Coronavirus (COVID-19) Small Business Loan Assistance for Medical Practices
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
Morey & Associates, 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 949-759-5626 or complete our simple form to get started today.
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 Payment Deadline Extension
For tax payments of up to $10 million, the IRS has 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.
Los Angeles Coronavirus Small Business Assistance
Local Coronavirus Small Business Assistance States and municipalities are adding programs by the day.
City of Los Angeles Small Business Emergency Microloan Program
Businesses and microenterprises in Los Angeles that are responsible for providing low-income jobs can get an emergency microloan of $5,000 to $20,000. Loans with repayment terms of six months to one year carry an interest rate of 0% and five-year loans have interest rates of 3% to 5%.
To get a loan, you must meet requirements including having “reasonable and responsible” individual credit history, committing to use the loan for working capital only and ensuring your business is located within the City of Los Angeles. If you own 20% or more of the business, you must guarantee the loan.
Los Angeles has also instituted a moratorium of evictions of businesses impacted by the coronavirus through March 31.
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 949-759-5626 or fill out our simple contact form to get started right away.