Small businesses have been crippled by mandatory closures required to slow the spread of the Coronavirus (COVID-19). Fortunately, there are a growing number of resources and relief programs to fall back on, including:
-CARES Act (Coronavirus Aid Relief and Economic Security Act)
-Business Loan Deferment
-Net Operating Loss Provisions
-Employee Retention Credits
Mark E. Feinsot, CPA is here to help you successfully navigate the unprecedented economic challenges you face, and get your business back to business as quickly as possible. We provide assistance with finding the right program(s) for your unique set of circumstances, filing necessary forms and documentation, and providing sound financial advice at a time when you need it most. We are providing this much needed service to all of our valued clients, in addition to new clients willing to establish a long-term business relationship with our firm.
Now is the time to take action. If you are an existing client, or willing to establish a long-term relationship with our firm, contact us today at (212) 631-0320 or complete our simple form to get started today.
Here are the current federal and state support programs:
If you need immediate cash to make up lost revenue and help keep your business running, the programs below can help.
As part of its disaster assistance program, the SBA is offering low-interest working capital loans at a 3.75% interest rate, up to $2 million to small businesses affected by COVID-19. Loan repayment terms may vary by applicant with up to a maximum of 30 years repayment schedule.
Businesses in every state can apply. Loans may be used to cover accounts payable, debts, payroll and other bills you are not able to pay as a result of the the coronavirus.
You’ll need to furnish supporting documentation that may include your business’s most recent tax returns, a personal financial statement and a schedule of liabilities that lists all your current debts.
For tax payments of up to $10 million, the IRS has extended the deadline for businesses to July 15, 2020. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15.
Local Coronavirus Small Business Assistance States and municipalities are adding programs by the day.
Small businesses with one to four employees can apply for a grant of up to $27,000 that covers 40% of payroll costs over the course of two months. You must show that you lost 25% of your revenue due to the coronavirus.
Businesses must be located in one of New York City’s five boroughs, have been operating for six months or more and have no current tax liens or legal judgments. You’ll need to submit financial documentation showing your revenue decrease and how it compares to this time last year, plus payroll records and bank account information.
If your business has fewer than 100 employees, you can get up to $75,000 in interest-free loans from the city to cover revenue losses.
Businesses within the five boroughs that have experienced at least a 25% reduction in revenue can qualify. You must have no tax liens or legal judgments against you, and you must prove a loss in revenue and that you are able to repay the loan. Applications aren’t yet open, but in the meantime, gather documents that show your decrease in revenue including 2019 tax returns, bank statements and point-of-sales reports.
Coronavirus assistance and relief programs are continuously being updated. Please check back with us to receive timely updates. For more information, contact us today at (212) 631-0320 or fill out our simple contact form to get started right away.