We want to be a resource to our clients, friends, family, and other small business owners. Therefore, we have put together information on various programs available in response to COVID-19.
Small Business Administration
The Small Business Administration is going to be a central resource for business owners in this crisis. Information on the Paycheck Protection Program, the Economic Injury Disaster Loans and Loan Advance at this website.
Internal Revenue Service
Additionally, the IRS has established a special section focused on steps to help taxpayers, businesses, and others affected by this crisis. Their page is updated as new information is available. For example, the IRS has extended tax filing and payments until July 15. They also offer advice for deducting COVID-19 costs from your taxes here. The IRS has also dedicated an entire page to the economic impact payments here.
Consumer Financial Protection Bureau
Additionally, planning for the financial impact of COVID-19 can be daunting. To help, the Consumer Financial Protection Bureau has put together some great resources and ideas on their website. These include links to articles about meeting your financial obligations, experiencing a loss of income, and being targeted by scammers.
Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
You could spend your days reading over this 335 page act. Or there is a great summary of this act available through the SBA, as mentioned above. The Department of the Treasury has also put together a comprehensive summary.
Washington State Coronavirus Response (COVID-19)
The state has put together a conglomeration of information all in one place on this website. On their Business & Workers page, you can find guidance on what businesses are considered essential. You can also find a form you can submit to clarify if your business is essential, here.
Washington Department of Revenue
Whether your business is essential or not, the Washington Department of Revenue has announced some relief for businesses. These address a broad range of taxes and programs including business and occupation tax, leasehold excise tax, and many more. Find more information here.
Washington Employment Security Department
However, if taxes are the least of your worries, eligibility for unemployment benefits has been expanded to include many Washingtonians that have not been eligible in the past. The Employment Security Department has information regarding COVID-19 here and you can subscribe for updates to this information here.
Washington State Department of Labor & Industries
While this department is focused on workers’ compensation, there is a PDF on their website about Paid Sick Leave, Paid Family and Medical Leave, and workers’ compensation here. Governor Jay Inslee and L&I Director, Joel Sacks, have also spoken about extending workers’ compensation coverage to quarantined health workers and first responders on this site.
United Way of Washington
While financial help for small businesses is amazing, what if you need other types of help? Assistance through the United Way is managed on a county level. This site will help you connect with your specific county. The county sites have links to health updates; health information; financial assistance for individuals, businesses, and non-profits; expense support; food support; school operation plans and meals; various supportive services; a list of hiring employers; and other employment related resources.
Other Assistance
We encourage everyone to reach out to their landlord, creditors, and lenders if you find yourself having difficulty making payments. Many will continue to work with you throughout this crisis, but communication is key.
Your Sound Accounts team hopes you are all staying healthy and well. We look forward to seeing you once we have made it through this crisis, together! Please feel free to reach out to us with any questions or concerns you may have.
