March 20, 2020

Coronavirus – Small Business  

Help Is On Its Way!

IRS Extended Tax Return Filing Deadline to July 15, 2020

Tax day is now July 15^th instead of April 15^th. This extension provides taxpayers an additional 90 days to file their tax return without interest or penalties.

SBA Economic Injury Disaster Loan – Updates

If your business has been affected by the Coronavirus, the SBA EIDL provides low-interest loans for small businesses in Florida.
Below are the steps you will need to complete for the application.

1. Complete the online application at https://disasterloan.sba.gov/ela/.
2. Uplaod the tax returns for 2018 & 2019 and sign IRS Form 4506-T.
3. Write or upload your narrative – a compelling story about your business and its losses and needs.
4. Schedule of liabilities, SBA Form 2202.
5. Personal Financial Statement, SBA Form 413.

The processing  time for the application is currently 18-21 days. Please note that you may apply for this loan along with the Florida Small Business Emergency Bridge Loan https://floridadisasterloan.org/ and use the funds from the SBA EIDL to pay the Bridge Loan. Private nonprofit organizations may also apply for the EIDL. 

                        Proposed Legislation For Small Businesses 

A favorable number of bills have been introduced to Congress, which will provide additional relief to small businesses. Congress has not yet disclosed the text and specifics for these proposed bills, but we are providing you with their current objectives.

1. Proposed H.R. Bill 6312 – to offer relief from Coronavirus for small business concerns, and for other purposes.
2. Proposed H.R. Bill 6304 – to authorize the SBA Administrator to subsidize payments on loans guaranteed under SBA loan programs.
3. Proposed H.R. Bill 6271 – to provide certain unemployment assistance for individuals impacted by quarantine order.

In addition to the above, Florida Senator Marco Rubio is working with a network of lenders to introduce legislation that would provide cash for small businesses so that they can maintain payroll for at least a six-week period. If the funds are indeed used for payroll, the loan would be forgiven.