Lots of businesses are under pressure as a result of COVID-19 and the number of those businesses are growing. This is especially true for owners of small and medium-sized companies. During this time, owners and managers have to make quick adjustments on multiple fronts. For years we’ve empowered businesses to mitigate risk through Business Insurance. Now, we want to support you with valuable resources and information specific to these unprecedented times. Please read and share this information with other business owners.
Taxes: Filing and Deadline Extension
The deadline to file federal taxes is now July 15, 2020, instead of April 15, 2020. Those who still can’t file by July 15 are eligible to request an extension to file their return. Visit the IRS’s Coronavirus Tax Relief webpage for a comprehensive guide.
Please note that this postponement applies to federal returns. You should check to see if your state’s tax deadlines have also been adjusted.
Planning for and Responding to COVID-19 in The Workplace
Many businesses have stopped their operations—a very challenging decision for all. However, a significant number of companies continue to run. Whether business operations continue in person or remotely, businesses must have the proper plans and responses in place to successfully navigate the challenges presented by COVID-19. The Centers for Disease Control and Prevention (CDC) has published Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019. In addition, we encourage you to review their COVID guidance page.
State and Local Assistance Programs
State and local governments are providing specific assistance to businesses during this time. A great first step is to check with your local governors’ website, which you can look up here.
Cities like San Francisco and Los Angeles and many more are offering grants and loans to help businesses stay afloat. This can be a huge help in covering rent or employee salaries, so explore the opportunities you may have.
Federal Assistance Programs
The U.S. Small Business Administration (SBA) is an excellent resource in general. In response to the current COVID-19 crisis, they’re providing several resources to assist small businesses. The programs available through the SBA may be a perfect way for your business to acquire cash and offset lost revenue. Here are some of the resources available through the SBA:
- Economic Injury Disaster Loan Program
- Guidance for Businesses and Employers
- SBA Products and Resources
- Government Contracting
- Local Assistance
Banks Offering Relief
You’ve most certainly been receiving emails from various companies communicating how they are supporting customers during these times. Banks too, are offering assistance, such as waiving fees and more. Forbes published this informative list of banks offering relief to customers affected by the coronavirus.
Our business has also been affected by this pandemic. We really are in this together. AIS has been hard at work to ensure that our agency continues to offer top-notch service while transitioning our amazing team to work remotely.
We understand the challenges businesses and individuals are facing at this moment. Through it all, we continue to be the agency of choice for hundreds of thousands of customers’ insurance needs. Current customers may be receiving direct communication from their insurance carriers regarding assistance. As always, your AIS agents are able to assist you with questions and changes in your Business Insurance policies.
We know that as current situations evolve, so will your Business Insurance needs. If you’re looking for a way to save money on Business Insurance, adjust your current coverage, or explore your options with other carriers, don’t hesitate to use AIS—we’re at your service. Several essential coverages such as General Liability, Business Owners Policies and more can be purchased online. Of course, our licensed Business Insurance Specialists are available to assist you.
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The information in this article is obtained from various sources. This content is offered for educational purposes only. It should not replace the advice of a qualified professional. No warranty or appropriateness for a specific purpose is expressed or implied.