At ConnXus, we understand the concern and uncertainty that many business owners are experiencing surrounding the coronavirus (COVID-19) and are committed to doing all that we can to fully support our customers. What follows is a list of resources designed to provide information and relief to businesses. We will continually update this post as we find new programs.
Federal Programs & Resources
This interim guidance is based on what is currently known about the coronavirus disease 2019 (COVID-19). The Centers for Disease Control and Prevention (CDC) will update this interim guidance as needed and as additional information becomes available.
The Treasury Department and IRS just announced a three-month delay for any tax payments owed up to $1 million. You’ll still need to file your returns by April 15, 2020 but will have until July 15 to pay. This will apply to individual tax returns but should also cover many pass-through entities and small businesses.
The Coronavirus Small Business Guidance & Loan Resources page is being continually updated with all SBA tools and resources, including preparedness checklists and different avenues to access capital.
Designated areas are eligible for working capital loans up to $2 million. Interest rates are 3.75% for small business and 2.75% for non-profits, with long-term repayments up to a maximum of 30 years. You can apply online or call the SBA disaster assistance customer service center at 1-800-659-2955.
Commercial Programs & Resources
Facebook recently announced that they will be launching a massive grant program to help small businesses. Specifically, the company will provide $100 million in “cash and ad credits” to 30,000 businesses in the 30 countries where Facebook operates.
Microsoft has responded to COVID-19, also known as the novel coronavirus, and the increased number of work-from-home policies it’s inspired, by making its paid collaboration tool, Microsoft Teams, free for six months.