July 9, 2021

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The ERC calculator you’ve been dreaming of

If you’ve been grappling with calculations while trying to apply for the Employee Retention Credit—which can save you up to $28,000 this year—you’re definitely not alone. And if you’ve been wishing someone would just create a calculator that can simplify the whole process, say no more. Our content, legal, and compliance teams have spent the past several weeks developing a calculator to do just that.

The following guides walk through how to use Gusto’s ERC calculator to help you determine your eligibility and calculate your actual credit amount:

You’re welcome!

SBA Loans Series, Part 4: Microloans

We know how crucial access to capital will be this summer. That’s why we’re highlighting a helpful Small Business Administration (SBA) loan program each week.

If you need to borrow a smaller amount of money to start or expand a business, the SBA Microloan program may be a fit for you. While it was designed to support small business owners who are traditionally underserved in the credit marketplace—including women, low-income individuals, veterans, and minorities—you don’t have to fit one of these descriptions to use the program.  

SBA Microloans can be used for:

  • Working capital
  • Inventory or supplies
  • Furniture or fixtures
  • Machinery or equipment

Maximum loan amount: Up to $50,000

Maximum SBA guarantee: The SBA will cover up to six months of principal and interest payments, along with fees associated with the loan, for all loans approved before September 30, 2021. 

However, be sure to note that Microloan funds can’t be used to pay down existing debts or to buy real estate. And if you’re applying for more than $20,000, you’ll need to meet a “credit elsewhere” test. 

Learn about eligibility and how to apply in our full guide to SBA Microloans, and tune back in next week for another loan spotlight. You can check out our full list of SBA loans here.

Small business guides to COVID-19 vaccines

Health Action Alliance, a coalition of business, communications, and public health organizations, has created a roster of resources to help small business owners navigate vaccine conversations with their teams and get their workers vaccinated.

Check them out below:

New from Gusto

Find the latest relief options in our Small Business Relief Finder.

Want more news and resources? Check out past editions in our archive.

Mohini Kundu Mohini Kundu is a freelance writer and editor. She studied journalism at Northwestern University and started her career at The Huffington Post before moving into tech where she worked as a content marketer for 7 years. She writes about several topics including psychology, business, finance, and environmental issues.
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