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More Help on the Way

According to CNBC and other news reports Congress is close to a deal on infusing more funding into the Paycheck Protection Program (PPP) to help small businesses affected by the stay at home orders nationwide.

Congress is negotiating additional funding for the PPP

On Thursday, April 16th the U.S. Small Business Administration, who is charged with administering the PPP, announced that the initial funding amount of $349 billion had run out and applications were no longer being accepted.

But the additional funding looks to be an even larger amount. Various reports have put the negotiated amount at between $370 – $400 billion for the program. Although Congress and the President promise they are moving negotiations along quickly there is no timeline for a vote as of this writing.

CARES Act – Now What to Do

No doubt you have heard about the resources that Federal, State and local governments are making available to individuals and small business in this time of cornonavirus. So, now what? Go to the source. It may not be one stop for all resources but you may be able to avail yourself of many of the aid programs at this time.

There may be help

Check the IRS site on coronavirus help to find out about what tax relief might be available to you.

The U.S. Small Business Administration is facilitating the aid offered in the CARES Act for small businesses who have experienced the negative affect of the coronavirus pandemic. There are a couple of options including the Paycheck Protection Program, Loans to pay employees and Disaster Relief Loans.

The CARES Act has also extended unemployment benefits for employees who have been laid off or furloughed from their jobs during this crisis. Contact your state’s unemployment office to apply for benefits.

The Families First Coronavirus Response Act allows those who become ill or have to care for an ill family member to received extended sick leave benefits.

There are even creative ideas circulating like the Small Business Relief Fund that small businesses may be able to avail themselves of.

And don’t forget to reach out to your local government. They may have programs in place that could help you at this time.

Contact your accountant or tax professional for help navigating the many programs and services.

Small Business Affected By Coronavirus

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. 

If your business has been affected there may be help

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.

Local:

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.

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