March 20 COVID-19 Advocacy Update: Taxes & SBA Disaster Loans

Negotiations on Stage III of the relief measures continue to be discussed in Congress and with the White House. Outside of those efforts, The IRS has created a special web page on Coronavirus Tax Relief where individuals and businesses can see the latest news and guidance provided. The Treasury Department and IRS have also issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax payments on April 15, 2020 until July 15, 2020 without penalties or interest.

The Small Business Administration has released additional resources on their disaster loan program. This infographic explains the three step process for this program. Applicants may apply online, receive additional disaster assistance information and download applications here. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email for more information on SBA disaster assistance. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Additional Resource:

Navigating COVID-19: Small Business Policy & Legislative Resource Guide