Dear Friend,

Below is one of the updates I’m providing on coronavirus resources for those of you affected by the virus.

Coronavirus is impacting our community and is also affecting our small businesses. I’ve been speaking with many small business owners concerned about what the virus means for their businesses and what federal resources are available for recovery.  

The U.S. Small Business Administration recently approved Florida for the Economic Injury Disaster Program, which will help small businesses disrupted by the coronavirus. 

The SBA will work directly with state governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted. Small business owners can apply at SBA.gov/Disaster or learn more by visiting my website here. 

If you own a small business hurt by coronavirus, here are some important resources to help you, your employees and your business get through this outbreak:

Small Business Administration's Economic Injury Disaster Loans (EIDL)

• EIDL can provide up to $2 million of financial assistance (based on amount of economic injury) to small businesses or private, non-profit organizations that suffer substantial economic injury as a result of the declared disaster
• Loans may be used to pay fixed debts, payroll, accounts payable, and other bills
• The interest rate is 3.75% for small businesses and 2.75% for non-profits
• Interested businesses should click here to apply

Florida Small Business Emergency Bridge Loan Program

• The bridge loan program provides short-term, interest-free loans to small businesses that experienced economic injury from coronavirus
• Florida small businesses with two to 100 employees that suffered an economic loss can apply for up to a $50,000 interest-free loan with a one-year term
• Application period is open and runs through May 8, 2020
• Click here for more information

Tax Filing Season Update

• In response to the coronavirus crisis, all taxpayers have a 90-day extension on the deadline for filing their tax returns this year, postponing the due date to July 15, 2020
• Individuals who owe up to $1 million in federal income tax (or estimated federal income tax) now have a 90-day extension to pay their balance without worry of being charged late payment penalties or interest
• If you can't file a return by that date, you can request an extension by filing Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, for an automatic extension until October 15, 2020
• The form is available on IRS.gov, as well as additional information on filing for an extension

As always, follow my daily work on social media by liking my Facebook page and following me on Twitter, YouTube and Instagram and feel free to reach out to my offices in Florida or Washington, D.C. if my team or I can ever be of service.

In Service,

Michael Waltz