Assistance Offered By The Federal Government To Help Small Businesses Fight Coronavirus (COVID19) Crisis

1
Assistance Offered By The Federal Government To
Help Small Businesses Fight
Coronavirus (COVID19) Crisis
Small Businesses have been affected badly by the
impact of COIVD19 pandemic on the world. With
the increase, in the number of positive cases,
the business has already started to feel the
financial crunch. Many of them are failing to
pay their rent, employee salary, and other debt
bills. Like on
2
March 18, President Trump stated that the
restaurant industry will lose more than 225
billion if the pandemic lasts more than 3 months.
There are other industries affected too. But to
cover those losses world leaders
philanthropists like Gates Foundation are
joining hands to help the small and medium-sized
enterprises to fight against the crisis caused by
COVID19 pandemic. Many states in the US have
already started providing small business
coronavirus aid programs in the form of funds
low-interest loans to back them during the
crisis. The above stats show what business
owners think about the impact of COVID19 on
their business. Every country is taking all the
necessary steps to fight COVID19 impact on our
global economy. The federal government has
already started to offer various emergency relief
programs, grants, emergency funding and more to
help small businesses in paying their basic
bills. In the recent G20 summit, leaders of G-20
decided to inject 5 trillion into the global
economy to fight the COVID19 pandemic. All the
countries of the G-20 agreed to fight the
coronavirus by sharing potential health data
addressing potential trade disruption. At a press
conference, Donald Trump stated that they will
share all the potential information and data with
G-20 leaders to fight coronavirus pandemic. So
in this article, we will be giving you all the
details related to loans, emergency reliefs,
grants and funds offered by different cities in
the US to help small businesses in paying their
basic and dept bills. Assistance offered by the
Federal Government to Fight Coronavirus
(COVID19) impact on small businesses
3

• Today almost every small business around the
  world is standing on the edge due to the
  economic crisis caused by the COVID19 pandemic.
  If your business is among them and seeking any
  help to cover the Losses then go through the
  small business coronavirus aid program provide by
  different States and cities in the US.
• Income tax filing and payment deadline extension
• With the increase in the number of COVID19
  positive cases, many businesses have already
  begun to feel the financial crunch. Thats why
  the federal tax filing deadline is pushed to 15
  July 2020.
• The Treasury Department and the internal revenue
  service are offering tax filing and payment
  relief to businesses facing financial issues.
  There will be no penalties and interest on taxes
  paid before July 15, 2020. (if the effect of the
  coronavirus grows that they may extend the days
  depending on the situation).
• Most of the state tax agencies in the U.S. have
  already begun to extend the dates and deadlines
  of the local tax payment. You can check with your
  state tax agency to know about the deadline of
  your tax payment.
• Small Business Assistance (SBA) Economy Disaster
  Loan Assistance
• Due to the recent crisis, The U.S. Small business
  Assistance(SBA) is offering low-interest
  economic disaster loans up to 2 million (3.75
  for small business and 2.75 for nonprofit
  organization) to working capital and small
  business suffering from COVID19 pandemic. The
  repayment policy of the loan can go up to 30
  years.

4
Now the question is who can apply for the loan.
From the updated report, businesses in every
state plus American Samoa, Guam, the Northern
Mariana Islands, Puerto Rico, and the U.S. Virgin
Islands can apply. The loan can be used to pay
the debt amount, employee bill, rent, and other
bills. You can click here to apply for Small
Business Assistance (SBA) Economy Disaster Loan
Assistance. You have to provide a few documents
like your tax return, personal financial
statement, etc to avail advantages of loan. For
more details, you can contact SBA assistance
customers service center at 1-800-659-2955. 3.
SBA Paycheck Protection loan program Recently
on March 25, 2020, senet announced a Coronavirus
relief program of 2.2 trillion to support
states, businesses affected badly by the impact
of COVID19 pandemic. Recently US small business
administration (SBA) offered low-interest loan
up to 10 million with the interest rate of 4v.
Read more on h ttps//www.sfwpexperts.com/assistan
ce-offered-by-the-federal-governmen t
-to-help-small-businesses-fight-covid19-crisis/ O
ther Blogs Link H ow Small Businesses Are
Getting Affected By Coronavirus (COVID19) P
andemic? What They Are Doing To Avoid Those
Losses? H ow Coronavirus (COVID19) Pandemic Is
Affecting Marketing And A dvertising Industries?