Tina M. Mussolino CPA Blog
The Maryland Department of Housing and Community Development is administering $25 million to provide financial support to Maryland’s new or expanding businesses to help incentivize commercial investment in vacant retail and commercial properties.
Project Restore will provide two grant opportunities for businesses that plan on opening or expanding into previously vacant spaces:
Rental Assistance Grant: The maximum grant request amount is $30,000 for rent for one year (rental payment up to $2,500 per month) for qualified small business with 50 or fewer employees (full time equivalents). Applicant’s monthly rent can exceed $2,500, but the maximum that will be paid by the Rental Assistance Grant will be $2,500 per month for one year.
Business Operations Grant: The maximum grant award amount is $250,000 for one or two years for businesses that generate sales and use tax. Grant funds can be used for activities and costs related to sustaining and growing the business such as staff costs, capital improvements, marketing, inventory and supplies, utilities and the like and cannot be used for executive salaries or bonuses. Grant awards will be paid quarterly and will be based on sales and use tax generated by and submitted to the state in Calendar Year 2022.
ELIGIBLE APPLICANTS:
To be eligible to apply for either a Rental Assistance Grant and/or a Business Assistance Grant, a business must meet all of the following criteria:
- May be a new or existing business, but business must be located in Maryland
- Business must be registered and in good standing with the Maryland Department of Assessments and Taxation (SDAT).
- Business must open or expand in a retail or commercial space that has been vacant at least 6 months prior to the date they submit their application.
- Financially viable business whose operations will continue forward
PLEASE READ CAREFULLY THE NOTICE OF FUNDING AVAILABLITY (NOFA) BELOW – The NOFA provides important information on additional criteria specific to the Rental Assistance Grant and Business Operations Grant as well as the required documents that must be provided at the time of application.
NOTICE OF FUNDING AVAILABILITY:
APPLICATION:
There will be a single Project Restore application to apply for the Rental Assistance Grant and/or the Business Operations Grant.
PROJECT Restore APPLICATION – scheduled to open on September 8
The Project Restore application will be available online. Prior to submitting an application you will be required to register with the Maryland OneStop Portal. OneStop is the central hub for Maryland State licenses, forms, certificates, permits, applications, and registrations and can be accessed here: https://onestop.md.gov
You can register in advance of the application round opening.
Prior to the application round opening it is strongly recommended that applicants read the NOFA carefully and prepare answers and gather required attachments in advance of opening of the on-line application.
- Review the application in advance to know what questions will be asked and what documents will be required:
- Sample Project RESTORE Application . NOTE: This document is for reference ONLY, all applications must be completed and submitted through the online application system
- Businesses that will occupy vacant space in a designated Opportunity Zone will be eligible for two years of grant funds if awarded a Business Operations Grant.
Check to see if the vacant property to be occupied is in an Opportunity Zone:
Enter Property Address
For more information:
News: Governor Hogan Announces $25 Million Initiative to Revitalize Downtowns and Main Streets
For questions, contact dhcd.projectrestore@maryland.gov .
The second Sunday of August to the following Saturday is designated as Shop Maryland Tax-Free Week each year. That means qualifying apparel and footwear $100 or less, per item, are exempt from the state sales tax. The first $40 of a backpack or bookbag purchase is also tax-free. Accessory items, except for backpacks, are not included. The Shop Maryland Tax-Free Week for 2021 is Sunday, August 8 – Saturday, August 14.
Additionally, there is a tax-free three-day weekend every February during which the state sales tax will not apply to the sale of any Energy Star Products listed. Please click on the Shop Maryland Energy Box on this page for more details.
Read our 2021 Press Release for more information and details on the annual scholarship contest.
Shop Maryland Resources
For more information:Call (800) MD-TAXES or (410) 260-7980 from Central Maryland
The second Sunday of August to the following Saturday is designated as Shop Maryland Tax-Free Week each year. That means qualifying apparel and footwear $100 or less, per item, are exempt from the state sales tax. The first $40 of a backpack or bookbag purchase is also tax-free. Accessory items, except for backpacks, are not included. The Shop Maryland Tax-Free Week for 2020 is Sunday, August 9 - Saturday, August 15.
Additionally, there is a tax-free three-day weekend every February during which the state sales tax will not apply to the sale of any Energy Star Products listed. Please click on the Shop Maryland Energy Box on this page for more details.
Shop Maryland Resources
- Exempt vs. Taxable Purchase
- Tax-Free-Week FAQ
- Shop Maryland Tax-Free Week Fact Sheet
- SHOP MD Tax Free Scholarship Graphic - English
- SHOP MD Tax Free Scholarship Graphic - Español
- Printable 4 x 9 Rack Card - Front - 2020 JPG
- Printable 4 x 9 Rack Card - Back - 2020 JPG
- Printable 4 x 9 Rack Card Front and Back 2020 PDF
- SHOP MD Tax Free Social Media 2020 Mom and Two Kids JPG
- SHOP MD Tax Free Rail Interior Card 2020 JPG
For more information:
Call (800) MD-TAXES or (410) 260-7980 from Central Maryland
Economic Impact Payments being sent by prepaid debit cards, arrive in plain envelope; IRS.gov answers frequently asked questions
IR-2020-105, May 27, 2020
WASHINGTON – As Economic Impact Payments continue to be successfully delivered, the Internal Revenue Service today reminds taxpayers that some payments are being sent by prepaid debit card. The debit cards arrive in a plain envelope from "Money Network Cardholder Services."
Nearly 4 million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The determination of which taxpayers received a debit card was made by the Bureau of the Fiscal Service, a part of the Treasury Department that works with the IRS to handle distribution of the payments.
Those who receive their Economic Impact Payment by prepaid debit card can do the following without any fees.
- Make purchases online and at any retail location where Visa is accepted
- Get cash from in-network ATMs
- Transfer funds to their personal bank account
- Check their card balance online, by mobile app or by phone
This free, prepaid card also provides consumer protections available to traditional bank account owners, including protection against fraud, loss and other errors.
Frequently asked questions continually updated on IRS.gov
The IRS has two sets of frequently asked questions to help Americans get answers about their Economic Impact Payments, including those arriving on prepaid debit card. These FAQs include answers to eligibility and other many common questions, including help to use two Economic Impact Payment tools.
Get My Payment , an IRS online tool , shows the projected date when a direct deposit has been scheduled or date when the payment will be mailed by check or prepaid debit card. The Non-Filers Enter Payment Info Here tool helps taxpayers successfully submit basic information to receive Economic Impact Payments quickly.
The IRS regularly updates the Economic Impact Payment and the Get My Payment frequently asked questions pages on IRS.gov as more information becomes available. Taxpayers should check the FAQs often for the latest additions.
Here are answers to some of the top questions people are asking about the prepaid debit cards:
Can I have my economic impact payment sent to my prepaid debit card?
Maybe. It depends on your prepaid card and whether your payment has already been scheduled. Many reloadable prepaid cards have account and routing numbers that you could provide to the IRS through the Get My Payment application or Non-Filers: Enter Payment Info Here tool. You would need to check with the financial institution to ensure your card can be re-used and to obtain the routing number and account number, which may be different from the card number. If you obtained your prepaid debit card through the filing of a federal tax return, you must contact the financial institution that issued your prepaid debit card to get the correct routing number and account number. Do not use the routing number and account number shown on your copy of the tax return filed. When providing this information to the IRS, you should indicate that the account and routing number provided are for a checking account unless your financial institution indicates otherwise.
Will IRS be sending prepaid debit cards?
Some payments may be sent on a prepaid debit card known as The Economic Impact Payment Card The Economic Impact Payment Card is sponsored by the Treasury Department's Bureau of the Fiscal Service, managed by Money Network Financial, LLC and issued by Treasury's financial agent, MetaBank®, N.A.
If you receive an Economic Impact Payment Card, it will arrive in a plain envelope from "Money Network Cardholder Services." The Visa name will appear on the front of the Card; the back of the Card has the name of the issuing bank, MetaBank®, N.A. Information included with the Card will explain that the card is your Economic Impact Payment Card. Please go to EIPcard.com for more information.
Can I specifically ask the IRS to send the Economic Impact Payment to me as a debit card?
Not at this time. For those who don't receive their Economic Impact Payment by direct deposit, they will receive their payment by paper check, and, in a few cases, by debit card. The determination of which taxpayers receive a debit card will be made by the Bureau of the Fiscal Service (BFS), another part of the Treasury Department that works with the IRS to handle distribution of the payments. BFS is sending nearly 4 million debit cards to taxpayers starting in mid-May. At this time, taxpayers cannot make a selection to receive a debit card. Please go to EIPcard.com for more information.
Watch out for scams related to Economic Impact Payments
The IRS urges taxpayers to be on the lookout for scams related to the Economic Impact Payments. To use the new app or get information, taxpayers should visit IRS.gov. People should watch out for scams using email, phone calls or texts related to the payments. Be careful and cautious: The IRS will not send unsolicited electronic communications asking people to open attachments, visit a website or share personal or financial information. Remember, go directly and solely to IRS.gov for official information.
Quick links to the Frequently Asked Questions on IRS.gov:
- Economic Impact Payments: www.irs.gov/eipfaq
- Get My Payment tool: www.irs.gov/getmypaymentfaq
- Please go to EIPcard.com for more information about prepaid debit cards
Save Small Business Fund Grant
https://savesmallbusiness.com/#eligibility
The United States Chamber of Commerce Foundation has established the Save Small Business Fund to provide short-term relief to small employers affected by the COVID-19 crisis. The Save Small Business Fund will provide a one-time grant of $5,000 to small businesses to use for business expenses.
Save #SmallBusiness Fund: Provides Grants to the Smallest of Small Businesses, Opens Today - April 20. In order to be eligible for the grant, the small business must:
Employ between 3 to 20 people
Be located in an economically vulnerable community
Have been harmed financially by the COVID-19 pandemic.
Learn more. https://savesmallbusiness.com/#eligibilityGet My Payment
Check on the status of your Economic Impact Payment
This application will give you information about:
- Your payment status
- Your payment type
- Whether we need more information from you, including bank account information
You May Need:
- Your 2019 return, if filed, and
- Your 2018 return
Didn't File a Return in 2018 or 2019?
If you have a filing requirement and have not filed a tax return for 2018 or 2019, you must file a 2019 tax return to receive the payment.
If you are not required to file a 2018 or 2019, visit Non-Filers: Enter Payment Info Here.
Get more information about Economic Impact Payments
Visit our Economic Impact Payments Information Center to answer your questions about eligibility, payment amounts, what to expect, when to expect it and more.
https://www.irs.gov/coronavirus/economic-impact-payments
The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.
See if you are eligible for an Economic Impact Payment.
Non-Filers: Enter Your Payment Info Here
If you don’t file taxes, use the "Non-Filers: Enter Your Payment Info Here" application to provide simple information so you can get your payment.
You should use this application if:
- You did not file a 2018 or 2019 federal income tax return because your gross income was under $12,200 ($24,400 for married couples). This includes people who had no income. Or
- You weren’t required to file a 2018 or 2019 federal income tax return for other reasons
If you receive these benefits, we already have your information and you will receive $1,200. Do not use this application if you receive:
- Social Security retirement benefits
- Social Security Disability Insurance benefits
- Railroad Retirement and Survivor Benefits
Special note: People in these groups who have qualifying children under age 17 can use this application to claim the $500 payment per child.
Filers: Get Your Payment
Use the "Get My Payment" application (coming mid-April) to:
- Check your payment status
- Confirm your payment type: direct deposit or check
- Enter your bank account information for direct deposit if we don't have your direct deposit information and we haven't sent your payment yet
Get My Payment (coming mid-April)
Update your information
Direct deposit: Use the Get My Payment application (coming mid-April) to let us know your bank account information if we don't have your direct deposit information and we haven't sent your payment.
Check payment: If you moved since you last filed, let us know your new mailing address.
Get more information about Economic Impact Payments
Visit our Economic Impact Payments Information Center to answer your questions about eligibility, payment amounts, what to expect, when to expect it and more.
U.S. Department of the Treasury
Assistance for Small Businesses
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
U.S. Senate Committee on Small Business & Entrepreneurship
To help small business owners and entrepreneurs better understand the new programs that will soon be available to them, we have created a comprehensive guide to many of the small business provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress. These programs and initiatives are intended to assist business owners with whatever needs they have right now.
When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.
To keep up to date on when these programs become available, please stay in contact with your local SBA District Office, which you can locate here .
Download the guide here.
- Small Business Owner's Guide to the CARES Act - Small Business Owner’s Guide to the CARES Act [final].pdf (237.6 KBs)
The Maryland Department of Housing and Community Development is administering $25 million to provide financial support to Maryland’s new or expanding businesses to help incentivize commercial investment in vacant retail and commercial properties.
Project Restore will provide two grant opportunities for businesses that plan on opening or expanding into previously vacant spaces:
Rental Assistance Grant: The maximum grant request amount is $30,000 for rent for one year (rental payment up to $2,500 per month) for qualified small business with 50 or fewer employees (full time equivalents). Applicant’s monthly rent can exceed $2,500, but the maximum that will be paid by the Rental Assistance Grant will be $2,500 per month for one year.
Business Operations Grant: The maximum grant award amount is $250,000 for one or two years for businesses that generate sales and use tax. Grant funds can be used for activities and costs related to sustaining and growing the business such as staff costs, capital improvements, marketing, inventory and supplies, utilities and the like and cannot be used for executive salaries or bonuses. Grant awards will be paid quarterly and will be based on sales and use tax generated by and submitted to the state in Calendar Year 2022.
ELIGIBLE APPLICANTS:
To be eligible to apply for either a Rental Assistance Grant and/or a Business Assistance Grant, a business must meet all of the following criteria:
- May be a new or existing business, but business must be located in Maryland
- Business must be registered and in good standing with the Maryland Department of Assessments and Taxation (SDAT).
- Business must open or expand in a retail or commercial space that has been vacant at least 6 months prior to the date they submit their application.
- Financially viable business whose operations will continue forward
PLEASE READ CAREFULLY THE NOTICE OF FUNDING AVAILABLITY (NOFA) BELOW – The NOFA provides important information on additional criteria specific to the Rental Assistance Grant and Business Operations Grant as well as the required documents that must be provided at the time of application.
NOTICE OF FUNDING AVAILABILITY:
APPLICATION:
There will be a single Project Restore application to apply for the Rental Assistance Grant and/or the Business Operations Grant.
PROJECT Restore APPLICATION – scheduled to open on September 8
The Project Restore application will be available online. Prior to submitting an application you will be required to register with the Maryland OneStop Portal. OneStop is the central hub for Maryland State licenses, forms, certificates, permits, applications, and registrations and can be accessed here: https://onestop.md.gov
You can register in advance of the application round opening.
Prior to the application round opening it is strongly recommended that applicants read the NOFA carefully and prepare answers and gather required attachments in advance of opening of the on-line application.
- Review the application in advance to know what questions will be asked and what documents will be required:
- Sample Project RESTORE Application . NOTE: This document is for reference ONLY, all applications must be completed and submitted through the online application system
- Businesses that will occupy vacant space in a designated Opportunity Zone will be eligible for two years of grant funds if awarded a Business Operations Grant.
Check to see if the vacant property to be occupied is in an Opportunity Zone:
Enter Property Address
For more information:
News: Governor Hogan Announces $25 Million Initiative to Revitalize Downtowns and Main Streets
For questions, contact dhcd.projectrestore@maryland.gov .
The second Sunday of August to the following Saturday is designated as Shop Maryland Tax-Free Week each year. That means qualifying apparel and footwear $100 or less, per item, are exempt from the state sales tax. The first $40 of a backpack or bookbag purchase is also tax-free. Accessory items, except for backpacks, are not included. The Shop Maryland Tax-Free Week for 2021 is Sunday, August 8 – Saturday, August 14.
Additionally, there is a tax-free three-day weekend every February during which the state sales tax will not apply to the sale of any Energy Star Products listed. Please click on the Shop Maryland Energy Box on this page for more details.
Read our 2021 Press Release for more information and details on the annual scholarship contest.
Shop Maryland Resources
For more information:Call (800) MD-TAXES or (410) 260-7980 from Central Maryland
The second Sunday of August to the following Saturday is designated as Shop Maryland Tax-Free Week each year. That means qualifying apparel and footwear $100 or less, per item, are exempt from the state sales tax. The first $40 of a backpack or bookbag purchase is also tax-free. Accessory items, except for backpacks, are not included. The Shop Maryland Tax-Free Week for 2020 is Sunday, August 9 - Saturday, August 15.
Additionally, there is a tax-free three-day weekend every February during which the state sales tax will not apply to the sale of any Energy Star Products listed. Please click on the Shop Maryland Energy Box on this page for more details.
Shop Maryland Resources
- Exempt vs. Taxable Purchase
- Tax-Free-Week FAQ
- Shop Maryland Tax-Free Week Fact Sheet
- SHOP MD Tax Free Scholarship Graphic - English
- SHOP MD Tax Free Scholarship Graphic - Español
- Printable 4 x 9 Rack Card - Front - 2020 JPG
- Printable 4 x 9 Rack Card - Back - 2020 JPG
- Printable 4 x 9 Rack Card Front and Back 2020 PDF
- SHOP MD Tax Free Social Media 2020 Mom and Two Kids JPG
- SHOP MD Tax Free Rail Interior Card 2020 JPG
For more information:
Call (800) MD-TAXES or (410) 260-7980 from Central Maryland
301-714-2047
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