NEW – MAY 15, 2020 – Paycheck Protection Program (PPP) Loan Forgiveness Info and Application
Small businesses are the foundation of our communities and our economy. Employing nearly half the American workforce, they keep our neighborhoods running and make them feel like home. The impacts of the COVID-19 pandemic have wrought unprecedented financial uncertainty. These businesses need resources and relief — and they need it now.
Wednesday, the U.S. Chamber unveiled its Save Small Business Initiative to address the immediate needs of the small business community, mitigate closures and job losses, and mobilize support for long-term recovery in the wake of the economic destruction of the COVID-19 pandemic.
To extend a helping hand to small businesses suffering from the impacts of the corona virus pandemic, the U.S. Chamber of Commerce Foundation – in partnership with Vistaprint and a coalition of supporting companies, foundations, and philanthropic donors – is working to provide financial relief through the Save Small Business Fund. This fund is a key pillar of the U.S. Chamber’s Save Small Business Initiative.
The Fund is providing $5,000 in short-term relief to employers across the United States, including chambers of commerce. These one-time supplemental cash grants are for businesses that have between three and 20 employees and operate in an economically vulnerable community.
The grant application will go live on Monday, April 20 at 2:00 p.m. To learn more about the Save Small Business Fund and to apply for a grant, visit https://savesmallbusiness.com/
IRS Extends Tax Deadlines
The IRS issued guidance Thursday evening to grant deadline relief for both 1031 like-kind exchanges and opportunity zone investments that are already underway. Both of these programs are designed to promote economic growth in communities, and NAR made the case that investors in these programs should not be harmed due to the effects of COVID-19.
1031 Like-kind exchanges. If an investor has taken the first step of a like-kind exchange by selling the old property, and either the 45-day or the 180-day deadline falls between April 1 and July 15, the deadline has been extended to July 15. Opportunity Zones. If an investor who sold a capital asset planned to roll over the gain into an Opportunity Fund and the 180-day deadline to do so falls between April 1 and July 15, 2020, he or she can make the investment as late as July 15.
Also, sole proprietors who pay quarterly estimated taxes now have until July 15 to file their second quarter payment. As a result of an earlier IRS notice, first quarter estimated tax payments had already been extended to July 15. This means that any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15 to make that payment, without penalty.
NAR has advocated heavily for these extensions since the outbreak of the COVID-19 pandemic.
The U.S. and the state of Mississippi have issued statements urging groups of 10 or more to avoid direct contact. In light of this decision, beginning Wednesday, March 18, we have taken the step of asking our staff team to work remotely rather than together in the office , for the time being.
We want to emphasize that we are still here for our members and happy to hear from you! We are available via our website, email, phone, and social media. We are working hard to continue to provide our members with the services you’ve counted on from us before the COVID-19 outbreak.
As previously communicated, our leadership and staff will continue to closely monitor and evaluate the situation related to COVID-19 during this period, and will keep you informed on an ongoing basis about developments affecting our Association.
If you have questions, please feel free to contact us by calling (601)-932-5241 or emailing email@example.com.
We hope that you and your loved ones stay healthy during this time.