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Businesses – Loans and Tax Relief for the COVID-19 Crisis Are Available

While Congress and the Trump administration continue to hammer out a stimulus package, there are at least a few current items of relief available to businesses impacted by the crisis, outlined below.

● Small Business Administration Loans – Kentucky has applied for and received approval for an economic injury disaster loan declaration from the United States Small Business Administration (SBA). Kentucky small businesses may now apply for loans in a total state amount of up to $2 million at a maximum fixed interest rate of 3.75% (2.75% for nonprofits), and with a term of up to 30 years. These loans are available on a case-by-case basis and other requirements apply, such as acceptable credit history, collateral, and a showing of the ability to repay the loan.

● Tax Deferral – IRS and the Treasury Department announced that the federal income tax filing deadline for all filers has been extended from April 15, 2020, to July 15, 2020, and Kentucky has followed suit. Tax payments that are due may also be deferred for the same period, with no interest or penalties. This deadline extension also applies to payments of federal estimated tax.

● Tax Credits for Paid Leave – we’ve addressed this elsewhere, but it’s important to note that businesses expending resources to cover the costs of the new leave requirements mandated by the Families First Coronavirus Response Act are entitled to a payroll tax credit for the sums paid for the leave itself and related health insurance expenditures.

Need help with determining the best course for your business and applying for the relief outlined above? Contact your McBrayer attorney today.

AT Morgan

Anne-Tyler Morgan is a Member of McBrayer law.  Her law practice primarily focuses on politics, elections, and campaign finance, nonprofit institutions and associations, foster care and adoption, administrative law, healthcare law, pharmacy law and transactional healthcare and transactional agreements. Ms. Morgan can be reached at atmorgan@mcbrayerfirm.com or (859) 231-8780, ext. 1207. 

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