ARE YOU A SMALL BUSINESS STRUGGLING AS A RESULT OF THE COVID-19 VIRUS? THERE'S HELP.
As you all know, we are facing a global pandemic with the emergence of the COVID-19 virus. Arizona currently has over 300 cases, and this number is expected to grow over the coming weeks. Even scarier is the fact that there are many more undetected cases which could put each and every one of us in danger. As this pandemic has affected each and every one of us, we want to take a moment and give you some legal information on issues that are affecting us. This information is for educational purposes only.
Small businesses have been hit hard as a result of the COVID-19 Virus. As this pandemic continues, many businesses across Arizona are unable to or not allowed to keep their doors open. Luckily, there are options for small businesses on the State and Federal levels.
First program is the Small Business Administration Economic Injury Disaster Loan Program. These loans provide “Federal assistance for the repair and rebuilding of non-farm, private sector disaster losses.” The Economic Injury Disaster Loan Program (EIDL) can provide up to $2 million dollars of financial assistance to small businesses or private, non-profit organizations that suffer substantial economic injury. One of the positives of this program is that there is no need for a business to sustain physical damage. To apply, visit: https://www.benefits.gov/benefit/1504 or call SBA Disaster Assistance Customer Service Center at 1-800-659-2955.
Second, both the Internal Revenue Services (IRS) and the Arizona Department of Revenue (DOR) extended the deadline to file tax returns to July 15, 2020. The one caveat that often doesn't affect small businesses for filing their IRS returns is that tax payments must be under $10,000,000.00 to receive the extension. You do not need to apply for the extension as it is automatic.
Thank you for taking the time to read this blog. We will continue to bring you new information on many other topics, including stimulus checks, auto loans, home mortgages, and other topics affecting you, your family, and business caused by the COVID-19 pandemic.
Questions or Comments:
If you have any questions about the above information, please contact our office at 602-910-7525 or through our contact form. Additionally, if there are any other topics you would like covered or legal questions you have related to COVID-19, please submit your questions or suggestions via our “Contact Us” form.
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Select Law, PLLC is a leading law firm helping people with bankruptcy, personal injury, tax, and civil litigation issues. We have locations in Phoenix and Scottsdale, Arizona and are available 7 days a week for FREE CONSULTATIONS.
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