This morning, U.S. Treasury Secretary Steven Mnuchin announced, “We are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
We expect the IRS will issue official guidance today or Monday, officially extending the deadline.
Our plan is to continue to prepare your 2019 tax returns as many have refunds and others will need their tax returns for financing and other reasons.
Effective today, the following website is now up and running for “Disaster Relief Loans” for businesses:
https://disasterloan.sba.gov/
And
https://disasterloan.sba.gov/
The first website is the main website from which you can start an application process. The second website is an index of information to read up on the available loans.
First things first, this will be a HIGH TRAFFIC website, businesses applying for loans are encouraged to use it after 7pm at night and before 7am in the morning.
This is the best immediate route to get federal backed loan relief. There are more loan programs coming if/when the Congressional legislation passes, but this Disaster Loan Relief program above via SBA is available right now. New loan programs coming from Congressional legislation will take time to filter down to the banking system. As mentioned this is the way to go for more immediate help for clients who are suffering during this crisis.