Coronavirus (COVID-19) Small Business Loan Assistance for the Real Estate Industry
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
Scott Porter, CPA 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 415-769-4353 or fill out our simple form to get started right away.
Here are the current federal and local 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.
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
The federal tax return filing deadline is now July 15, 2020. For tax payments of up to $10 million, the IRS has also 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.
San Francisco COVID-19 Small Business Resiliency Fund
Businesses with between one and five employees can apply for up to $10,000 in emergency funding to help cover rent and employee salaries.
You must show that you lost 25% or more of your revenue, that you have less than $2.5 million in gross receipts and that you’re properly licensed to operate in San Francisco.
The City of San Francisco has also initiated a moratorium on evictions for small- and medium-sized businesses whose revenue has been affected by the coronavirus. It’s effective for 30 days starting March 17, and the mayor has the capability to extend it for another 30 days.
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 415-769-4353 or fill out our simple contact form to get started right away.