Paycheck Protection Program (PPP)
As we’ve already mentioned, the majority (70%) of small businesses have already applied for a PPP loan. If you haven’t applied yet, don’t worry, you haven’t missed the boat! As of May 7, there was still over $100 billion of funds available through PPP, so it’s not too late.
Eligible businesses can receive up to $10 million of low-interest, forgivable loans for payroll, rent, utilities, and some other expenses.
Sure, the wait is long. But if you are eligible, you deserve all the financial help allocated to you, even if the timing isn’t optimal.
Find out how you can join the queue by visiting the Small Business Association Website. Search for an approved lender near you using their ZIP code search bar.
Economic Injury Disaster Loan and Advance (EIDL)
Agricultural businesses with less than 500 employees that are experiencing temporary difficulties can receive up to $10,000 of relief with this loan advance. You can apply here.
“Wait a minute, only agricultural businesses?” At the minute, sadly, yes. The SBA has been overwhelmed with applications. While they work through the backlog, they’ve limited new applications to agricultural businesses only. But watch this space, there’s a chance they might get more funding, and you’ll want to be the first to hear about it.
Express Bridge Loans
This one’s for you if you already had a business relationship with an SBA Express Lender. Loans of up to $25,000 are being handed out to help cover temporary loss of revenue due to COVID.
Don’t take the decision to apply for this loan lightly. The turnaround is fast and meant as a short-term solution. Interest will be charged, and your lender might also charge fees.
Talk to your current bank or lender to find out if you’re eligible and what their specific terms are.
There’s no need to apply for this one, it’s already automatically been done for you… by the SBA fairies!
The SBA is paying 6 months of fees that borrowers owe for certain loans. It doesn’t, however, apply to EDIL or PPP loans.
Contact your lender if you have any questions about this debt relief.
Deadline extension for tax filing and payment
Those of us who are paperwork-averse will be thrilled to hear that they don’t need to gather those receipts and open those pesky excel sheets for another 3 months. Put it in your calendar: July 15th is the new deadline for federal tax filing.
Certain states have also shifted their deadlines to July 15th. Find out if businesses in your state have an extension to pay state and local taxes this year by checking with your state tax agency.