COVID-19     Business Updates

Treasury, IRS Unveil Online  Application to Help with Economic Impact Payments

The Internal Revenue Service urges taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft.

Treasury, IRS Unveil Online  Application to Help with Economic Impact Payments

The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.

Need more time to prepare your federal tax return?

The IRS deadline to file and pay federal income taxes has been moved to July 15. If you need additional time to file, request an extension to Oct. 15, 2020.
IRS is also offering coronavirus relief to taxpayers.
Need more time to prepare your federal tax return? Here is some information on how to apply for an extension of time to file. Please be aware that:
  • An extension of time to file your return does not grant you any extension of time to pay your taxes. 
  • You should estimate and pay any owed taxes by your regular deadline to help avoid possible penalties.
  • You must file your extension request no later than the regular due date of your return.

SBA Programs: Scams and Fraud Alerts

The Office of Inspector General recognizes that we are facing unprecedented times and is alerting the public about potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration in response to the Novel Coronavirus Pandemic (COVID-19). The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing. 

SBA: GO VIRTUAL

GO VIRTUAL: Offices may be closed but you can still get FREE small business consulting, mentoring, and training from Small Business Development Centers, SCORE, Women’s Business Center and Veterans Business Outreach Centers. These resource partners can also help you apply for COVID19 small business relief. 

🔎Find an SBA resource partner near you: sba.gov/local

CARES Act Funding Options to Help Your Small Business During COVID19

Economic Injury Disaster Loan Advance: This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
SBA Express Bridge Loans: Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
SBA Express Bridge Loans: Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
 

SMALL BUSINESS PAYCHECK PROTECTION PROGRAM

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

 
 

What You Need To Know | President Trump Is Providing Economic Relief to American Workers, Families, and Businesses Impacted by the Coronavirus

“The legislation developed in the Senate is the first step to restoring confidence and stability to America’s economy.” – President Trump

SECURING EMERGENCY RELIEF: President Donald J. Trump signed bipartisan legislation to provide relief to American families and workers during the coronavirus outbreak.
·    The President worked with Congress to secure bipartisan legislation that will provide emergency relief to families and small businesses that have been impacted by the coronavirus.
o  This unprecedented relief package totals more than $2 trillion.
·    The CARES Act provides much needed economic relief for American families and businesses who are hurting through no fault of their own.
·

IRS is Offering Coronavirus Relief to Taxpayers


In response to COVID19, Treasury and IRS allow most tax payments to be delayed until July 15. You need to file a return or request a filing extension by April 15. No other filing is necessary for payment extensions. See options at: www.irs.gov/coronavirus
For those looking for information on stimulus payments, the IRS will share it as soon as it’s available. In the meantime, there’s no need to sign up for anything – Just make sure you’ve filed a 2018 or 2019 tax return.
 
 

SBA To Provide Small Businesses Impacted by Coronavirus (COVID-19) Up to $2 Million in Disaster Assistance Loans

SBA Administrator, Jovita Carranza, issued the following statement today in response to the President’s address to the nation: “The President took bold, decisive action to make our 30 million small businesses more resilient to Coronavirus-related economic disruptions. Small businesses are vital economic engines in every community and state, and they have helped make our economy the strongest in the world. Our Agency will work directly with state Governors to provide targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the situation. Additionally, the SBA continues to assist small businesses with counseling and navigating their own preparedness plans through our network of 68 District Offices and numerous Resource Partners located around the country. The SBA will continue to provide every small business with the most effective and customer-focused response possible during these times of uncertainty.”

For those looking for information on stimulus payments, the IRS will share it as soon as it’s available. In the meantime, there’s no need to sign up for anything – Just make sure you’ve filed a 2018 or 2019 tax return.

 
 

Hispanic Chamber of Commerce of Metro Orlando (HCCMO) Webinar Series for Small Business Owners

The Hispanic Chamber of Commerce of Metro Orlando (HCCMO) is dedicated to provide its members and the Central Florida community with the latest updates and the proper tools to thrive during the COVID-19 challenge. HCCMO has developed the “HCCMO Business Webinar Series” to strengthen our community and educate them so every business owner is able to take advantage of the resources provided by our State and Federal Government.
 
 

COVID-19 RESOURCES FOR VETERANS

Navigating this crisis is not easy, but you are not alone. Below is a list of resources that may be of use to your and/or your family. If you know of a resource not on this list, please let us know. For a full list click here
 
 

GET LOCAL: SBA regional and district offices are hosting information webinars on #COVID19 disaster assistance for small businesses.

 

GET LOCAL: SBA regional and district offices are hosting information webinars on #COVID19 disaster assistance for small businesses.

 

IRS Delays Tax-Filing Date to July 15, 2020

“We are moving Tax Day from April 15 to July 15,” Secretary Steven Mnuchin said. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”

The Treasury Department and IRS released guidance today, Wednesday March 20, that allows individuals and corporations to defer tax payments from April 15 to July 15, but had kept the deadline to file returns at April 15.
Taxpayers who want to use the IRS’s deadline extension for payments still need to file something by April 15
 For more information visit https://www.irs.gov/
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.