Much of the federal legislation enacted in response to the coronavirus outbreak impacts businesses. Additionally, some states and local governments are doing their part to help keep business afloat. In this section, we'll outline some of the relevant resources available to businesses.
Small Business Administration (SBA) Coronavirus Relief Options
In addition to the Payroll Protection Program, the SBA has established several new temporary programs to address the COVID-19 outbreak.
- U.S. Chamber of Commerce – Small Business Guide and Checklist for Coronavirus Emergency Loans
- SBA - Economic Injury Disaster Loan Emergency Advance - Small business owners in all U.S. states, Washington D.C., and territories were able to apply for an Economic Injury Disaster Loan advance. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.
- SBA - Express Bridge Loans - Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
- SBA - Debt Relief -The SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. This relief is not available for EIDL or PPP loans.
- IRS Notice 2021-07 - COVID-19 Relief for Employers Using the Automobile Lease Valuation Rule
Other Helpful Resources
Tax Warrior Blogs and Alerts
April 22, 2020 - Opportunities to Increase Cash Flow from 2018–2020 Business Losses
April 15, 2020 - Employee Retention Credits - Alternative Relief to Paycheck Protection Loans