At Ten Key, we’re ready to help you through the difficulties your business may be experiencing due to the novel coronavirus pandemic. There are a number of resources becoming available for small businesses who are impacted by this situation. We’ve provided details and links below, and will continue to update as we receive more information.
THIS PAGE WAS LAST UPDATED ON FRIDAY, MARCH 27, 2020 AT 2:00 PM.
Coronavirus (COVID-19) Disaster Relief Lending
The SBA is offering low-interest federal disaster loans for working capital up to $2 million to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
The SBA is working with governors to make these loans available. Currently, all businesses in Massachusetts and Rhode Island that fit the criteria are eligible. For the most-up-to-date information on eligibility and to apply, visit the U.S. Small Business Administration’s website.
MGCC Small Business Recovery Loan Fund
The state of Massachusetts has created the $10 million Small Business Recovery Loan Fund to provide emergency capital up to $75,000 to Massachusetts-based businesses with fewer than 50 full- and part-time employees, including nonprofits, that have been impacted by the COVID-19 virus. Loans are immediately available to eligible businesses with no payments due for the first 6 months. The program will be administered by the Massachusetts Growth Capital Corporation (MGCC).
For more information and to apply, visit the MGCC website at EmpoweringSmallBusinesses.org.
AMEX’s Working Capital
American Express Working Capital Terms strengthens your cash flow by offering short, low-interest loans between $500 and $150,000. You can select either a 30-, 60- or 90-day term with corresponding fixed fees, and AMEX pays your vendor. Currently, AMEX is offering 30-day, interest-free loans.
For more information and an introduction to an account representative, please contact Ten Key directly and we will be glad to help out.
Federal and state tax relief for coronavirus
As of March 23, 2020, the IRS has officially extended the federal tax filing deadline from April 15, 2020, to July 15, 2020. Individuals and corporations also have a 90-day reprieve to pay federal taxes without interest or penalties. However, if you have a refund due, the IRS encourages you to file on or by the original date. As of this writing, most refunds are being processed within 21 days. For more information, please visit the IRS website.
In addition, the Massachusetts Department of Revenue has extended state tax filing deadline to July 15, 2020, and is working on a plan to provide relief with respect to state returns and payments. The State of Rhode Island Division of Taxation intends to mirror the federal extensions and is awaiting written guidance from the IRS. Please visit the pages linked here for updated information.
One more thing: please be patient when attempting to access these links. Many people are seeking these resources. Therefore, website load times may be slower than usual, or you may find that the link is unavailable. If that happens, stay calm and check back at a later time.
Above all, please know that Ten Key is committed to serving small businesses and doing whatever we can to support you in this difficult time. Together, we will get through this. We will continue to update as the situation changes and new information becomes available. In the meantime, don’t hesitate to contact us if you have any questions or concerns.