Below is a portion of a Forbes article that lists some relief programs for small businesses affected by COVID-19, which would include all of us. I hope this is helpful to you.
Federal Coronavirus Small Business Assistance
SBA Economic Injury Disaster Loan Program
As part of its disaster assistance program, the SBA is providing low-interest working capital loans of up to $2 million to small businesses and nonprofits affected by the coronavirus.
These loans carry an interest rate of 3.75% for small businesses and 2.75% for nonprofits. Loan repayment terms vary by applicant, up to a maximum of 30 years.
- As of March 23, businesses in every state plus American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands can apply.
- You can use the loan to cover accounts payable, debts, payroll and other bills the coronavirus has affected your ability to pay.
How to Apply
- Apply online and select “Economic Injury” as the reason you’re seeking assistance.
- You’ll need to supply required supporting documentation that could include the business’s most recent tax returns, a personal financial statement and a schedule of liabilities that lists all your current debts.
- Call the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 for help with your application.
Federal Income Tax Filing and Payment Deadline Extension
The federal tax return filing deadline is now July 15, 2020. For tax payments of up to $10 million, the IRS has also extended the deadline for both individuals and businesses to July 15, 2020. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15.
Check with your state tax agency
to find out if your business has more time to file or more time to pay state and local taxes this year as a result of the coronavirus. Several states have already aligned their tax filing and payment deadlines with the new federal deadline. States also may waive or reduce penalties on late tax payments.
State and Local Coronavirus Small Business Assistance
States and municipalities are adding programs by the day. Check your governor’s website for up-to-date information about relief available in your area. The National Governors Association offers a list of governors’ websites
Michigan Small Business Relief Program
The State of Michigan will provide both grants and loans
to small businesses affected by the coronavirus starting on or around April 1. Grants will be available in amounts of up to $10,000 to help cover working capital. Loans will be available in amounts from $50,000 to $200,000 at interest rates of 0.25%.
Who’s eligible: Companies with 50 employees or fewer can qualify for grants, while loans are targeted at companies with 100 employees or fewer that can’t get credit elsewhere. In both cases, businesses must show income loss.
Lender and Corporate Small Business Assistance Programs
Many banks have offered deferment and forbearance to business loan customers having trouble making payments. Check Forbes’ list of banks
offering relief. You can also search for your bank on the American Bankers Association’s ongoing A-Z list
of coronavirus response programs.
Facebook Small Business Grants Program
Facebook has committed to offering up to 30,000 small businesses $100 million in cash grants and Facebook advertising credits. The grants will be provided to businesses in more than 30 countries. Information is limited, but sign up
to get more details from the company when they’re available. (https://www.facebook.com/business/boost/grant)