Small business owners are used to everyday stress. What it takes to run a business is, in part, a high tolerance for uncertainty and stress. But this is altogether different, and as much one would like some certainty in this time of incredible uncertainty, we may not get it.
What help you can reasonably expect:
Personal income tax filings have been postponed until July 15th, 2020. That means that you don’t have to do anything right now if you cannot file before April 15th – the extension is for everyone.
Business taxes, however, were due prior to the major effects of the coronavirus shut down. So, your business should have filed or requested an extension by March 16th. If you didn’t then now is the time to file to avoid ever increasing fines and penalties for not filing.
What the stimulus package may offer small business:
You may be able to defer your payroll tax payments until 2021 if you are continuing to pay workers throughout the shutdown.
If you have had to lay off employees they may be able to get unemployment benefits extended until you can get up and running again.
Alternatively, businesses may apply for a loan in order to cover payroll. But it appears as if the option of both taking a loan and deferring payroll tax payments will not be available.
Also, if you already have a Small Business Administration loan your interest may be deferred at this time, loosing up a little of your cash flow.
Many counties and municipalities have put in place cease eviction orders for residential and commercial renters if they cannot pay due to the effects of the coronavirus. Look into your city or county’s policy to find out if you qualify.