Help for Small Businesses–One State Use of CARES Funding
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12 responses to “Help for Small Businesses–One State Use of CARES Funding”
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For all the angst with respect to other government agencies sloth and supposed incompetence, it sounds like these guys had their act together and did good AND it looks like they actually did help the targeted group!
Probably would not have heard that in BR before Dick! 😉
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For all the angst with respect to other government agencies sloth and supposed incompetence, it sounds like these guys had their act together and did good AND it looks like they actually did help the targeted group!
Probably would not have heard that in BR before Dick! 😉
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“Engaged in legal activity.”. Well, that takes the fun out of it. But, considering the PPP money was snatched up by the big boys, at least this was better designated
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The vast majority of federal PPP grants in VA were also $100,000 or less. Plenty of recipients were not “the big boys.” Many were, of course. The Rebuild VA grants may get that tax treatment because of the push over taxing PPP. They’re welcome.
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“Engaged in legal activity.”. Well, that takes the fun out of it. But, considering the PPP money was snatched up by the big boys, at least this was better designated
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The vast majority of federal PPP grants in VA were also $100,000 or less. Plenty of recipients were not “the big boys.” Many were, of course. The Rebuild VA grants may get that tax treatment because of the push over taxing PPP. They’re welcome.
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I’m glad to know the State exhausted all the funds available. My remaining concern — and this I blame on the feds as much as the State — is whether all the people in Virginia who needed those $$$ were ever made aware of the opportunity to apply? I never saw any publicity about this, after the initial burst of high-level discussion about the bill’s contents at the time of the original Congressional action. I have small-business friends who didn’t either.
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So, as noted, until we raised hell the state was going to treat this the same as the PPP grants for state tax purposes, no deductions for any expenses related to the grants. And while there is a federal exemption for PPP grants, there was no federal exemption for these. With all the swirling around this massive COVID Relief And Blue Boodle Bill pending in Congress, did it occur to anyone to seek such an exemption for state-managed rescue programs? It was COVID money after all….
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And HECK – Medicaid spending was less than expected….sales taxes at normal levels…
“Wise King” indeed! 😉
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And HECK – Medicaid spending was less than expected….sales taxes at normal levels…
“Wise King” indeed! 😉
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I’m glad to know the State exhausted all the funds available. My remaining concern — and this I blame on the feds as much as the State — is whether all the people in Virginia who needed those $$$ were ever made aware of the opportunity to apply? I never saw any publicity about this, after the initial burst of high-level discussion about the bill’s contents at the time of the original Congressional action. I have small-business friends who didn’t either.
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So, as noted, until we raised hell the state was going to treat this the same as the PPP grants for state tax purposes, no deductions for any expenses related to the grants. And while there is a federal exemption for PPP grants, there was no federal exemption for these. With all the swirling around this massive COVID Relief And Blue Boodle Bill pending in Congress, did it occur to anyone to seek such an exemption for state-managed rescue programs? It was COVID money after all….
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