Small Businesses have
been affected badly by the impact of COIVD19 pandemic on the world. With the
increase, in the number of positive cases, the business has already started to
feel the financial crunch. Many of them are failing to pay their rent, employee
salary, and other debt bills. Like on March 18, President Trump stated that the
restaurant industry will lose more than $225 billion if the pandemic lasts more
than 3 months. There are other industries affected too.
But to cover those
losses world leaders & philanthropists like Gates Foundation are joining
hands to help the small and medium-sized enterprises to fight against the
crisis caused by COVID19 pandemic. Many states in the US have already started
providing small business coronavirus aid programs in the form of funds
& low-interest loans to back them
during the crisis.
The above stats show
what business owners think about the impact of COVID19 on their business. Every
country is taking all the necessary steps to fight COVID19 impact on our global
economy. The federal government has already started to offer various emergency
relief programs, grants, emergency funding and more to help small businesses in
paying their basic bills.
In the recent G20
summit, leaders of G-20 decided to
inject $5 trillion into the global
economy to fight the COVID19 pandemic.
All the countries of the G-20 agreed to fight the coronavirus by sharing
potential health data addressing potential trade disruption. At a press
conference, Donald Trump stated that they will share all the potential
information and data with G-20 leaders to fight coronavirus pandemic.
So in this article, we
will be giving you all the details related to loans, emergency reliefs, grants
and funds offered by different cities in the US to help small businesses in
paying their basic and dept bills.
Assistance offered by the Federal Government to Fight
Coronavirus (COVID19) impact on small businesses
Today almost every
small business around the world is standing on the edge due to the economic
crisis caused by the COVID19 pandemic.
If your business is among them and seeking any help to cover the Losses
then go through the small business coronavirus aid program provide by different
States and cities in the US.
1. Income tax filing and payment deadline extension
With the increase in
the number of COVID19 positive cases, many businesses have already begun to
feel the financial crunch. That’s why the federal tax filing deadline is pushed
to 15 July 2020.
The Treasury
Department and the internal revenue service are offering tax filing and payment
relief to businesses facing financial issues. There will be no penalties and
interest on taxes paid before July 15, 2020. (if the effect of the coronavirus
grows that they may extend the days depending on the situation).
Most of the state tax
agencies in the U.S. have already begun to extend the dates and deadlines of
the local tax payment. You can check with your state tax agency to know about
the deadline of your tax payment.
2. Small Business Assistance (SBA) Economy Disaster Loan
Assistance
Due to the recent
crisis, The U.S. Small business Assistance(SBA) is offering low-interest
economic disaster loans up to $2 million (3.75% for small business and 2.75%
for nonprofit organization) to working capital and small business suffering
from COVID19 pandemic. The repayment policy of the loan can go up to 30 years.
Now the question is
who can apply for the loan. From the updated report, businesses in every state
plus American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, and the
U.S. Virgin Islands can apply. The loan can be used to pay the debt amount,
employee bill, rent, and other bills.
You can click here to
apply for Small Business Assistance (SBA) Economy Disaster Loan Assistance. You
have to provide a few documents like your tax return, personal financial
statement, etc to avail advantages of loan.
For more details, you can contact SBA assistance customers service
center at 1-800-659-2955.
3. SBA ”Paycheck Protection” loan program
Recently on March 25,
2020, senet announced a Coronavirus relief program of $2.2 trillion to support
states, businesses affected badly by the impact of COVID19 pandemic. Recently US small business administration (SBA)
offered low-interest loan up to $10 million with the interest rate of 4%v. Read more on
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