Part of the newest CARES Act provisions include an extension to the Economic Injury Disaster Loan in the C-19 relief package until December 31, 2021.
The popular program which provides up to a $150,000 loan, repaid over thirty years at 3.75%, has lent over $200B since the beginning of the pandemic. Interest payments over the first 12 months are deferred. If you have not applied for and received the loan, there is still time while the funding lasts.
Many have had difficulties with this loan. I wrote several columns earlier this year about how to reapply for the loan, if you had been denied. Some have found success. Others haven’t.
What’s odd is that there doesn’t seem to be any rhyme or reason to it. Some reconsiderations were looked at while others weren’t. Either way, the program has been extended. If you would like to apply, please go to the following web address.
https://covid19relief.sba.gov/#/
Let me leave you with this.
Its now the end of February and the tax deadlines are looming. S-Corp and Partnership returns are due March 15th. If the answers to your final year end questions are not received by March 1st, we cannot guarantee that your return will be completed by the due date.
As such all of these returns will be extended at the beginning of March. We will file the extensions, and provide you with a copy.
This will give you an automatic 6 month extension for filing the paper return only. It doesn’t extend the due date of any money that would be due with the return. If you think that you will owe state taxes on the return then contact our offices today so that we can arrange a state income tax deposit.
Many might think that there is no need for this, given the fact that no one made any money last year, but nothing could be further from the truth. As we complete this year’s returns, I’m seeing something that I didn’t think was possible one short year ago.
Many entrepreneurs have used these difficult times to increase and expand their businesses. I’m seeing numbers that are frankly astounding.
We live in unprecedented times. Many spent the pandemic sitting in their homes, watching CNN, feeding their own anxieties. Others used it to innovate their businesses, expand their product lines, and take advantage of their competitors who were going out of business.
I’m a perfect example. All of my former partners are crying about being down ten or twenty percent while we’re up.
Fear is the enemy. Embrace it. Control it.
When life gives you lemons, make meringue.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
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