Our community is still facing challenges from the COVID pandemic. There is some legislation that has been passed that will help aid our local businesses in getting through this tough time:
PPP Loans
The SBA has released another round of Payroll Protection Program funds. These funds were initially provided to help alleviate some of the stress on businesses to cover payroll costs during this pandemic. These funds were extended to cover other areas:
Payroll Expenses (at least 60% must be used on payroll funds to remain forgivable)
Some overhead expenses (i.e. utilities)
Rent
Interest on mortgage
To apply for these funds, contact your business bank and set up an appointment. This is administered just like any other loan so financial statements must be available. For more information regarding PPP funds, visit: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
For more information regarding COVID legislation or updates, please see these resources:
SC Chamber of Commerce
CDC
SCDHEC
Tier IV County Job Tax Credit
Fairfield County has been re-classified from a Tier III to Tier IV County for Job Tax Credits. In simple terms, employers can get a $25,000 tax credit for jobs created. The difference between Tier III and Tier IV, outside of the increase in the amount of credit, is that under Tier IV, all businesses are eligible to participate. Tier III is focused more towards larger businesses. See below for a few facts about the Tier IV designation:
Tier IV counties are eligible for $25,000 per new employee/job created.
This includes any and all business. Retail and service sector jobs are included in the Job Tax Credit programs in Tier IV counties.
This credit can be used to offset 50% of taxable income. There are certain requirements are parameters that must be met. I encourage listening to the 20 minute podcast that is attached at the bottom of this page.
Part-time employees can count but have to work a certain # of hours per week. Typically, if you have two part-time employees that would count as one full-time employee. Again, the podcast series will explain this in more detail.
The tax credit does have a 15 year carry forward provision. This mainly would be used by manufacturing operations because their tax liability is less at the start of their deals. This provision basically gives you the right to take advantage of the tax credit when you choose.
Those looking at applying for the job tax credit should also consider filing a 616 form which locks in the Tier IV designation. Counties are annually review by DOR and the tier designation may differ per year. By locking in the Tier IV designation, the companies will not have to worry about the counties designation being changed.
Typically, companies claim the tax credit the year after the jobs are created but there is a small business accelerate job tax credit program which you claim on a TC4 in the year you created the jobs.
In some circumstances, you have to make notice with DOR but none is needed in taking advantage of the job tax credit program.
https://anchor.fm/thebuzzpodcastsc/episodes/Episode-38-JeriLynn-VanStory--SC-Department-of-Revenue-eouhug/a-a4bht29
Thank you to Sam Hodges, Project Manager for Fairfield County Economic Development, for this information.
COVID Vaccination Rollout
The vaccine for COVID has started to be distributed throughout the country. Fairfield County Emergency Management Director Brad Douglas sat down with us the counties plan to distribute the vaccine. To see the video on Facebook, Click Here.
For more information about the Rollout Phases for South Carolina visit: https://scdhec.gov/covid19
Email Switch
The Fairfield County Chamber of Commerce is in the process of updated our digital capabilities. In the next few weeks, we will switch over to a new email domain. The new emails will be as follows:
genestephens@fairfieldcountychamber.com
susanyenner@fairfieldcountychamber.com
dillonpullen@fairfieldcountychamber.com
If there is anything we can help you with, please contact our office.
Have a blessed day!
Gen Stephens
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Posted on January 26th, 2021.
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