Coronavirus - Small Business Resources and Updates
To Our Clients, Friends and Followers:
Ser & Associates has been working non-stop to address and support the needs of its small business clients during this very uncertain time. Our government is also working hard to pass legislation to help combat the consequences of the necessary measures to prevent the spread of the virus. As your trusted small business law firm, we have listed below important updates that every small business owner should be aware of.
Extensions to Pay the IRS
Individuals and businesses have always been able to file for an extension to file their tax returns. Typically, an extension to file does not result in an extension to pay estimated taxes. However, just this morning, Treasury Secretary Steven Mnuchin announced that individuals (typically small business owners with flow-through tax treatment) will be able to defer up to $1 million in tax payments due to the IRS for up to 90 days. And, corporations will be able to defer up to $10 million in payments due to the IRS. The payment deferrals are interest and penalty free.
Florida Small Business Emergency Bridge Loan Program
Although the Small Business Administration has not yet declared the state of Florida as a disaster-affected state which would enable small businesses to apply for the SBA’s Economic Injury loan, there is another available option. Florida Governor Ron Desantis activated the Florida Small Business Emergency Bridge Loan Program. This program will provide short-term, interest free loans to small businesses that have experienced economic hardships due to the Coronavirus. The application period began today and ends on May 8, 2020. Small business owners with 2 to 100 employees are eligible for up to $50,000. The loan is interest free for one year and increases to 12% per annum on the unpaid balance thereafter. Visit https://floridadisasterloan.org/ to apply.
Emergency Business Damage Assessment Survey
The Florida SBDC network is encouraging small businesses to complete the business damage assessment survey, which is being used by Florida Governor, Ron Desantis, to determine the level of impact and need for Federal and State disaster assistance. Michael W. Myrhe, CEO of the Florida SBDC Network says that it is imperative that all businesses impacted by the Coronavirus complete the survey so that the information can be relayed to Federal and state officials. Please take a few minutes to complete the survey linked here: https://floridadisaster.biz/BusinessDamageAssessments.
Facebook’s $100M Grant Program to Support Small Businesses
Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where Facebook operates. Facebook is not accepting applications yet. However, please follow our social media platforms for the latest updates on this and other programs.
Proposed House Bill 6201 - Families First Coronavirus Response Act
House Bill 6201 is currently in the Senate for review, it amends the Social Security Act and creates a new Federal emergency paid leave benefits program for eligible workers that must take 14 or more days of leave from work, without pay, due to qualifying Coronavirus reasons. The benefit amount is two-thirds of the individual’s average monthly earnings up to $4,000. The Bill also proposes extended unemployment benefits and is expected to pass later this week.
$850 Billion Relief Bill
The Trump administration has asked Congress for $850 billion in new economic relief that proposes payments to small businesses, loan guarantees for industries like airlines and hotels, and a stimulus package for workers. Trump and Mnuchin also discussed paying every American an undisclosed amount to help alleviate financial losses caused by the Coronavirus.
Ser & Associates will continue to monitor all of the above and keep you informed on all new developments. In the meantime, if we may be of assistance or wish to discuss any of the above, please do not hesitate to contact us at 305-222-7282.