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:
Normally, any unemployment compensation someone receives is taxable. However, a recent law change allows some recipients to not pay tax on some 2020 unemployment compensation.
Businesses can temporarily deduct 100% beginning January 1, 2021
The Internal Revenue Service today reminded self-employed individuals, retirees, investors, businesses, corporations, and others who pay their taxes quarterly that the payment for the first quarter of 2021 is due Thursday, April 15, 2021.
Following the extension of the filing and payment deadline for individuals to May 17, 2021, the IRS announced other tax deadline extensions to the same date.
PCAOB inspections in 2021 will focus on the effects of the coronavirus pandemic on companies’ financial reporting while also becoming less predictable, according to resources the board published Tuesday.