Governor Larry Hogan
Doubles Commitment to Emergency Economic Relief for Marylanders to $500 Million
Includes New Relief Programs and Expansion of Existing Programs for Businesses, Restaurants, Main Streets, Arts, and Tourism
ANNAPOLIS, MD Governor Larry Hogan today announced the $250 million ‘Maryland Strong: Economic Recovery Initiative,’ which will provide funding from the Rainy Day Fund to directly assist restaurants, small businesses, local entertainment venues, arts organizations, and Main Streets across the state. The initiative doubles the state’s total commitment to COVID-19 emergency economic relief for Marylanders to $500 million.
“This new $250 million ‘Maryland Strong: Economic Recovery Initiative’ will be critical to the thousands of struggling restaurants, small businesses, and Main Streets across the state that are attempting to weather this crisis,” said Governor Hogan. “I have directed our entire team in each agency to ensure that this much-neede
Travelport Expands Digital Media Solutions with TravelFlan Partnership
(14 Jan 2021) Travelport is adding new artificial intelligence (AI) and big data-driven capabilities to its Digital Media Solutions (DMS) portfolio through a partnership with TravelFlan, an AI digital solution startup.
Travelport will be able to offer TravelFlan’s various AI-based travel marketing solutions to travel suppliers and Destination Marketing Organizations seeking to raise consumer awareness and drive bookings.
The solutions include TravelFlan’s AI digital engine and eConcierge Chatbot which provide targeted and personalized travel recommendations, as well as an ancillary revenue solution which tailors product bundles personalized to traveler personas, informed by big data from more than 30 million
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On December 27, 2020, the Consolidated Appropriations Act, 2021 (“the Act”), was signed into law. The new law both funded the U.S. government for the remainder of FY 2021 and made available a wide range of COVID-19 relief support, including The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (“Economic Aid Act”).
The Act reopens the Small Business Administration’s (“SBA”) Paycheck Protection Program (PPP), allowing businesses to apply for a loan for the first time or, in some cases, allowing existing PPP borrowers to apply for a second loan. In general, new first-time PPP borrowers will be subject to the PPP’s original eligibility rules as amended by the Economic Aid Act, and second-time PPP borrowers will be subject to the requirements outlined below. The Act includes significant modifications and extensions of the Paycheck Protection Program (“PPP”) including:
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The Paycheck Protection Program (PPP), originally part of the March 27, 2020, CARES Act, has undergone several changes since its inception, including June’s PPP Flexibility Act, a myriad of Interim Final Rules and other guidance issued by the Small Business Administration (SBA). On December 27, 2020, a new stimulus bill (the Consolidated Appropriations Act, 2021) was signed into law, comprehensively changing the PPP and associated small-business provisions of the CARES Act.
Tax treatment of PPP loans
The new stimulus bill provides businesses with additional relief by clarifying that deductions are allowed for otherwise deductible expenses paid with the proceeds of a PPP loan that is subsequently forgiven. Additionally, the forgiven portion of a PPP loan or Second Draw Loan (discussed below) shall not be included in the gross income of the borrower, no tax attribute shall be reduced, and no basis increase shall be d
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