Small Business COVID-19 Resources (PPP, SBA Loans, Tax Updates, and More)
The Coronavirus COVID-19 pandemic is having a tremendous impact on the US economy. Fiducial is here to offer support and assistance to help you take advantage of the federal, state, and local assistance being offered to your small business. To keep you up to date and manage your small business during this time, we have created our Coronavirus COVID-19 Update Center. Fiducial is providing the following free online resources to help guide you, content will be updated and added to these sites as it becomes available.
Coronavirus COVID-19 Update Center
Find up to date information on federal and state changes, programs, and assistance available now for small businesses to take advantage of. Find links to resources such as the SBA 7(a) Paycheck Protection Program (PPP), CARES Act SBA Loan and Grant Comparison, State and Local Loans, Grants, and Benefits, Federal and State Tax Updates, and Paid Sick, Family, and Child Care Leave, and FAQs Page.
Key Updates
- CARES Act passed providing forgivable SBA loans and grants to cover payroll and other business expenses
- Taxpayers filing federal returns now have until July 15, 2020 to file and pay. Many states are following suit
- IRS is allowing small businesses to offset the costs of offering emergency sick, family and childcare leave to its employees
- IRS is providing a refundable credit against self-employment tax
- IRS allows companies to pay for coronavirus expenses without increasing employees’ taxable income
CARES Act SBA 7(a) Paycheck Protection Program (PPP)
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated hundreds of billions in loans through a network of more than 800 banks to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans at 1% interest to small businesses where all loan terms will be the same for everyone. Qualified portions of these loans may be forgiven if borrowers use the loans over the 8 week period after the loan is made, and employee and compensation levels are maintained as they were prior to the coronavirus if they are are used for payroll costs for those whose primary residence is the United States, most mortgage interest and rent, and utility costs. Learn about eligibility and forgiveness as well as learn how to apply for an SBA 7(a) Paycheck Protection Loan.
CARES Act SBA Loan and Grant Comparison
For small businesses, one of the more important parts of federal coronavirus relief is the enhancement of the SBA 7(a) loan program. SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for a small businesses, providing vital economic support to small businesses to help them overcome the temporary loss of revenue they are experiencing. Borrowers may apply for an emergency grant of $10 thousand to meet immediate needs, as well as apply for an Express Loan. Take a look at a detailed comparison of the key coronavirus relief loans and learn how to apply for the loan that fits your needs.
State and Local Loans, Grants, and Benefits
The U.S. Federal, state, and local governments are providing unprecedented assistance to businesses impacted by the COVID-19 coronavirus. Find federal, state, and local resources available to you to compare the benefits and determine what will best help you at this time.
Taxpayers filing federal returns subject to tax payments of any amount originally due April 15, 2020 now have until July 15, 2020 to file and pay without interest or penalty and many states are following suit. The IRS is allowing certain employers to offset the cost of offering emergency sick, family and childcare leave to its employees as well as providing a refundable credit against self-employment tax. Learn more about revised federal and state tax deadlines, key tax information, and tax filing/payment procedure updates related to the coronavirus COVID-19 response.
Paid Sick, Family, and Child Care Leave
To help businesses and employees deal with the impact of the coronavirus COVID-19, Congress made available a range of sick and family leave benefits in legislation called the Family First Coronavirus Response Act (FFCRA). For businesses to take immediate advantage of the paid leave credits now available to them, they can retain and access funds that they would otherwise pay to the IRS in payroll taxes. If those amounts are not sufficient to cover the cost of paid leave, employers can seek an expedited advance from the IRS by submitting a streamlined claim form. Learn more about the Paid Sick, Family, and Child Care Leave , Small Business Exemptions, as well as Self-Employed Leave.
All of the aid and assistance being offered at this time is very confusing, find the answers to your questions on the SBA Paycheck Protection Program (PPP), SBA Economic Injury Disaster Loan (EIDL), FFCRA Leave, Employee Retention Tax Credit (ERTC), and Payroll Tax Deferral.
For specialized guidance or planning, Fiducial is here to help. Fiducial is offering emergency relief services to our clients; Cash Flow Analysis, Tax Planning, Tax Extension Preparation, Tax Appeals and Tax Resolution, State and Local Tax Relief, Special Deductions and Credits, S Corps and Partnership Budgeting, C Corp Budgeting, Sales and Use Tax Relief, and SBA Loan Consulting. Fiducial will provide you guidance on the new stimulus legislation and help you take advantage of the assistance being offered to help dampen the effects the national emergency is having on your small business. We are here to offer you, the small business, support you may need during these difficult times, schedule a consultation to learn how to start.
Please feel free to share these links with any small business owner you know who are in need of it. If you know of other businesses in need of additional guidance during this time, please feel free to make a referral.
