With changes happening daily we want to highlight a few developments that might affect you directly. We’ll try to keep you updated but not inundated.
- Illinois and Missouri have just declared an Economic Disaster and certain counties are now eligible to apply for Disaster Loan Assistance through the SBA. Qualifications include creditworthiness as determined by the SBA, provable ability to repay, and collateral requests for loans over $25,000. A list of designated counties is here [LINK] and the application portal is here, [LINK]. You might be a good candidate if you can show revenue losses directly related to the outbreak. If we can be of any help getting application materials together please let us know.
- The IRS has extended the payment deadline for individual income tax to July 15th, which would affect any of you with businesses that file a Schedule C, and the actual filing deadline is anticipated to move as well. [LINK]
- Kabbage, a small business lender, is offering a clearinghouse where your business can sign up to sell gift cards, even if this isn’t functionality you’ve offered before. It could be a lift for any retail or service firm during the emergency and provides you with an immediate platform. www.helpsmallbusiness.com
We will continue to update you as we see anything that might impact our clients. Now that the sick time bill has been clarified our next letter will have details on that. If you have questions, concerns, or feedback please let us know. We would love to hear from you, as our community stories are vital. We’re all working to support each other. Please let us know if we can help you with anything as you’re evaluating your options.