|
Many organizations have made diversity in hiring a priority over the last few years, and yet Minnesota still has disparities in opportunities for people of color. These disparities are evident for interns in STEM fields as well. This webinar provides a safe space for people to have a real conversation about Diversity, Equity and Inclusion (DEI), a chance to get their questions answered, and get ideas for how to move their companies forward.
Tuesday, Jan. 26, 11 AM Register now for this free webinar :https://attendee.gotowebinar.com/register/7945760827826396940 Webinar ID: 496-582-571 This event is presented by the SciTech Internship Program, which seeks to build and retain Minnesota’s STEM workforce and increase the number of women and students of color hired as interns. The webinar is free and open to current and prospective SciTech employers as well as anyone who wants to learn more about DEI for their organization. More about the SciTech Internship Program:
Expect 1099-G forms if you received government covid relief. Government Covid relief grants, with the exception of PPP, will be reportable as "other income" on your taxes. Many of you file your business taxes on a schedule C (on your personal income taxes) or are S-Corps (where the businesses income or losses transfer over onto your personal income tax statements). Unemployment income is also reported as "other income" on your personal tax return. Avoid surprising tax bills by taking a look at your business profit or loss and the amount of unemployment and wages you received. You can reduce your business income if you need to by paying some bills in 2020.
For those of you who have been paper filing forms like quarterly 941s, please be aware that the IRS is under an enormous backlog of paper filings. Many employee retention credits claimed for Q2 on paper are just now being mailed out. If you paper filed, you may receive late filing notices because of the IRS backlog. My feeling is that the IRS will eventually sort this out and you will receive another notice that you were not late, but I will be available after the new year to help businesses with these issues. A little-noticed provision of the CARES act allows filers who use the standard deduction (that's most of us/ people who do not itemize on their personal taxes) to deduct up to $300 in donations to charity on your personal taxes, directly reducing your income. Hennepin County is giving away grants of up to $15k, to eligible businesses, sole proprietorships, and nonprofits. These are grant funds that do not require repayment. First-time applicants are prioritized, but all businesses are eligible to apply, regardless of whether you’ve received previous grants from Hennepin County. For more information on eligibility, see their page here. Feel free to reach out to me if you have any additional questions.
*Note: Businesses that applied to Hennepin County’s Small Business Relief Fund round for restaurants, bars, gyms and entertainment venues (Round 4) that closed on December 1 will be automatically considered for funding and do not need to re-apply.* Applications are due by noon on Thursday, January 14th. Check out a few additional trainings from our partners that you can take advantage of:
The Minnesota Legislature passed a $216 million business relief package at this week’s special session. This funding package is broken down into three components - $88 million in direct relief payments from the Department of Revenue to businesses closed as a result of the current “Pause”, $114 million to Minnesota counties to support businesses, and $14 million in direct relief payments from Department of Employment and Economic Development for movie theaters and convention centers. Included with the funding support were waivers to State fees and extension of unemployment benefits. More information will be coming out soon. Below are more details on what is known now.
Direct Payments to Businesses The Department of Revenue shared the following information on the pool of $88 million for direct business relief. Payments range from $10,000 to $45,000, depending on the number of employees. Eligible Businesses This program provides direct payments to businesses required to temporarily close or reduce services in November under Executive Order 20-99. Businesses in the following categories, as reported by the Minnesota Unemployment Insurance program, may be eligible:
EMPLOYEES (FULL- AND PART-TIME)
Payment Process
Business Supports to Minnesota Counties Minnesota Counties will receive $114 million to be then distributed to businesses within the county. The amount each County receives will be through a formula. More information will come out when Hennepin County provides details on its allocation. Businesses can receive relief dollars both from the direct funds through the Department of Revenue listed above and through the county relief program. Direct Aid to Movie Theaters and Convention Centers The Department of Employment and Economic Development will award $14 million in grants to assist movie theaters and convention centers.
Regulatory Relief The Department of Agriculture will create a program to waive the late fees if a licensed food retailer, manufacturer, wholesaler, or broker renews their license after the applicable deadline in 2021.
Additional Unemployment Benefits Provides up to 13 weeks of additional special unemployment benefits to individuals who exhausts their regular unemployment benefits, state, federal extended benefits, and not receiving benefits under CARES Act, other federal employment extension benefits, or any other extension benefits at the state or federal levels.
From the ongoing COVID-19 pandemic to the aftermath of the officer involved death of Mr. George Floyd, our Minneapolis community has faced extraordinarily painful times.Rebuild Resilient is a program offering energy efficiency and solar related funding for business that can cover up to 70% project combined with utility rebates and incentives. This program leverages increased Xcel Energy and CenterPoint rebates as part of our path to recovery and transformation. Together, we can emerge as a stronger, equitable, inclusive, and resilient Minneapolis. Visit the Green Cost Share / Rebuild resilient web page for more information.
Solar projects: Qualifying buildings can receive up to $50,000 from the City of Minneapolis based on a solar array’s first year of estimated kilowatt hour production. The amount awarded to a project is based on a building’s incentive category and the estimated annual kilowatt hour production of the project. For complete details see the 2021 Solar Project Application. If you have questions about solar projects, email GreenCostShare@minneapolismn.gov Energy efficiency projects: Qualifying buildings can receive up to $40,000 from the City of Minneapolis to help pay for energy efficiency updates. The amount awarded to a project is based on a building’s incentive category and the total cost of the project. For complete details see the 2021 Energy Efficiency Project Application. If you have questions about energy efficiency projects, email rfriend@mnchamber.com Incentive categories: The incentive categories for buildings are: base rate, environmental justice rate, energy benchmarked building (energy efficiency projects only), and Minneapolis Forward rate. To determine which category applies to your building, see the project applications. Application deadlines2021 application deadlines for solar and energy efficiency projects are Jan. 1, Mar. 1, May 3 and July 2. Deadlines are open until funding is exhausted. Have you registered for our Elevate Business HC program? We’re offering free Technical Assistance services for your business, but the deadline is fast approaching. Businesses have told us what services they need to help navigate COVID-19’s impact on their businesses. And we’ve delivered.
Funding for Elevate Business HC is provided by Hennepin County through the Federal CARES Act. Elevate Business HC-Technical Services Assessing financial viability in light of the pandemic COVID-19 notification procedures, safety protocols and health guidance Cultural competency training Employee mental health and wellbeing Employment law Fiscal analysis/ long term planning HR policy review / Telework policy development / assessing staffing needs Implementing health and safety protocols (industry specific) Insurance policy review Lease review and negotiation of terms Social media training Starting and growing a business Succession planning Technology as a pillar of business going forward Technology pivots Virtual employee engagement/retention Virtual employee onboarding Web-based ordering/online shop development Website creation & management Workforce diversification Working with lenders and creditors to negotiate payments Learn more at www.elevatebusinesshc.com |
RSS Feed
|
info@longfellowbusinessassociation.org
612-298-4699 |
LBA
P.O. Box 6318 Minneapolis, MN 55406 |
© Longfellow Business Association. All rights reserved.