From the Alabama District Office of the U.S. Small Business Administration (SBA) on applying for an Economic Injury Disaster Loan
Here are links to the announcement of the Alabama Disaster Declaration for the Coronavirus, as well as a fact sheet for applying for SBA Economic Injury Disaster Loans.
Due to heavy traffic on the site, non-peak hours are 7 p.m. – 7 a.m. The Office of Disaster Assistance recommends using Edge or Internet Explorer, as some have had trouble using Chrome. To prevent against delays in processing your application, please read all the steps carefully, and ensure that you provide all documentation asked for. There are upload/download prompts within the application.
Feel free to reach out to SBA’s resource partners located throughout Alabama if you need assistance with the application process. They are listed at: https://www.sba.gov/offices/district/al/birmingham . Click on Alabama District Office Resource Guide. Resource partners (Small Business Development Centers, SCORE chapters and The Catalyst) are listed beginning on page 11 and ending on Page 12.
Reminder on How to Apply
The Alabama Small Business Development Center (SBDC) Network has put together valuable information about what businesses need to do before applying:
- Hard Stuff First: Go to What to Do Now to find the forms you will need.
- On-Demand Webinar: Preparing to Apply for the SBA Economic Injury Disaster Loan (COVID-19): Alabama SBDC Network put together an excellent webinar to guide you through the process. Slides | Recording
After familiarizing yourself with the process, begin your application.
Update to Notice 2020-18 from the IRS: Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, Related to Gift & Generation-Skipping Transfer Tax Filing & Payment DeadlinesThe Secretary of the Treasury has determined that any person (as defined in section 7701(a)(1) of the Code) with a Federal gift tax or generation-skipping transfer tax payment due or the requirement to file Form 709 (United States Gift and Generation-Skipping Transfer Tax Return) on April 15, 2020, is also affected by the COVID-19 emergency for purposes of the relief described in this section III (Affected Taxpayer).
The AICPA sent a letter to ask Treasury Secretary Mnuchin to deem public accounting as an “essential service” by the federal government, similar to what many state governors have already done for shelter-in-place orders.
The Financial Crimes Enforcement Network (FinCEN) would like to reiterate, as previously announced their our website, the annual due date for filing FBARs for foreign financial accounts is April 15.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, which passed the Senate by a 96-0 vote late on Wednesday, contains a host of tax measures as part of a $2 trillion aid package designed to help the economy as it suffers from the effects of the coronavirus pandemic. While the focus of the legislation is not tax, a large number of tax provisions are included in the over-600-page bill.