SBA Newsletter – PPP Tax Tip, RRF Update and More

[SBA Logo]

[Coming right up. Help is here. Getting back to business with the RRF. sba.gov/restaurants ]
The Restaurant Revitalization Fund has received more than 147,000 applications from women, veterans, and socially and economically disadvantaged business owners, requesting a total of $29 billion in relief funds. To date, a total of $2.7 billion of relief funds have been distributed to 21,000 restaurants since the Restaurant Revitalization Fund opened on May 3, 2021. In addition to a $5 billion set-aside established by Congress for applicants with gross receipts not more than $500,000, SBA Administrator Isabella Casillas Guzman created two additional funding allocations to ensure the smallest of the small restaurants and other eating establishments such as food trucks and carts get the aid needed: 1) $500 million for applicants with 2019 gross receipts less than $50,000; and 2) $4 billion for applicants with 2019 gross receipts between $500,000 and $1,500,000. In the first days of the RRF program, after weeks of targeted outreach that included 600 local and national informational events, SBA has received:

  • 13,114 applications from businesses with under $50,000 in pre-pandemic revenue requesting $330 million in funds
  • 100,410 applications from businesses with under $500,000 in annual pre-pandemic revenue requesting $8.14 billion in funds
  • 61,535 applicants from businesses with $500,000 – $1,500,000 in annual pre-pandemic revenue requesting $15.1 billion in funds

Because SBA still has potential funding available for eligible establishments with 2019 annual revenue of not more than $50,000, the application portal will remain open. Eligible establishments that meet this revenue standard are encouraged to apply through SBA-recognized point-of-sale vendors or directly via the SBA online application portal.
Learn more

[Information from the IRS about PPP]
Did you get a first-round PPP loan to cover payroll, mortgage interests, rent payments, and utility payments? You can now also tax deduct the corresponding expenses.
Learn more

[Shuttered Venue Operators Grant. Apply at sba.gov/svogrant]
The SBA is currently accepting applications for the Shuttered Venue Operators Grant. To submit an application, visit sba.gov/svogrant.

[Asian American & Native Hawaiian/Pacific Islander Heritage Month Webinar]
Join SBA for an online panel discussion with Asian American and Native Hawaiian/Pacific Islander-owned small businesses on May 27 as they 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.
Register


[Celebrate Small Businesses]

Save the Date! Join SBA for the National Small Business Week Virtual Summit on September 13–15 to recognize the resiliency, resolve and renewal of America’s 30 million small businesses as they get back on track to economic recovery.
Learn more

[OCONUS Military Spouse Entrepreneur Summit ]
Are you a military spouse overseas interested in entrepreneurship? Join SBA and Hiring our Heroes for a virtual summit to get tips on access to capital, supply chain, marketing and more.

  • Europe: May 20 at 3 p.m. CET (9 a.m. ET) | Register
  • Asia: May 21 at 9 a.m. JST (May 20, 8 p.m. ET) | Register

[World Trade Month Webinar Series ]
May is World Trade Month and the SBA has teamed up with partnering organizations to offer webinars all month to help small business owners gain valuable insights on strategies for international sales success. All webinars begin at 2:00 p.m. EDT.

  • May 18 | Going Global with Trade Agreements | Register here
  • May 20 | Utilizing eCommerce Tools to Drive Global Sales | Register here

  • May 25 | Business Beyond Borders: Commemorating World Trade Month | Register here
  • May 27 | Logistics of Growing Global eCommerce | Register here

[Military Appreciation Month]
Happy Military Appreciation Month! SBA has resources to help the military community start, grow, expand and recover small businesses.
Learn more

[Jae Kim]

Be Inspired: Small Business Success Story During Asian American and Native Hawaiian/Pacific Islander Heritage Month, we’re highlighting inspiring business owners like Jae Kim who are making a big impact on the economy and their communities. Jae Kim’s entrepreneurial dream of opening a Korean-inspired barbecue restaurant began as many such dreams do: generating credit card debt and drawing from hard-earned savings. He was able to start a food truck at first, but he wondered how he was ever going to save enough money to open a brick and mortar.
Learn more

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Virtual Panel Discussion with GSA Prime Contractors about Artificial Intelligence and Data Analytics
May 18 | 1:00 p.m. ET
Join the U.S. General Services Administration for a virtual panel discussion to learn about the types of AI products and services the federal government is purchasing and hear directly from GSA Primes, representing fortune 500 companies. These primes will show you how to connect with diversity managers, explain how major AI projects teams are assembled, trending initiatives and potential partnering as well as subcontracting opportunities for your small business.
Register 

[Beware of malicious COVID-19 phishing ]

The SBA recently launched the Shuttered Venue Operators Grant and Restaurant Revitalization Fund. Bad actors may take this opportunity to impersonate lenders or government officials in emails, robocalls, social media accounts and phony websites. Their goal is to attract victims and commit fraud, scams and schemes. The result is financial or personally identifiable information (PII) loss for the victims. As a reminder, the SBA directly communicates from email addresses ending in @sba.gov. The SBA also communicates via email updates/notifications using an email marketing platform, (the same one you are receiving this newsletter from). Those emails end in @updates.sba.gov. If you applied for the Shuttered Venue Operators Grant and emailed the SVOG Support Center, you may receive an email back from a zendesk.com account. This is an authorized SBA contractor. If you are being contacted by someone claiming to be from the SBA who is not using an official SBA email address, you should suspect fraud. To report potential fraud, visit sba.gov/covidfraudalert.

[government contracting icon ]

Federal Coronavirus Resources State, local, and federal agencies are working together to maintain the safety, security, and health of the American people. Check out coronavirus.gov for updates from the White House’s COVID-19 Task Force. Go to cdc.gov for detailed information about COVID-19 from the Centers for Disease Control and Prevention.  Visit covid-sb.org, the official federal resource website for U.S. small businesses affected by COVID-19.
Learn more about the federal government’s response

[mobile phone ]

Virtual Mentoring and Training  Offices around the country may be closed due to the pandemic, but SCORE, Small Business Development Centers, Women’s Business Centers, Veterans Business Outreach Centers and other resource partners are providing free business mentoring and training by phone, email, and video.
Find an SBA resource partner near you

[Join the SBA team: Employment opportunities to support SBA's COVID-19 pandemic response]
U.S. Small Business Administration
409 3rd St, SW.
Washington DC 20416
www.sba.gov

Richmond Chamber of Commerce Newsletter

NO-COST HR HOTLINE!

Answers to your labor law questions

Call 1-888-599-7645

Monday-Friday, 8:30 a.m.-5 p.m.

More info

As our county – and state – recovers from the pandemic, we want to ensure it is an inclusive recovery that benefits all California businesses. That’s why we’re pleased to share about initiatives that are designed to do just that, such as the Source Diverse Source Local public-private collaboration (just below). This month’s edition also includes a lineup of grant funding information, training resources and upcoming events.

Patience Ofodu, Interim Executive Director, WDBCCC

IN THIS ISSUE
Initiative to Help Small Business Prepare for Contracts With Big Business
Prepare for Your Next Job With One-on-One Help From a Career Coach
Relief for Renters and Landlords
Learn How to Promote Your Business on Facebook
Restaurant Revitalization Fund Sample Application, Program Guide
Shuttered Venue Operators Grant Taking Application after Reopening
Paycheck Protection Program Extended Through May 31, 2021
Q&A With Board Member Stephanie Rivera
Nominations Now Open for East Bay Innovation Award
Labor-Market Update

INITIATIVE TO HELP SMALL BUSINESSES PREPARE FOR CONTRACTS WITH BIG BUSINESS

Are you a small business, entrepreneur or startup that needs to learn the basics of selling to big business? Source Diverse Source Local is dedicated to helping you. The initiative is designed to develop new and existing small businesses through procurement-readiness programs to obtain manufacturing, government, and/or corporate contracts.

Source Diverse Source Local is a public-private collaboration to strengthen inclusive procurement programs and build a resilient California-based supply chain. Learn more about this initiative, which includes United, Lockheed Martin, Prologis, Google and UPS as its corporate supply chain partners.

LEARN MORE

PREPARE FOR YOUR NEXT JOB WITH ONE-ON-ONE HELP FROM A CAREER COACH

If you are looking for a job and need help figuring out your next move or what opportunities are out there for you, WDBCCC’s individualized services can help. Through the Workforce Innovation and Opportunity Act (WIOA) program, you can work one-on-one with a career coach and may benefit from:

·     Skills assessments
·     Needs-based funding for job training
·     On-the-job training opportunities
·     Job search assistance
·     Networking opportunities
·     Skills upgrade
·     Skills certification (fees may apply)

Our America’s Job Center of California/EASTBAY Works locations offer workshops on basic computer skills, social networking, job search, résumé development, and interviewing.

LEARN MORE

RELIEF FOR RENTERS AND LANDLORDS

If you need help paying for rent or utilities due to COVID-19’s impact on your finances, you may be eligible for assistance. Contra Costa County tenants and landlords impacted by COVID-19 can apply for the COVID-19 Rent Relief program. More than $75 million in federal Emergency Rental Assistance Program funds from the Consolidated Appropriations Act of 2021 is available to Contra Costa County residents in need of rental relief.

Check eligibility and apply online for COVID-19 Rent Relief or Ayuda con la Renta (Spanish). You can reach the CA COVID-19 Rent Relief Call Center at 1 (833) 430-2122 for assistance in applying. Find state resources by visiting HousingisKey.com. For additional County resources, call 211 or 800-833-2900, text HOPE to 20121, or visit www.contracosta.ca.gov.

Join Our Next Virtual Fireside
The Richmond Public Library Foundation Presents
The Sandi Genser-Maack Speakers Series
Beyond the Badge: Women of Color, Justice, Policing and the Future
Topic: RPLF Speakers Series: Chief French
Time: May 20, 2021 06:00 PM

Join Zoom Meeting

https://us02web.zoom.us/j/81589286629
Meeting ID: 815 8928 6629
Join Via Phone
(669) 900-6833 Access Code: 81589286629


Owning and operating a Comic Book Store began as a dream for Darren Macon many years ago as he grew up in Richmond. Finding it difficult to locate an affordable brick-and-mortar space, he initially opened his store on-line in 2013. After a few years of ups and downs, he was able to open in a store space at Hilltop Mall in Richmond. So, in 2018, D3 Comic Book Spot opened its doors at the Mall. It was a struggle because Hilltop Mall was going through what was supposed to be a complete renovation and re-design. Unfortunately, foot-traffic began to decrease significantly, but the comic bookstore held on, hoping for better times. Then the onset of COVID happened in March, 2020! The mall shut down completely! Just like everyone else, it was hoped that it would be a short-lived experience. Unfortunately, in July 2020, the store received the devastating news that the Mall would not re-open at all! Trying to re-locate to another brick-and-mortar store in the midst of a pandemic was an impossibility! So, Darren has recently revived his dream of selling comic books and is back in an on-line environment, with the dream of getting back into a brick-and-mortar store first and foremost on his mind!

D3 Comic Book Spot has a great inventory of all of the current comic book brands and titles, various collectibles, action figures, graphic novels and more. It is the fervent hope that especially during this pandemic, people will be encouraged to go to the web site, D3COMICBOOKSPOT.COM, to find all of their comic book needs. The goal is to move back into a brick-and-mortar location as soon as Covid restrictions and limitations will allow, and things get back to normal!

BOARD OF DIRECTORS

David. P. Leighton (Chair), Jill Rodby (Chair-Elect). Hakim Johnson (Vice-Chair) John Ziesenhenne (Chair of Operations), Chuck Carpenter, Brandon Evans, Joe Fisher,  Tiffany Harris Former (Former Chair),
Fadhila Holman (Former Chair), Ryan Lau, Rob Lightner, Joshua Mallory (Former Chair),
Sharla Sullivan (Former Chair), Vernon Whitmore, (Former Chair)

STAFF

James Lee (President/CEO)

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WCCUSD has a new leader

WCCUSD selects Dr. Kenneth Chris Hurst, Sr. as new superintendent

WCCUSD selects new superintendent, first African American to serve in non-interim role
Dr. Kenneth “Chris” Hurst, Sr. (courtesy of Dr. Hurst)

The West Contra Costa Unified School District (WCCUSD) has a new superintendent. At its Wed., April 14 meeting, the Board of Trustees voted 5-0 to name Dr. Kenneth “Chris” Hurst, Sr. as the district’s next superintendent. Dr. Hurst, who will leave his role as superintendent of the Othello School District in Othello, Wash. to lead the WCCUSD, will commence his three-year contract May 17.

In his new role, Dr. Hurst will bear the distinction of the being the WCCUSD’s first permanent African American superintendent. (Per the district, Sylvester Greenwood and Dr. Cynthia LeBlanc both served as interim superintendents for one-year terms). He will be the district’s 10th permanent superintendent.

“I am excited to get to work in West Contra Costa Unified and about working together to provide a world-class educational experience for students that prepares them to be globally competent and allows them to compete and participate in our diverse and global society,” said Dr. Hurst. “I have an unwavering commitment and dedication to supporting a culture of inclusion and equity throughout the district and community, and what excites me is that we have a board and learning community interested in educational equity for all students.”

Dr. Hurst’s selection as WCCUSD superintendent followed a six-month search spurred by current Superintendent Matthew Duffy’s announcement in November that he would not seek a contract extension. During the search, the district hosted more than 50 listening sessions with students, families, staff and local stakeholders, as well as gathered input from 6,000 community members regarding what qualities and qualification they would like to see in the next superintendent. Nearly 30 people throughout the country applied for the role.

During Dr. Hurst’s five-year tenure with the 4,500-student Othello School District, located three hours southeast of Seattle, graduation rates increased by from 71 to 87 percent and absences were reduced by 33 percent. As superintendent of that district, he also implemented the K-12 pathway, Othello’s Social-Emotional Learning Standards, tripled the number of preschool children and increased the percentage of preschool students prepared for kindergarten from 30 percent to more than 98 percent.

The Othello School District that Dr. Hurst oversaw is 91 percent Latinx and 32 percent English Language Learners, with 75 percent participating in free and reduced-price lunch. At the onset of the COVID-19 pandemic, he led them through the transition to Distance Learning, and eventually to a hybrid model this year.

Prior to heading up the Othello School District, Dr. Hurst served as the associate superintendent of educational services at Oceanside Unified School District, a 19,000-student district a half hour northwest of San Diego. There, he supervised the Oceanside Promise’s implementation to ensure all Oceanside students graduated college-and-career-ready and established the Oceanside Promise Foundation, a 501(c)(3). Collaborating with ConnectEd California, he implemented Linked Learning to create K-12 pathways to prepare students to succeed in college and their careers. He also collaborated to implement the Future Ready technology initiative, aimed at preparing students for success in college, career and citizenship.

“As the incoming superintendent, I am eager to work within our learning community to confront and address issues of systemic racism, implicit bias and ensuring growth mindset at every level of the organization,” Dr. Hurst said. “I’m equally excited about deepening our understanding of equity and systemic inequities and also moving toward what it should look like, feel like and sound like to have an equitable and culturally responsive education for all students.”

Overall, Dr. Hurst has more than two decades of experience teaching and leading equity in urban, suburban and rural K-12 districts. This includes six years as a principal and assistant principal in Oceanside, as well as the turnaround principal for Jefferson Middle and Oceanside High schools. Notably, Dr. Hurst led double-digit growth in Oceanside High School’s academic performance.

Earlier in his career, Dr. Hurst served as an administrator in the San Diego Unified and Poway Unified School Districts, in addition to serving as a U.S. Marine prior to entering academics. He earned his Doctorate in Education, K-12 Leadership (Magna Cum Laude), at the University of Southern California in 2011, and his Master of Arts Degree in Educational Administration (Magna Cum Laude) in 2008, and his Bachelor of Science Degree in Mathematics in 1997 at California State University, San Marcos. He also holds an Associate of Arts Degree from National University, San Diego.

Dr. Hurst and his wife, Crystal, are the parents of two adult children, a daughter who works as a sixth-grade teacher and a son who is a computer scientist.

“We are thrilled with Dr. Hurst’s background, experience and readiness to hit the ground running here in our district and help us to the next level,” said WCCUSD Board President Mister Phillips. “His acumen in social justice, equity and focus on accelerating student achievement here is impressive. His approach to collaborative leadership and knowledge of teaching strategies, as well as community involvement, are just what we need here in West Contra Costa.”

PPP Forgiveness Clarified

How to Calculate Your Partial PPP Loan Forgiveness Amount

Originally Published on Alignable by Chelsey Taylor on Apr 9th, 2021

If you received a PPP loan, you probably have questions about forgiveness. And even though they made the process easier, what if you used the funds differently than the guidelines specify? Do you qualify? And how do you calculate PPP loan forgiveness in that case?

To answer these questions, we reached out to the SBA. Here’s what you need to know.

How Loan Forgiveness for PPP Works

pensive man looking at computer calculating ppp loan forgiveness amount
Photo by gpointstudio / Shutterstock

First, a refresher course: The Paycheck Protection Program (PPP) is all about providing funding to keep your employees on staff during Covid. Along with payroll costs, you can use the money on other approved expenses, like rent, mortgage interest, or utility payments.

According to the guidelines, you should use the majority of your funds on payroll and payroll-related expenses. That originally meant that you had to spend at least 75% of the loan on payroll and the rest on approved expenses, but thanks to the Flexibility Act, that shifted to 60-40.

To be eligible for forgiveness in full, you have to:

  • Use at least 60% on payroll expenses
  • Spend the rest on approved expenses
  • Keep your employee amount and their compensation rates the same
  • Spend the funds within your covered period (8 or 24 weeks)

Simple, right?

But what if you didn’t use the full 60% on payroll? Maybe you lost some employees permanently. Or you needed to pay for unexpected repairs. What happens then? Can a PPP loan be partially forgiven?

Let’s take a look.

How to Calculate PPP Loan Forgiveness If You Spent Less Than 60% on Payroll

The borrower will receive partial loan forgiveness, based on the requirement that 60 percent of the forgiveness amount must be attributable to payroll costs.

Here’s the good news: You can still have part of your PPP loan forgiven, even if you didn’t spend the full 60% on payroll. It just involves a little math.

To calculate the amount you qualify for, you need to know two things: the total PPP loan amount and how much of that loan you spent on payroll. You’ll use these to calculate your PPP loan forgiveness, according to guidelines from the SBA. Here’s how.

  1. Figure out how much of your total loan amount you spent on payroll. If it’s less than 60 percent, go to the next step.
  2. Determine what that new amount is 60% of to get your new max forgiveness number.

Because the forgiveness rules determine that 60% of the loan has to be spent on payroll, you’re recalculating your loan amount so whatever you did spend on payroll is 60% of the amount that can be forgiven.

Let’s look at an example:

  • You had a loan of $100,000 and you only spent $54,000 on payroll, so not the full 60%.
  • You need to know the number that $54,000 is 60% of.
  • Do the math: $54,000 is 60% of $90,000.
  • So $90,000 is your new maximum forgiveness amount.
  • You’d have to repay $10,000 of your loan.

Here’s what the revisions to the new interim final rule say:

If you use less than 60% on payroll, “…the borrower will receive partial loan forgiveness, based on the requirement that 60 percent of the forgiveness amount must be attributable to payroll costs.”

Want someone else to do the math? Use the PPP loan forgiveness calculator from Paychex to find out your max forgiveness amount.

Forgiveness Doesn’t Have to Be Complicated

Now that you know that you do qualify for forgiveness even if you didn’t use 60% on payroll, you can apply. Make sure you verify your maximum loan amount with your lender or accountant before you start the process.

Still hesitating? Here are a few members on how easy the forgiveness process has been:

“I am a tax professional here in Lake Worth, and it is true that PPP loan forgiveness is available and easily completed. And unlike other debt forgiveness, it is not taxable.”—Harold Blotcher EA

“My first PPP Loan was actually just forgiven. So rest assured, as long as you use it according to the rules, it will be forgiven.” —Nicholas Radice of GSB Web Design

“Forgiveness was a piece of cake. We were hit hard by reduction in business by Covid restrictions but we were able to keep people employed with PPP and forgiving the loan was easy.”—Mike Fry of Furniture Repair by Fry’s

More questions? These resources can help:

Plight of East Brother in the Media

The saga of the East Brother Light Station unplugged continues. We have a GoFundMe campaign at https://www.gofundme.com/f/help-save-east-brother-light-station.

If we have to go to off grid solar, the estimated cost is about $200,000. Replacing the submarine power cable is estimated at two to three times that much. We are also soliciting recommendations for:

  • Solar contractors
  • Submarine cable suppliers
  • Submarine cable installer

 

General Plan Update, February 24th Webinar – PowerPoint Presentation

Council of Business & Industries Members and Community Leaders –

I was pleased to see over 50 of you join us for yesterday’s General Plan Update webinar that the COI co-hosted with the Industrial Association of Contra Costa County (IACCC) and WSPA.  Attached is the PowerPoint presentation that Will Nelson walked us through during the meeting.

Download the presentation here

IACCC, COI, WSPA 2-24-21

We will continue to participate in the General Plan Update process, and work with the IACCC, WSPA and East Bay Leadership Council to ensure ensure that the business/industrial sector’s voice is heard.  We will keep you updated as the Plan moves towards completion and approval by the Board of Supervisors, which is expected to be at the end of 2022.

Katrinka Ruk
Executive Director
Council of Business & Industries

Costco Wholesale Corporation has recent Job Postings near Richmond

Interested in working for Costco Wholesale Corporation?

If you are an ambitious, energetic person who enjoys a fast-paced team environment filled with challenges, you’ve come to the right place. Our successful employees are service-oriented people with integrity and commitment toward a common goal of excellence. Costco offers great jobs, great pay, great benefits and a great place to work.

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