Starting Friday, April 3rd, qualified businesses impacted by COVID-19 can apply for the Small Business Act Loan to cover payroll and other expenses. The Paycheck Protection Program (PPP) application and related guidance for lenders and borrowers can be found below:
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. You can find more information on this program on the U.S. Senate Committee on Small Business & Entrepreneurship’s website:
Treasury Tax Delay
The Treasury Department is delaying tax payment due dates for tobacco products to provide flexibility for businesses that have been negatively affected by COVID-19. “Many businesses regulated by the Alcohol and Tobacco Tax and Trade Bureau (TTB) have been adversely impacted by the COVID-19,” said Secretary Steven T. Mnuchin. “To assist these businesses during this challenging period, Treasury is postponing several filing and payment due dates for 90 days.” The postponement of due dates applies to any tax payment or operational report with an original due date falling on or after March 1, 2020, through July 1, 2020. Interest and penalties will not apply when payments are made within 90 days of the original due date.