COVID-19 relief bill, brings assistance to small businesses

MARYLAND – Well it’s no secret that a lot of businesses are struggling this year, small and large, but with the tax season approaching and that COVID-19 relief bill clarifying assistance for businesses, many are feeling hopeful that 2021 will bring some relief.

“To say it was a challenging year for our wellness business is an understatement,” says CEO of Peninsula Health and Wellness, Anthony Darby.

Many small businesses in the area have found themselves struggling to stay afloat due to the coronavirus pandemic. However, with tax season quickly approaching, many are hopeful the new COVID-19 relief package will bring about some financial relief for them. According to accountants, the package really aims to help small businesses through things like tax forgiveness.

Mark Welsh, a partner with TGM Group LLC in Salisbury “Not only is this going to be forgiven, it’s going to be tax free. So that’s probably by far the biggest thing that came out of that.”

Welsh also says, its important for businesses to gain financial advice in order to help them make the most of their tax return this year. “We know for the most part, our clients are hurting, and so if it’s the PPP money, we need to tell them about the PPP money or any new tax laws or loop holes that have come

Darby say he has dealt with numerous hardships this year. After not qualifying for the first round of Paycheck Protection Program (PPP) money, Darby says he’s hopeful this next round will finally give them some kind of relief.

“So I’m almost utilizing our taxes and our returns this year as proof that we were adversely affected we did have hardships and utilizing that proof and hopefully qualify for the PPP money in 2021,” says Darby.

Though the pandemic is far from over, Darby tells 47 abc, he’s optimistic that the help that’s on the way will be beneficial. “So for us, if we can get that PPP money we’ll be really excited, but if not we’re not going to let that deter us we’re going to just keep fighting every day and try to grow the business organically even through a hardship.”

Welsh also says due to the pandemic the end of the tax season could potentially be pushed back. There are plenty of resources out there for small businesses to help with filing taxes and finding relief.