Learn about upcoming information for members including the annual meeting, PPP funding, Valentine’s Day & social media posts
Member Meeting January 21st
The annual meeting will be held virtually on January 21st 2021. Please contact Isaac Kremer to RSVP.
MDA Annual Meeting Thu, Jan 21, 2021 7:30 PM – 8:30 PM (EST)
Please join my meeting from your computer, tablet or smartphone: https://global.gotomeeting.com/join/275614605
You can also dial in using your phone United States: +1 (224) 501-3412
Access Code: 275-614-605
New to GoToMeeting? Get the app now and be ready when
New Round of PPP Funding (Member email sent January 15th at 2:04pm)
Congress passed $284 billion for another round of PPP loans. In the last round of PPP 134 downtown businesses received $4,455,715 total. These businesses can apply for a new PPP forgivable loan, whether or not they received one before. Businesses who did not apply previously can apply now. Should you need any assistance please reach out to MDA at (732) 515-9660 or isaac@downtownmetuchen.org and we will assist you.
Eligibility:
- Your Income—GROSS RECEIPTS—must have declined by 25% or more in any quarter of 2020 compared to 2019. While Senator Marco Rubio (R-FL), head of the Senate Small Business committee, wanted this number to be at least a 50% loss, others pushed back and successfully got the amount lowered to a more appropriate loss of 25% of gross revenues, meaning many more struggling small businesses will get help. Gross receipts are likely to exclude funds from PPP loans or other loans or grants. This loss must be measured by a quarter of 2020 (Jan-Mar, Apr-June, July-Sept, Oct-Dec) and not just a three-month period. All or some borrowers may also have to indicate that the loan is an economic necessity. There are also provisions for seasonal businesses to adjust the time periods.
- You must have been in business prior to February 15, 2020.
- You have used, or will use, all of your previous PPP loan if you received one.
- You have fewer than 300 employees in any one location.
- Qualified businesses can be corporations, LLCs, sole proprietors, self-employed, independent contractors.
- No loan can be greater than $2 million.
How much can you get? For most businesses, the amount you can apply for is, as before, the amount of your average monthly payroll in 2019 or the year before your loan times 2.5. This is the same as the previous round of PPP. For accommodation and food service businesses, the amount you can apply for is your average monthly payroll in 2019 times 3.5.
Forgiveness: You can get forgiveness for this PPP loan by spending at least 60% on payroll expenses (wages, salaries, retirement, group health insurance, etc.) and a maximum of 40% on qualifying expenses during an 8- or 24-week period. (See above.)
Credit: Materials above are excerpted with permission from the newsletter of Rhonda Abrams, CEO PlanningShop. Sign up here if you are not already on my mailing list.
Valentine’s Day Promotion
Love is in the air, and in Downtown Metuchen! Share your Valentine’s Day promotion or special with us by filling in the Google Form. Suggested ideas include retail offers, photo packages, gift bundles, DIY beauty kits, heart pizza specials, beauty packages, pop-up specials etc.
Buy Me Love Weekend will be Saturday February 6th and if you have any special sales, pop-ups or offers for this weekend please let us know (Google Form).
Social Media Posts
Have something special you’d like to have us share on our social media pages? Contact us with an image and details to share!
