Keene Chamber of Commerce  
How CARES Act affects small businesses
March 30, 2020

The following was sent to the Keene Chamber of Commerce by Don Nicholas, field representative for U.S. Congressman Roger Williams:

HOW DOES THE CARES ACT AFFECT SMALL BUSINESSES?

See Below for Frequently Asked Questions by Small Businesses That Have Been Impacted By The Coronavirus and Helpful Answers

Is your small business struggling due to the recent coronavirus epidemic?

-  Your business may be eligible for a new Paycheck Protection Loan.
-  This 4% interest rate loan is 100% guaranteed by the SBA.

Who is eligible?
- Businesses and 501(c)(3)s with less than 500 employees.Where can you get this loan?

-  Any existing SBA lenders and any lenders that are brought into the program through the Treasury.
-  You should talk to your preferred financial lender to see if they qualify.What can you use the loan amount for?

-  Payroll costs
-  Group health care benefits
-  Employee salaries
-  Interest on ay mortgage obligation
-  Rent
-  Utilities
-  And any other debt obligations occurred before Feb. 15, 2020.

How much can you borrow?
- The maximum amount is the lesser of $10 million or 2.5 times the average monthly payroll based on last year’s payroll.

How long will it take to receive the money?

- The SBA has authorized lenders to process, close, and service loans without SBA approval, giving you the means to invest in your business immediately.

What if you can’t pay it back?

-  First, all payment on principle, interest, and fees will be automatically deferred for six months.
-  Second, for businesses that retain their staff up until June 30, 2020, this loan will be forgiven.

Can the entire loan be forgiven?
-  No, only the portion of the loan used to cover payroll costs, mortgage interest, rent, and utilities can be forgiven.
-  In addition, only 8 weeks can be forgiven.Other useful resources:

-  Full text of the final bill
-  Section-by-section summary of the bill

IRS announces sweeping changes
March 26, 2020

To help people facing the challenges of COVID-19 issues, the IRS announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions.  Please share this with your members, staff, clients, colleagues and anyone who may benefit from this information.

Due to the #COVID19 outbreak, #IRS is postponing payments related to Installment Agreements and Offers in Compromise and limiting other enforcement actions. See www.irs.gov/coronavirus

#IRS will temporarily suspend many collections and enforcement activities as soon as possible. See details at: www.irs.gov/coronavirus

In addition to extending tax deadlines and working on two new tax credits, #IRS will temporarily suspend many collections and enforcement activities. See www.irs.gov/coronavirus

#IRS is easing the burden on people facing tax issues. In addition to extending tax deadlines and working on two new tax credits, we’ll temporarily suspend many collections and enforcement activities. Seewww.irs.gov/coronavirus

#IRS is taking several steps to assist taxpayers in various stages of the Offers in Compromise process. See www.irs.gov/coronavirus

A new #IRS People First Initiative provides immediate relief to help people facing uncertainty over taxes. See details at: www.irs.gov/coronavirus
 

Alicia Allen, Tax Specialist, Internal Revenue Service, Communications and Liaison

Phone:  469-801-1539

E-mail:  vog.sri@nella.d.aicila

Tax Day now July 15
March 23, 2020

Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed

As per email from Alicia Allen, tax specialist, Internal Revenue Service at vog.sri@nella.d.aicila 

WASHINGTON – The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. 

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief.  Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.

The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days.  

“Even with the filing deadline extended, we urge taxpayers who are owed refunds to file as soon as possible and file electronically,” said IRS Commissioner Chuck Rettig. “Filing electronically with direct deposit is the quickest way to get refunds. Although we are curtailing some operations during this period, the IRS is continuing with mission-critical operations to support the nation, and that includes accepting tax returns and sending refunds. As a federal agency vital to the overall operations of our country, we ask for your personal support, your understanding – and your patience. I’m incredibly proud of our employees as we navigate through numerous different challenges in this very rapidly changing environment.”

The IRS will continue to monitor issues related to the COVID-19 virus, and updated information will be posted on a special coronavirus page on IRS.gov.

This announcement comes following the President’s emergency declaration last week pursuant to the Stafford Act. The Stafford Act is a federal law designed to bring an orderly and systematic means of federal natural disaster and emergency assistance for state and local governments in carrying out their responsibilities to aid citizens. It was enacted in 1988.

Treasury and IRS will issue additional guidance as needed and continue working with Congress, on a bipartisan basis, on legislation to provide further relief to the American people.

Contact Us
Keene Chamber of Commerce
110 S. Old Betsy Road
Keene, Texas 76059
(817) 556-2995
 
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March 26, 2020 at Noon
Welcome to Keene, Texas

Keene offers visitors and residents the charm and warm hospitality of small-town life at its best combined with easily available modern conveniences and amenities. Located 30 minutes south of Fort Worth, Keene has it all: a mild four-season climate, recreational opportunities, a large University, award-winning schools, myriad of cultural and social activities, affordable cost-of-living, and a thriving and prosperous business community.

The Keene Chamber of Commerce has been serving Keene since 1993. We strive to partner with local businesses, government and education to support a favorable economic environment. The Chamber represents business, organization, and individual members who depend on the Chamber for member services including networking events, community and business development, ribbon cuttings, growth opportunity reports, economic data gathering, business referrals, business seminars, relocation packets, and being an advocate with governmental and regulatory bodies. These are among the many services we provide to our members.

The Keene Chamber's objective is to provide a platform from which our members can enhance their business or organization through networking and programs designed to improve their bottom-line and to make available the tools necessary to excel as the economy improves. Our mandate is to pursue opportunities in the areas of retail development and education. We will work diligently to ensure that our local economy is strong and vibrant.

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