{"id":13104,"date":"2020-03-28T05:32:45","date_gmt":"2020-03-28T12:32:45","guid":{"rendered":"https:\/\/www.sfwpexperts.com\/?p=13104"},"modified":"2021-08-04T00:36:37","modified_gmt":"2021-08-04T07:36:37","slug":"assistance-offered-by-the-federal-government-to-help-small-businesses-fight-covid19-crisis","status":"publish","type":"post","link":"https:\/\/www.sfwpexperts.com\/assistance-offered-by-the-federal-government-to-help-small-businesses-fight-covid19-crisis\/","title":{"rendered":"Assistance Offered By The Federal Government To Help Small Businesses Fight Coronavirus (COVID19) Crisis"},"content":{"rendered":"

Small Businesses<\/span><\/a> 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 <\/span>restaurant industry<\/b><\/a> will lose more than $225 billion if the pandemic lasts more than 3 months. There are other industries affected too.<\/span><\/p>\n

But to cover those losses world leaders & philanthropists like Gates Foundation are joining\u00a0<\/span>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 &\u00a0 low-interest loans to back them during the crisis.\u00a0<\/span><\/p>\n

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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.\u00a0<\/span><\/p>\n

In the recent G20 summit,\u00a0 leaders of G-20 decided to inject\u00a0 $5 trillion into the global economy to fight the COVID19 pandemic.\u00a0 All the countries of the G-20 agreed to fight the coronavirus by sharing potential health data addressing potential <\/span>trade disruption<\/span><\/a>. 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.<\/span><\/p>\n

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.\u00a0\u00a0<\/span><\/p>\n

Assistance offered by the Federal Government to Fight Coronavirus (COVID19) impact on small businesses<\/span><\/h2>\n

Today almost every small business around the world is standing on the edge due to the economic crisis caused by the COVID19 pandemic.\u00a0 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.\u00a0\u00a0<\/span><\/p>\n

1. Income tax filing and payment deadline extension\u00a0<\/b><\/a><\/h3>\n

With the increase in the number of COVID19 positive cases, many businesses have already begun to feel the financial crunch. That\u2019s why the federal tax filing deadline is pushed to 15 July 2020.\u00a0\u00a0<\/span><\/p>\n

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).\u00a0<\/span><\/p>\n

Most of the<\/span> state tax agencies<\/span><\/a> 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<\/span><\/p>\n

2. Small Business Assistance (SBA) <\/b><\/a>Economy Disaster Loan Assistance\u00a0<\/b><\/h3>\n

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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.\u00a0<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

You can <\/span>click here to apply<\/span><\/a> for <\/span>Small Business Assistance (SBA) <\/span><\/a>Economy Disaster Loan Assistance. You have to provide a few documents like your tax return, personal financial statement, etc to avail advantages of loan.\u00a0 For more details, you can contact SBA assistance customers service center at 1-800-659-2955<\/span><\/p>\n

3. SBA \u201dPaycheck Protection\u201d loan program\u00a0<\/strong><\/h3>\n

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.\u00a0 Recently US small business administration (SBA) offered low-interest loan up to $10 million with the interest rate of 4%v\u00a0<\/span><\/p>\n

Keeping the effect of pandemics into consideration SBA is allowing businesses with employees less than 500 to take the loan for a term of up to 10 years. To know more about the paycheck protection loan program <\/span>click here\u00a0<\/span><\/a><\/p>\n

4. Small Business Resiliency Fund (San Francisco)<\/strong><\/h3>\n

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There are many small businesses and companies in San Francisco affected badly by the impact of COVID19. To pay for the basic wages like rent, employee salary, and other debt bill businesses with employees between 1 to 5 can apply for the Small Business Resiliency Fund. Any business operating in San Francisco can apply for funding of up to $10,000.\u00a0<\/span><\/p>\n

There are a few conditions of funding like you have to show a 25% drop in your revenue, your business gross receipt should be less than $2.5 million. And your business should have a San Francisco operational license.\u00a0\u00a0<\/span><\/p>\n

If your business is located in San Francisco and looking for funding due to the Covid19 pandemic then<\/span> click here<\/span> to fill the online application. You have to attach the application form with all the documents and send them to investsf@sfgov.org.<\/span><\/p>\n

5. Small Business Emergency Microloan Program<\/strong>\u00a0<\/span><\/a><\/h3>\n

To provide aid to small and medium-sized enterprises, the city of Los Angeles is offering a microloan program. Small businesses having less salaried employees can take advantage of the microloan to get up to $5000 to $20,000. Taking the microloan will help you to cover your employee expenses when they stay quarantined.\u00a0<\/span><\/p>\n

Microloan program offers two different options for\u00a0 interest rate:<\/span><\/p>\n