As a part of the Coronavirus Preparedness and Response Supplemental Appropriations Act enacted on March 6th, 2020, the U.S. Small Business Administration (SBA) is offering monetary support in the form of low-interest federal loans to small business owners impacted by the COVID-19 virus pandemic. According to the SBA, the loans are designed to provide operating capital of up to $2 million dollars to small-business owners experiencing economic disruption as a result of the epidemic. The loan funds can be used by small business owners to meet certain financial and payroll obligations.
While most SBA disaster relief loans are typically limited to business owners in certain areas, the SBA advises that all small business owners in the United States and its territories are welcome to apply for an Economic Injury Disaster Loan due to COVID-19.
If you or your business have unfiled tax returns, or owe back taxes, call or contact the dual licensed attorney-CPAs at Daniel Rosefelt & Associates to help you get back into compliance with the IRS and resolve your tax debts .