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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