If your business received Main Street Funds in 2020 and performed better than anticipated, there is a looming question of whether your business will need to repay any of those funds. Taylor Caswell, Executive Director of the Governor's Office for Emergency Relief Recover, recently spoke with WMUR and provided some important clarification.
Caswell said, “If you received a grant for $1,000 and your [adjusted] revenues come in $100 higher than you had anticipated, we’re not going to come for the full $1,000. We’re just going to ask for the $100, and the reason for that is that the federal requirements say they have to demonstrate a COVID-related loss.”
This explanation should provide some relief to businesses who did better than expected in 2020, but still underperformed as compared to 2019. For more details, see the full article.
If you still to need to file your report, keep in mind that most reporting deadlines for the Main Street funds are April 15, 2021. You are required to report on your 2020 and 2019 gross receipts for the calendar year but do not need to submit your tax return.
For additional questions, contact your accountant, and follow us on LinkedIn to stay up to date on all of our posts.
This explanation should provide some relief to businesses who did better than expected in 2020, but still underperformed as compared to 2019. For more details, see the full article.
If you still to need to file your report, keep in mind that most reporting deadlines for the Main Street funds are April 15, 2021. You are required to report on your 2020 and 2019 gross receipts for the calendar year but do not need to submit your tax return.
For additional questions, contact your accountant, and follow us on LinkedIn to stay up to date on all of our posts.
