Accountants + Business Advisors

COVID-19 and Your Business’ Finances: Saturday, March 21 Update


COVID-19 and Your Business’ Finances: Saturday, March 21 Update

By Chuck Mullen, Chairman

Saturday, March 21, 2020

I’m pretty sure I can’t hear the name “COVID-19” anymore without getting nauseous. We should have a contest to rename it.  

This report is Apple Growth Partners’ second business financial COVID-19 update, in an effort to keep business leaders up to date on this “fluid” (another word I’m getting sick of) and “ever-changing” (another one) situation, as it pertains to federal and state financial assistance. Click here for the first article’s link.

Ohio has been officially approved for the SBA Economic Injury Disaster Loan program. What this means is that businesses can apply, online, for up to $2 million in SBA loan relief. This program is available for small businesses and nonprofits alike, to fund for working capital needs (including fixed debts, payroll, accounts payable, and other bills). The program is available to businesses which have no credit availability elsewhere. For qualifying businesses, the interest rate is 3.75 percent for small businesses and 2.75% for nonprofits, with up to a 30-year payback term based upon ability to repay.  Loan applications can be accessed online by clicking here.

Federal income tax returns due April 15, and federal income tax payments due April 15, including first quarter 2020 estimated payments due April 15, have all been extended to July 15. UNPRECEDENTED WITH A CAPITAL U.

A new story about an old program….well, not that old. The Ohio Department of Jobs and Family Services has a program since 2015 called SharedWork, an employer participatory program to compensate up to 50% of an employees’ hours when shutdowns are temporary. This program can be a godsend for employees and companies where an employee does not meet the minimum earnings requirements for unemployment benefits. Check it out here.

And now you’re up to date…check out our previous update through Wednesday, March 18, here

And stay tuned for updates on that $1 trillion federal package coming our way….Apple Growth Partners will keep you alerted on this historical bill and other federal and state laws and program changes as they occur.

We realize that there is an exorbitant amount of information of the COVID-19 legislation that is posted to the web and being circulated. Apple Growth Partners wants to provide you with accurate and current information to assist your planning. Remember, the legislative process is not completed once the legislation is passed. Regulatory guidance from federal agencies such as the Department of Labor, Department of Treasury, Department of Health and Human Services, and the Internal Revenue Service will be necessary to fully explain the value and impact that these provisions might have on your business, your employees and yourself.