Coronavirus (COVID-19) Small Business Loan Assistance
Small businesses have been crippled by mandatory closures required to slow the spread of the Coronavirus (COVID-19). Fortunately, there are a growing number of resources and relief programs to fall back on, including:
-CARES Act (Coronavirus Aid Relief and Economic Security Act)
-Business Loan Deferment
-Net Operating Loss Provisions
-Employee Retention Credits
Strategic CPA Accounting & Tax Solutions LLC is here to help you successfully navigate the unprecedented economic challenges you face, and get your business back to business as quickly as possible. We provide assistance with finding the right program(s) for your unique set of circumstances, filing necessary forms and documentation, and providing sound financial advice at a time when you need it most. We are providing this much needed service to all of our valued clients, in addition to new clients willing to establish a long-term business relationship with our firm.
Now is the time to take action. If you are an existing client, or willing to establish a long-term relationship with our firm contact us today at 616-888-6270, or fill out our simple contact form to get started right away.
For your convenience, we have listed current federal and state support programs:
Federal Coronavirus Small Business Assistance
If you need immediate cash to make up lost revenue and help keep your business running, the programs below can help.
SBA Economic Injury Disaster Loan Program
As part of its disaster assistance program, the SBA is offering low-interest working capital loans at a 3.75% interest rate, up to $2 million to small businesses affected by COVID-19. Loan repayment terms may vary by applicant with up to a maximum of 30 years repayment schedule.
Businesses in every state can apply. Loans may be used to cover accounts payable, debts, payroll and other bills you are not able to pay as a result of the the coronavirus.
What’s Needed to Apply
You’ll need to furnish supporting documentation that may include your business’s most recent tax returns, a personal financial statement and a schedule of liabilities that lists all your current debts.
Federal Income Tax Filing and Payment Deadline Extension
For tax payments of up to $10 million, the IRS has extended the deadline for businesses to July 15, 2020. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15.
State and Local Coronavirus Small Business Assistance
State and Local Coronavirus Small Business Assistance States and municipalities are adding programs by the day.
Michigan Small Business Relief Program
The State of Michigan will provide both grants and loans to small businesses affected by the coronavirus starting on or about April 1. Grants will be available in amounts of up to $10,000 to help cover working capital. Loans will be available in amounts from $50,000 to $200,000 at interest rates of 0.25%.
Companies with 50 employees or fewer can qualify for grants, while loans are targeted at companies with 100 employees or fewer that can’t get credit elsewhere. In both cases, businesses must show income loss.
Coronavirus Assistance and Relief Programs are continuously being updated. Please check back with us to receive timely updates. For more information, contact us today at 616-888-6270 or fill out our simple contact form to get started right away.