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FACT SHEETS FOR:
Need to know
for small Business
What help is available to me now?
• The Small Business Administration (SBA) is offering economic injury disaster loans. You must apply on the Small Business Administration’s website here.
• The SBA also has launched an express bridge loan program to provide $25,000 quickly to small business owners.
• If your small business is struggling, then you may be eligible for a Paycheck Protection loan. The bill creates a “paycheck protection program” for small business employers, self-employed individuals, and “gig economy” workers, with $350 billion to help prevent workers from losing their jobs and small businesses from going under due to economic losses caused by the COVID-19 pandemic. More details here.
• You can call your bank or find SBA-approved lenders in your area through SBA’s online Lender Match tool.
• You can call your local Small Business Development Center or Women’s Business Center and they will provide free assistance and guide you to lenders.
•Sole proprietors, independent contractors, gig economy workers, and self-employed individuals are all eligible for the Paycheck Protection Program.
We will continue to provide information as the programs and changes in the CARES Act are implemented by the IRS, SBA, and other federal agencies.
• The CARES Act also provides rebate checks for every American with certain guidelines:
· $1200 per adult
· + $500 per child (only those under 17 are eligible)
· You are eligible even if you are on disability or Social
Security Rebates are reduced for higher income earners, starting at $75,000 for individuals, $112,500 for head of household, and $150,000 for married couples. It phases out completely at $99,000 for individuals and $198,000 for married couples.
Please note that you do not have to apply to receive the rebate. If you filed your taxes electronically or used direct deposit as a paper filer, the check will be directly deposited to your account. If you do not have direct deposit set up or closed the bank account used to receive previous tax refunds, the check will be mailed.
Secretary of the Treasury Steven Mnuchin said checks should be sent out before the end of April.
Additionally, Tax Day has been changed from April 15 to July 15. Individual taxpayers and businesses will have this additional time to file and make payments without interest or penalties.