To say business has been tough lately is an understatement. The financial pressure is getting heavier for more and more small businesses as their revenue stream slows to a trickle. Congress passed the CARES act to give relief to these financial burdens, but not everyone has received or qualifies for the CARES Act loans. If you’re wondering where to turn to find relief, here’s a guide of five resources you could take advantage of:
Federal Relief Opportunities
- CARES ACT: By this point, you should have heard about the CARES Act passed in late March, and if not read THIS BLOG for some background. The CARES Act includes Senator Marco Rubio’s Keeping American Workers Paid and Employed Act, an emergency economic relief plan for small businesses that provides more than $377 billion for small businesses to meet their payroll and expenses.
- If you haven’t already, check out the CARES Act SBA Loan Calculator: This calculator will help you see how much your agency qualifies for.
- Economic Injury Disaster Loan Program: Small business owners can apply for a low-interest loan to lessen economic stressed caused by COVID-19. The Economic Injury Disaster Loan program provides small businesses with “working capital loans of up to $2 million” (The Hartford) that can help agencies overcome the temporary loss of revenue they are experiencing.
- Federal Income Tax Filing and Payment Deadline Extension: The deadline for filing your federal tax return is now July 15, 2020. The IRS has also extended the deadline for businesses for tax payments of up to $10 million.
- Make sure to check with your state tax agency to find out if your business has more time to file or pay state and local taxes this year.
- The Express Bridge Loan Pilot Program: This program gives small businesses with a current relationship with a Small Business Administration Express Lender access to up to $25,000 with less paperwork. These loans can bridge the economic gap caused by decreased revenue while businesses apply for a direct SBA Economic Injury Disaster loan. If your agency has an urgent need for money while you wait for a decision/disbursement on the Economic Injury Disaster Loan, you may qualify for an SBA Express Disaster Bridge Loan.
- SBA Access to Capital: provides many loan resources for small businesses to take advantage of when operating their business.
There are measures being put into place to lessen the economic hardships of small businesses, independent agencies included. There are also additional state-specific resources that could help improve your agency’s financial situation. For a more extensive list and state-specific information, check out The Hartford’s COVID-19 Relief Guide where they break down relief efforts state by state.