Congress passed a bill approving a second round of $900 billion in coronavirus relief to be issued through mid-March of 2021.  In addition to more funds, the bill clarifies some very important key information for businesses.  The president is expected to sign the bill into law soon.

Here is a summary of the items that are most significant to your small business.

If you have, let your payroll provider know so you are sure to claim your payroll tax credits.

The Families First Coronavirus Response Act (“FFCRA”) provides for refundable payroll tax credits for employers in order to assist with the cost of providing Coronavirus-related leave to their employees. This tax credit went into effect on April 1, 2020 and will remain in effect until December 31, 2020.

LISC invites small business owners in rural locations across the country to apply for the LISC-Lowe's Rural Relief Small Business Grants program.

This new IRS effort is called the Taxpayer Relief Initiative, and it aims to help those financially affected by COVID-19.

Taxpayers who owe taxes always had options to get help through payment plans and other tools from the IRS, and now they are expanding those tools. The revised COVID-related collection procedures will be helpful to taxpayers, especially those who have a record of filing their returns and paying their taxes on time. Here are the highlights of the Taxpayer Relief Initiative:

If you have submitted your application for the Ohio Small Business Relief Grant, please be aware that there is another step to approval. 

Be sure to check your email (and your junk/spam folder) for an email from SmallBizrelief.gov with the Subject Line: Small Business Relief Grant Application Preliminarily Approved. 

The email reads as follows:

Dear 

Here is a summary of the current Covid-19 relief programs and grants available for Ohio Small Businesses.

County Grants Available through Valley Partners:

These grants are at the county level and are not the same as the state grant. See below for more details on the state grant.

CARES 4 Trumbull, the grant program to assist small businesses in Trumbull County, is now available to county businesses. 

Each grant up to $10,000 will be awarded on a reimbursement basis for funds expensed on eligible items incurred from March 01, 2020 through December 11, 2020. 

The state of Ohio has created a $37.5 million fund to help bars and restaurants that have been hurt by the COVID-19 pandemic, called the Bar and Restaurant Assistance Fund.

If your business has been affected by the pandemic, be sure to apply!  If your business qualifies, you can apply for this new grant program even if you also applied for/received the Mahoning County Small Business Relief Grant. This is a different grant.

The application process opens November 2 at businesshelp.ohio.gov.

Grants will provide $10,000 to small businesses in Ohio with no more than 25 employees.

A second round of dividend checks from the Ohio Bureau of Workers Compensation will be mailed toOhio employers beginning this week through the end of October.  The dividends equal 100 percent of the premium employers paid in policy year 2019.

The money is being given back to employers in response to Governor DeWine's request in August that the Ohio BWC Board of Directors approve a second dividend to provide financial support for public and private employers impacted by the ongoing pandemic.