We know that it can be overwhelming to seek financial help. Our team took some time to sift through information and resources available to small businesses during the COVID-19 crisis.
Please note that things are rapidly changing, so make sure you look for updates to the information below.
Stay current with what the CDC’s direction for businesses:
Resources for Businesses and Employers . Plan, prepare, and respond to coronavirus disease 2019
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19):
SBA Disaster Assistance in Response to the CoronavirusThree Step Process: Disaster Loans
The IRS has delayed the deadline for 2019 tax filing and payment:
Filing and Payment Deadline Extended to July 15, 2020 - Updated Statement
Changes to state tax returns may vary by state, so check the filing requirements for your stateOutside of government aid, check to see if your bank is offering Covid-19 relief for small businesses
List Of Banks Offering Relief To Customers Affected By Coronavirus (COVID-19)Be aware of the Families First Coronavirus Response Act.
This requires employers to provide paid sick leave to employees.
As stated, things are evolving quickly and information and resources are changing by the hour. One important thing to note is that the federal government has not finalized a stimulus package yet.
One example is the CARES Act
. Should this be put into place, it could make nearly $300 billion in government-guaranteed loans available to small businesses, as well as favorable changes to tax law.
We pray for the best over you, your family, and your shop.
~The Shopmonkey Family~