National And State Aid for Small Businesses impacted by Covid-19

 

U.S. SBA Economic Injury Disaster Loan Assistance

During the current coronavirus crisis, the U.S. Small Business Administration has made small-business owners eligible to apply for low-interest loans to help offset economic injury caused by the coronavirus crisis.

 

From the SBA:

The SBA's Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

 

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of the disaster's impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.

 

The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower's ability to repay.

 

For more information about the SBA's disaster assistance, click here.

To apply for a COVID-19 Economic Injury Disaster Loan, click here.

 

The SBA is also overseeing the $349 billion Paycheck Protection Program, created to help small businesses with 500 or fewer employees pay bills and keep people hired during this time. Get more details about the Paycheck Protection Program here.

 

IRS Coronavirus Tax Relief

The IRS has created a page to help taxpayers and businesses impacted by the coronavirus crisis and provide breaking updates. It has already announced that the deadlines to file and pay federal income taxes have been extended to July 15, 2020, and will post other updates as they become available.

 

For more coronavirus relief information from the IRS, click here.

 

Qualified Disaster Payments To Employees

The BDO United States has posted information related to paying your employees:

"Now that the COVID-19 has been declared a national emergency, Internal Revenue Code Section 139 can be used to allow employers to make tax-free payments or reimbursements to employees as 'qualified disaster payments.'"

 

Click here for frequently asked questions about how employers can use Section 139 immediately to help employees cope with COVID-19.

 

State and Local Resources

The Initiative for a Competitive Inner City (ICIC) currently lists resources for 26 U.S. states and is constantly updating as new information comes in. You can also visit ICIC's page to find webinars for businesses affected by the coronavirus crisis, along with a list of resources including:

Charity foundations helping businesses

Small-business grants

Mission-based lenders and business advising centers

For the ICIC's full list of resources, links and webinars, click here.

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