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:
The AICPA discusses what we know about the content and timing of possible tax changes in President Biden’s Build Back Better plan and the three ways they could advance in Congress.
In Rev. Proc. 2021-24, the IRS clarified how individuals who are not otherwise required to file 2020 federal income tax returns can claim advance child tax credit (CTC) payments as well as stimulus payments (i.e., third-round economic impact payments, 2020 recovery rebate credit payments, and additional 2020 recovery rebate credit payments).
The filing and payment deadline for most 2020 federal tax returns is here. Taxpayers should file or request an extension of time to file and pay any taxes they owe by the May 17 deadline to avoid penalties and interest.
IRS, Treasury announce families of 88 percent of children in the U.S. to automatically receive monthly payment of refundable Child Tax CreditThe Internal Revenue Service and the U.S. Department of the Treasury announced today that the first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households — covering 88% of children in the United States — are slated to begin receiving monthly payments without any further action required.
With taxpayers continuing to face challenges related to the COVID-19 pandemic and the IRS facing a backlog of 29 million tax returns that need manual processing, the AICPA on Monday urged the IRS to implement “fair, reasonable, and practical” penalty relief measures to mitigate the pandemic’s effects and minimize required contacts with the IRS.