ExploreChinatown Newsletter
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Prepare for Next Round of Paycheck Protection Program (PPP) in 2021
$284 billion was recently allocated for another round of the Paycheck Protection Program (PPP), a forgivable business loan offered through the federal government’s Small Business Administration (SBA) to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Although guidelines and applications are not live yet, small businesses should prepare now to apply as quickly as possible once it is available.

Prepare Your Documents (Note: Requirements subject to change)
Each lender may have different requirements, but you can begin collecting some commonly required documents, including:

  • Copy of Photo ID for all owners who own 20% of the business or more
  • 2019 and 2020 Profit and Loss Statements to show revenue loss during 2020
  • 2019 Business Tax Returns
  • For partnerships – include IRS Form 1065 and Schedule K-1
  • For sole proprietors – include IRS Form 1040 Schedule C
  • Articles of Incorporation / Business Organizational Documents
  • Payroll Reports with a list of gross wages, paid time off, and taxes assessed for all employees for all 12 months of 2020  
  • 2020 Employer IRS Documents (including one of the following for all 4 quarters of 2020):
  • Form 941: Employer’s Quarterly Federal Tax Return
  • Form 944: Employer’s Annual Federal Tax Return (for smallest employers) 
  • Form 940: Employer's Annual Federal Unemployment (FUTA) Tax Return 
  • Form W-3: Transmittal of Wage and Tax Statements 
  • Documentation to support Health Insurance and Retirement expenses incurred as a part of payroll expenses (for example: a statement from insurance or retirement company)

Determine How Much You Can Apply For

  • You can apply for up to $2 million or 2.5 times your monthly payroll, whichever is less – if you are a restaurant or a hotel, you can apply for 3.5 times your monthly payroll up to $2 million.

Loans will be forgiven (meaning you do not need to pay them back) if you use them for eligible expenses, including 60% for payroll expenses and 40% for other eligible operating expenses.

Even if you already received a PPP loan you still may be eligible for a second award. To be eligible, you must meet the following criteria:

  • Show proof of 25% economic loss in at least one quarter during 2020
  • Have 300 employees or less
  • Have operated your business since on or before February 15, 2020
Economic Injury Disaster Loan (EIDL) Program Update
  • Provides $20 billion for new EIDL grants for small businesses in low-income communities
  • Creates a process for existing EIDL Advance grantees that received less than $10,000 to reapply for the difference between what they received and the maximum EIDL Advance Grant of $10,000
  • Extends covered period for Emergency EIDL grants through December 31, 2021
  • Extends time for SBA to approve and disburse Emergency EIDL grants from 3 to 21 days
Open Storefronts Program Extended to 9/30/21
Mayor Bill de Blasio announced that the Open Storefronts program, which permits storefront businesses to use a portion of their sidewalk to display merchandise, sell goods, complete transactions, and provide queuing areas, will be extended through September 30, 2021. The program will also allow businesses to sell pre-packaged food on sidewalks, and allow restaurants to use sidewalks for take-out orders.

An eight-foot clear path of sidewalk from the curb must be maintained for Open Storefronts to operate. Retailers cannot use the space of adjacent businesses, and they must bring all furniture and goods indoors when closed. For existing Open Streets: Restaurants locations, the Open Storefronts program will also permit businesses to use the curb lane directly fronting their storefront to conduct business activities during operating hours.

News Headlines
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In an effort to show Chinatown citizens who left—along with those who remain—that they are not forgotten, the Chinatown BID is collaborating with Schneps Media on a new initiative called, “Have you Eaten Yet?” This Chinese term is a way in which people show each other they care. With food being in short supply since the pandemic, Chen believes by asking if a neighbor has eaten is the perfect way to show residents that they are still highly regarded, and to inspire them to help one another.

During February, to coincide with the Lunar New Year, banners asking New Yorkers “Have you eaten yet?” will be erected around the area from lampposts and local buildings. In addition to this campaign, a contest will be held by both Schneps Media and the Chinatown BID, requesting New Yorkers submit words of inspiration and hope that they can then paste onto shuttered businesses until they return.
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Upcoming Events
Museum of Food and Drink Holiday Giveaway - Order dinner from your local Chinese restaurant, now until New Years Day and take a photo of your holiday takeout and tag @mofad on Instagram with hashtag #chineseforchristmasisdelicious to enter. 3 winners (US only) will be chosen at random in January for:
 
Important Health Info
COVID Alert NY is a voluntary, anonymous, exposure-notification smartphone app. You will get an alert if you were in close contact with someone who tests positive for COVID-19. Knowing about a potential exposure allows you to self-quarantine immediately, get tested and reduce the potential exposure risk to your family, friends, neighbors, co-workers and others.

  • Seasonal Flu / 季节性流感（流感）- As the flu and COVID-19 will likely circulate at the same time this season, getting a flu vaccine is more important than ever. 由于流感和 2019 冠状病毒病 (COVID-19) 在本季节可能同时流行，因此接种流感疫苗就比以往任何时候都更为重要。https://www1.nyc.gov/site/doh/health/health-topics/flu-seasonal.page