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CMM Coronavirus Resource Hub for Businesses

CMM Coronavirus Resource Hub for Businesses

Welcome to CMM’s Coronavirus Resource Hub for Businesses. Here you’ll find up-to-the-minute resources including disaster loan relief information, grant opportunities, articles about new legislation impacting your business, and other critical guidance for businesses to move forward, empowered by access to the information you need. This page will continue to be updated.

In addition to providing the resources below, CMM is leading the way with the launch of a first-of-its-kind coronavirus hotline. Members of the business community, regardless of whether they are CMM clients, can send any questions or concerns they have relating to the impact of the COVID-19 pandemic on their business to a dedicated email address, coronarelief@cmmllp.com. The email address will be constantly monitored and routed to the appropriate CMM attorney, who will promptly follow up with guidance at no charge. Questions may also be directed to (631) 738-6781.

This situation has escalated extraordinarily quickly, and the last thing business owners should be worried about as they try to navigate their way to the other side is having to pay for answers to their critical questions. As in good times, CMM is here to help businesses become as strong and resilient as possible. Do not go it alone – CMM will help you get through this. Contact us today.

DONATIONS/DRIVES

ARTICLES ABOUT CORONAVIRUS-RELATED ISSUES IMPACTING YOUR BUSINESS

GENERAL INFORMATION – FEDERAL (see below on this page for SBA loan information)

GENERAL INFORMATION – NEW YORK STATE

GENERAL INFORMATION – LOCAL

SMALL BUSINESS ADMINISTRATION (SBA) LOANS

THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT, signed into law on March 27, allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. The CARES Act Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan for payroll and certain other expenses. 

  • An overview and eligibility requirements is available here and here.
  • You may also use the workbook here to help determine your loan amount.
  • Application form accessible here.

FEDERAL DISASTER LOANS: The US Small Business Administration (SBA) is offering designated states, including New York, low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of COVID-19. You can contact SBA’s disaster assistance customer service center at 800-659-2955 (TTY: 800-877-8339) or email disastercustomerservice@sba.gov. Learn more and apply here. Download a PowerPoint and audio recording of a presentation regarding how to apply for disaster assistance here.

Note that these loans are not ideal for short-term, immediate help. A summary of the SBA disaster loan program:

  • Low interest rate loans up to 3.75% for both for-profit and not-for-profit entities
  • Repayment terms for up to 30 years, to be determined by the SBA
  • Collateral is required for loans over $25,000
  • Loans up to $2,000,000, which can be modified as determined by the SBA
  • Can be used for payroll, fixed debts, and other bills that cannot be paid because of the disaster
  • All other financing means must be exhausted
  • Major documents required:
    • SBA loan application (can be done online)
    • Most recent Federal business tax return and an IRS form allowing the SBA to obtain copies directly from the IRS (form 4506-T)
    • Copies of Federal tax returns and form 4506-T for owners with 20% or more ownership in the business applying for the loan and for any others that have a 50% or more ownership in related businesses
    • Personal financial statements for owners with 20% or more
    • Schedule of liabilities listing all fixed debts
    • 2019 financials if 2019 tax returns are not completed
    • 2020 year-to-date P&L

FEDERAL 7(a) LOANS: The 7(a) loan program is the SBA’s primary program for providing financial assistance to small businesses. The terms and conditions, like the guaranty percentage and loan amount, may vary by the type of loan. These SBA-backed loans operate through banks and other lenders. More details here.

The SBA’s Long Island Branch Office is in Hauppauge and can be reached at 631-454-0750.  

Small business owners may also contact:

The SBDC has partnered with the SBA to provide support services for their Economic Injury Disaster Loan program. Please email  SBDC@Stonybrook.edu or click here to schedule an appointment with a business advisor.

OTHER DISASTER RELIEF LENDING & GRANTS

  • NYC Small Business Resources are available here.
  • Facebook Small Business Grants Program: Facebook is offering $100 million in cash grants and ad credits to businesses experiencing disruptions as a result of COVID-19. Details and application information are accessible here.
  • James Beard Foundation has launched a fund to help businesses in the food and beverage community. Learn more and apply here.
  • Yelp is offering $25 million in relief, primarily focused on supporting independent local restaurant and nightlife businesses, in the form of waived advertising fees, and free advertising, products and services, during this period.
  • The NYC COVID-19 Response & Impact Fund was created to aid nonprofit service providers struggling with the health and economic effects of the coronavirus. It will give grants and loans to NYC-based nonprofits that are trying to meet the new and urgent needs that are hitting the city. Priority will be given to nonprofits addressing essential healthcare and food insecurity as well as arts and culture.

TAX INFORMATION

FEDERAL: The Treasury Department and Internal Revenue Service are providing payment relief to individuals and businesses in response to the COVID-19 outbreak. The filing deadline for tax returns has been extended from April 15, 2020 to July 15, 2020 (as of March 21) to match the payment deadline extended earlier this week. The IRS urges taxpayers who are owed a refund to file as quickly as possible.  Relief includes:

The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts, and corporations. This relief is automatic, taxpayers do not need to file any additional forms or call the IRS to qualify.

This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.

Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. You will automatically avoid interest and penalties on the taxes paid by July 15.

Individual taxpayers who need additional time to file beyond the July 15 deadline can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.

This relief only applies to federal income returns and tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax.

NEW YORK: New York has extended the deadline for filing and payment of state personal income taxes from April 15, 2020 to match the federal filing date of July 15, 2020. View the NYS Department of Taxation an Finance website for answers to frequently asked questions.

In the event that any sales tax vendors (businesses subject to sales tax) did not pay or file their sales tax returns by March 20, NYS is waiving any interest and penalties on late filings/lack of payment for the NYS sales tax returns that were due on that date, assuming they request relief from NYS. Businesses can request relief here.

INFORMATION ABOUT RESPONSE TO COVID-19 BY FINANCIAL INSTITUTIONS

Westbury, Ronkonkoma, Riverhead, and Bridgehampton, New York | (631) 738-9100 | contact@cmmllp.com
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