Weekly Update – WV District Office
EIDL: Why is SBA not accepting the Tax Returns I submitted even though they were stamped by the IRS?
Tax Returns that have been stamped as “Proof of Delivery Only” by the IRS CANNOT be accepted. The stamp must say “Received” to be valid. Applicants wishing to obtain their tax information from IRS should navigate to the
www.irs.gov website for instructions. However, the best approach is to complete the 4506T accurately using the correct form and then allow SBA to obtain the tax data directly from the IRS.
PPP Forgiveness: I’m confused about what documents need to be uploaded for PPP forgiveness and how long I have to keep copies.
There are 2 major things to remember. Borrowers who had PPP loans of $150,000 or less DO NOT have to submit any documentation. However, they need to maintain all records for 3-4 years. Four years for employment records, 3 years for all other. For Borrowers
who had PPP loans above $150,000, the Forgiveness application instructions provides a list of what needs to be sent to the lender and what needs to be maintained. These Borrowers need to keep copies of both types of records for 6 years. ​
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The Office of Advocacy, an independent office within the U.S. Small Business Administration, released the 2021 Small Business Profiles for the States.
Advocacy’s annual State Profiles provide a snapshot of each state’s small businesses. The profiles gather the latest federal economic data into state-by-state snapshots of small business health and economic activity.
This year’s profiles focus on state small business dynamics and employment. They answer questions like:
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How many small businesses are in my state?
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How many people do small businesses employ?
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How many jobs do they create?
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How many establishments opened and closed?
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What industries have the most small businesses?
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What demographic groups own the most small businesses?
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How much do small businesses export?
Click below for WV’s report
The U.S. Small Business Administration’s National
Small Business Week Virtual Summit event schedule is set. This annual event, happening September 13-15, 2021, honors the nation’s 31 million small businesses for their perseverance, ingenuity, triumphs, and creativity.
This year’s theme is “Celebrating Resilience and Renewal,” spotlighting the resilience of America’s entrepreneurs and the renewal of the small business economy as they build back better from the economic crisis brought on by the pandemic. NSBW events this year will
provide a forum where business owners will be able to get expert advice, learn new business strategies, connect with industry experts, and meet other business owners as they look to pivot and recover.
The U.S. Small Business Administration’s West Virginia District Office presents a virtual “Boots to Business Reboot” Entrepreneurship Training Program for veterans of all eras, National Guard and Reserve, and military spouses. The two-day virtual workshop will
be held the mornings of September 16 and 17.
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