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Posts Tagged ‘coronavirus resources’

Coronavirus Resources For Small Businesses

March 29th, 2020

 

Over the last several weeks we have seen some pretty drastic changes to the way we go about our daily lives. With social distancing orders in place, many people are staying home from work with the exception of necessary businesses like plumbers. However, even if you are still able to operate your business, you may still find yourself affected by the economic downturn caused by the coronavirus. With that being said, there are coronavirus resources for small businesses to help them through it. 

coronavirus resources for small businesses

SBA – Small Business Administration

One of the best coronavirus resources for small businesses is the SBA. The SBA (small business administration) can help small businesses who are affected by the coronavirus secure short term low interest loans to help them through the economic turmoil. These can be through the economic disaster loan program, which offers loans up to $2 million, or through the SBA Express Bridge Loan program, which helps small businesses secure short term loans up to $25K. In addition to helping businesses gain access to capital, the SBA can also help small businesses secure government contracts and provide information on local resources that may be available.

 

Tax Deadline Extension

Its tax season, and while under normal circumstances this is a busy time of year for most businesses. This year the coronavirus has increased the stress level for many businesses. Now small businesses owners are faced with the economic implications of the coronavirus, and keeping themselves, their loved ones, and their customers healthy. There is a lot going on right now, the last thing we need to worry about are taxes. Due to the current economic climate brought on by the coronavirus the IRS has made several changes to the upcoming tax deadlines. 

 

  • First, the tax filing deadline for individual returns has been extended from April 15 to July 15. This gives an additional 3 months for taxpayers to prepare and file their taxes.

 

  • Second, in addition to the tax filing deadline being postponed until July 15, the tax payment deadline has also been postponed until July 15. 

 

  • Third, the payment extension deadline has been extended for first quarter estimated tax payments as well. First quarter payments are now due July 15. It is important to note, that as of yet the second quarter payment due June 15, has not been extended. This may change, however as it currently stands, the second quarter estimated tax payment due date remains the same.

 

  • Fourth, you now have up until July 15 to make prior year contributions to your IRA. This can provide some great tax savings, as the IRS allows taxpayers to deduct up to the maximum contribution limit of $6,000.

 

Naturally some businesses may take longer to recover from the economic downturn, in which case you can file a tax extension. This must be filed by the tax filing deadline of July 15. Please keep in mind that filing and extension does not mean your tax payment isn’t due by the tax payment deadline. If you are unable to make your tax payments by the deadline, you must contact the IRS to set up a payment plan before the deadline to avoid penalties.

 

To take advantage of the new tax deadlines, you don’t have to do anything. Simply prepare and file your taxes the way you normally would.

 

Economic Stimulus

In addition to extended tax deadlines, one of the most helpful coronavirus resources for small businesses will be the economic stimulus that was a part of the coronavirus relief bill. The stimulus offers a one time payment of $1,200 for adults and $500 for children. The IRS is using information from 2018 and 2019 tax returns to distribute the payment. So if you have filed a tax return in 2018 and 2019, you will automatically receive the payment the same way you received your refund if you received a refund. Otherwise they will mail a check to the address you have on your 2018 or 2019 returns. The stimulus begins to phase out for income levels over $75,000.

 

With Everything that is going on, if you are still working it is important to take the proper precautions to keep yourself and the people around you safe. You can learn more about the recommended social distancing guidelines here

 

 

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