PPP Extension: The bill extends the PPP through March 31, 2021 and allocates another $284 billion for first- and second-round forgivable loans. This includes dedicated set-asides for small businesses and lending through community-based lenders, as well as expanding PPP eligibility for 501(c)(6) nonprofits. Small business can apply for Paycheck Program funds which are federally backed loans to aid in covering expenses and maintaining worker levels. Though they start as loans, businesses who meet specific criteria from the SBA can apply to have their loans forgiven so that they do not need to be paid back.   

PPP Deductibility: The bill clarifies that expenses paid or incurred with proceeds from PPP loans that are forgiven under the CARES Act and are not included in gross income do not result in a denial of any deduction or basis of any asset for federal tax purposes. Additionally, it outlines that the tax basis and other attributes of the borrower’s assets will not be reduced because of the loan forgiveness. The provision is effective as of the date of enactment of the CARES Act. The provision provides similar treatment for second draw PPP loans.  

Employee Retention Tax Credit: To keep workers on payroll and more small businesses and non-profits operating, the bill extends and expands the refundable Employee Retention Tax Credit (ERTC) established under the CARES Act through June 30, 2021. Generally, the credit covers wages and benefits, including 401(k) contributions, of employees of businesses affected by COVID-19. The legislation also modifies the ERTC for 2020 by allowing businesses with PPP loans to qualify. 

Deferred Payroll Taxes: Among other measures, the package also extends the repayment period for deferred payroll taxes through December 31, 2021. Penalties and interest on deferred unpaid tax liability will not begin to accrue until January 1, 2022. 

The following is a list of local, state, and federal links to resources that you should find valuable during these challenging times.  As provided by the  Las Vegas Global Economic Alliance. Here is a useful link of resources gathered specifically for small businesses. 

https://www.clarkcountynv.gov/government/departments/economic_development/economic_recovery/index.php - Clark County’ Small Business Protective Retrofit Grant will provide up to $5,000 for facility modification, purchasing PPE, screening tools, training, touchless technology, and other items that qualify for safety implementation surrounding COVID.  Please read the grant information eligibility carefully. Accepting applications now..

Tri-Chamber Grant Program is a grant assistance program, born out of the COVID Cares Act and Its purpose is to help small businesses who have been economically impacted by the pandemic. A joint effort  between the Latin Chamber of Commerce, the Urban Chamber of Commerce and the Asian Chamber of Commerce. To apply, email: info@LVacc.org 

https://housing.nv.gov/ The State of Nevada is providing $30 million to support the Program using Coronavirus Relief Funds authorized under the CARES Act. Funds under the State Program will also provide additional support to the existing $30 million in rental assistance which has been allocated by Clark County. Rental assistance funds will be offered as a grant to eligible Nevada tenants and are not required to be paid back. Funds will be awarded on a first-come-first serve basis and will be paid directly to landlords on behalf of tenants.

 https://www.unlv.edu/econdev/SAGEsouth Sierra Accelerator for Growth & Entrepreneurship (SAGE) South works with inventors and entrepreneurs to determine if an idea or business qualifies for SBIR/STTR programs, find appropriate research grant opportunities, navigate the complex world of the government award process, and help write the best proposal possible. SAGE is a statewide partnership offered through the University of Nevada, Las Vegas, the University of Nevada, Reno, and APIO Innovation Transfer (APIOiX). Known as America’s Seed Fund, the Small Business Innovation Research (SBIR) / Small Business Technology Transfer Research (STTR) programs are the nation’s largest source of early-stage/high-risk funding for qualified, for-profit U.S. startups and small businesses. 

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-0 From the U.S. Small Business Administration, this link provides a gateway to Coronavirus Funding Options, Coronavirus Recovery Information in Languages other than English, Guidance for Business and Employers; Local Assistance; Join the SBA’s Relief Efforts; SBA Products and Resources; and Government Contracting 

https://www.southernnevadahealthdistrict.org/covid-19-testing-sites/ links to the calendar of free COVID-10 Testing Sites provided by the Southern Nevada Health District.

 www.diversifynevada.com/programs/procurement-assistance-outreach/ - For businesses interested in pursuing government contracts, subcontracts with government prime contractors, and pursue Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Grants, the Nevada Procurement Technical Assistance Center (PTAC) provides no-charge service offerings who have been accepted into the program after completing a Nevada PTAC Client Questionnaire Form for consideration.  The following two programs are administered by PTAC.

• https://goed.nv.gov/programs-incentives/emerging-small-business/ - Nevada’s Emerging Small Business (ESB) Certification, assisting small businesses in obtaining work with the state and local government agencies.
• https://goed.nv.gov/programs-incentives/technology-commercialization/collateral-support-program/ - The Nevada Collateral Support Program seeks to provide businesses with 250 employees or less the necessary financing that might otherwise be unavailable due to a collateral shortfall according to the lender’s analysis. The program will supply pledged cash collateral accounts to lenders to achieve this goal for approved projects.
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https://nevadajobconnect.com/Page/Post_a_Job_Opening for companies needing talent, post a job for free through this link. For additional information, call the Nevada JobConnect Business Services Office at 702.486.0129. 

https://detr.nv.gov/Page/Employment_Security_Division_Rapid_Response Response is a free program that assist employers if they have to lay off employers or shut down For information on Rapid Response assistance call (775) 284-9660 or (775) 684-0362 or email: detrinfo@detr.nv.gov 

http://business.nv.gov/News_Media/COVID-19_Announcements/  link from Nevada’s Department of Business and Industry that provide industry related announcements and guidance as all Southern Nevada businesses navigate operating safely to meet state compliance with COVID-19.   

http://business.nv.gov/Resource_Center/Business_Resource_Center_New/  link from Nevada’s Department of Business and Industry he

Home Means Nevada, Inc

A non-profit entity established by the Department of Business and Industry

www.homemnv.org | info@homemnv.org

Press release contact: Teri Williams, Public Information Officer- twilliams@business.nv.gov

For Immediate Release: September 24, 2020

Homeowner Assistance Portal Launched to Assist Nevada Homeowners Impacted by COVID-19 Pandemic

LAS VEGAS, NV - Home Means Nevada, Inc. (HMN), a state-affiliated nonprofit organization that administers certain functions of the Foreclosure Mediation Program, has launched a new, innovative tool for struggling Nevada homeowners as part of its ongoing COVID-19 response initiative. Utilizing the existing foreclosure mediation portal, HMN has added The Homeowner Connect (THOC), a one-stop resource for homeowners experiencing financial hardship related to the COVID-19 pandemic. THOC can be accessed through the HMN website - http://www.homemnv.org/ - or by utilizing the direct link below.

“We are pleased to have the opportunity to make THOC available for all Nevadans and appreciate the cooperation of the mortgage servicing community as we assist Nevada homeowners in dealing with the events related to the COVID-19 public health emergency and further our efforts to promote home retention in our state,” said HMN President Shannon Chambers.

THOC offers features and access to information for Nevada homeowners on the steps that can occur prior to a default and potential participation in the Foreclosure Mediation Program if the homeowner is eligible.  Homeowners that are currently in a forbearance related to COVID-19, not making payments, unable to make payments, or in other situations can receive information on what their options might be from a HUD certified counselor. 

Should mortgage relief and home retention programs become available and implemented at both the state and federal level in the future, the THOC portal will connect homeowners to the programs for which they are eligible.

The Homeowner Connect portal is located at https://thehomeownerconnect.org/nevada and provides the following features and benefits:

¤ A free self-service portal to assist and provide information to homeowners and consumers and allow participating mortgage servicers to assist and interact with homeowners and consumers exchange documents through the portal

¤ On-demand assistance provided by Housing and Urban Development (HUD)-certified non-profit housing counselors

¤ Participating mortgage servicers agree to Standards of Conduct for responsiveness and transparency

¤ One-stop shop for homeowners and consumers to access and obtain information on mortgage terminology and potential mortgage assistance programs

¤ Proactively addresses potentially unlawful and predatory practices through the security of a state-sponsored portal

¤ An end-to-end audit trail of documented interactions and potential loan transfers between homeowners and mortgage servicers

About Home Means Nevada, Inc.

Home Means Nevada, Inc. (“HMN”), a state-affiliated nonprofit organization, was established for the development and execution of homeowner assistance to address the challenges and needs of distressed homeowners in Nevada. HMN oversees portions of the Nevada’s Foreclosure Mediation Program as established with the passage of Senate Bill 490 of the 2017 Nevada Legislative Session.  HMN is governed by a board of directors.  Shannon Chambers was appointed as the President of Home Means Nevada, Inc. in 2017 and has also served as the Nevada Labor Commissioner since 2014.

About IndiSoft, LLC

Columbia, Maryland-based IndiSoft LLC develops collaborative technology solutions for the financial services industry. Its RxOffice platform the core framework for The Homeowner Connect, provides advanced workflow management and rich data management tools that enhance risk-based assessment and help companies meet regulatory requirements. RxOffice provides efficient, reliable, and scalable solutions for companies, including mortgage servicers, investors, insurers, and law firms to name a few, that want to remain compliant, effectively manage workflow and maintain a competitive edge. Connect: www.indisoft.us | Twitter: @IndiSoftllc.

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•  Emergency Assistance and Community Needs Fund 
•  COVID-19 Emergency Assistance Asset Map  
• Additional links and resources

 Home Means Nevada, Inc. (HMN), a state-affiliated nonprofit organization that administers certain functions of the Foreclosure Mediation Program, has launched a new, innovative tool for struggling Nevada homeowners as part of its ongoing COVID-19 response initiative.