economic aid to pivot during the pandemic. You will also learn about the SBA resources available to help entrepreneurs compete in the marketplace: launch or expand businesses; receive counseling; funding opportunities; and help to recover or rebuild from disasters.

Julie Verratti, Associate Administrator for the SBA’s Office of Field Operations will serve as moderator. In addition, Senator Kyrsten Sinema (D-AZ) and Senator Tammy Baldwin (D-WI) will participate. 

Panelists include:

  • Christopher Diebel, Owner, Bubba Southern Comforts, Des Moines, IA

  • John Pepe, Co-Owner, Chez Est, Hartford, CT

  • Tina Reynolds, President, Uptown Studios, Sacramento, CA

  • Kelly Wilson, Owner/Co-founder, Weave Gotcha Covered, Kansas City, MO

REGISTER


SBA and PPSI Educational Webinar Series, Getting Back on Track: Help is Here

SBA and Public Private Strategies Institute are hosting several webinars from June to August to help you get your business back on track. While you are welcome to join any of the upcoming Getting Back on Track Webinars, on July 8, 2021 at 2PM ET we will focus on SBA Region I, serving the six New England States of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.  

Join us for the SBA New England webinar on July 8, 2021 to:

  • Hear about what steps you can take now to learn and take advantage of new and existing programs that are available at the SBA

  • Get an update regarding programs and recent policy announcements made by the Biden-Harris Administration

  • Have your questions answered by SBA Leadership and small business experts

  • Learn how you can become a vaccine leader in your community

  • Discover tools and resources you can use to take your business digital

The webinars in this series are open to any small business owner and leader. They are divided geographically by SBA regions and feature guest speakers from the corresponding areas. However, the majority of the information pertains to a national audience, so you may register for a webinar outside your location.

REGISTER


Take Your Business Global: Information Session

Wednesday, June 30th, 2021 
1pm ET

Did you know that companies that export tend to be more financially stable, grow faster, and are more resilient?

With 95% of the world's consumers located outside the United States, it’s time to think about international trade...and it's easier to expand your market than you think!

Join the SBA Massachusetts and Seattle District Offices on June 30th to discover the latest trade trends and learn about SBA’s International Trade Programs and Services in place to help your business Go Global.

Featuring:

  • Small Business Exporter Panel
  • Trade Experts and Exporter Resource Panel
  • Learn from the experts ”How to manage export risk in the coming recovery”
  • International Trade Opportunities & Best Practices

REGISTER


Local Business Assistance

 

Stay up-to-date on SBA programs, changes, reforms and training webinars by subscribing to SBA email updates (if you aren't already on our mailing list) at: https://www.sba.gov/updates.  And by following the New England SBA office in your state on twitter: 

New England: @SBA_NewEngland

Connecticut: @SBA_Connecticut

Maine: @SBA_Maine

Massachusetts: @SBA_MA

New Hampshire: @SBA_NH

Rhode Island: @SBA_RhodeIsland

Vermont: @SBA_Vermont