Coronavirus (COVID-19) Small Business Loan Assistance for Construction
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
Thomas J. Palm, PA 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 443-927-7180 or fill out a contact form to get started right away.
Here are the current federal and state 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.
Maryland Small Business COVID-19 Emergency Relief Grant Fund
This COVID-19 Emergency Relief $50M Grant Fund offers working capital to assist Maryland small businesses and nonprofits with disrupted operations due to COVID-19. Grant assistance is intended to provide interim relief complementing actions with its bank, business interruption insurance, and financial partners.
GENERAL TERMS AND CONDITIONS
- Grants up to $10,000 not to exceed 3 months of cash operating expenses for Maryland businesses and nonprofits impacted by the COVID-19 with 50 or fewer employees.
- Must be established prior to March 9, 2020.
- Business must be in good standing.
- Applicants must have employees on their payroll for whom they have had payroll taxes withheld (i.e. W-2 employees).
- Annual Revenues of the business or nonprofit not to exceed $5 million as evidenced by Financial Statement or other financial documentation.
- Business or nonprofit is expected to seek longer term funding through its bank, SBA, or other source.
- Eligible uses include: working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of operations.
The business or nonprofit must demonstrate financial stress or disrupted operations, which may include but are not limited to:
- Notices from tenants closing operations and not paying rent caused by loss of income.
- Notice of inability to make loan payments due to reduced sales, suspended operations.
- Increased cost related to COVID-19 prevention measures.
- Notice of disrupted supply network leading to shortage of critical inventory or materials.
- Other circumstances subject to review on a case by case basis.
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 443-927-7180 or fill out our simple contact form to get started right away.