PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Coronavirus Response Announcements by U.S. Treasury and SBA Very Helpful for Small Businesses

By at 17 March, 2020, 5:58 pm

NEWS

For Immediate Release

Washington, D.C. – Today, a pair of announcements were made by federal government officials that will help small businesses, their workers and entrepreneurs better weather the economic challenges and disruption caused by the coronavirus. U.S. Treasury Secretary Steven Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza unveiled actions aimed at providing small businesses with relief and support. Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan issued the following statement in response to a tax deferment plan announced by Secretary Mnuchin, and steps outlined by Administrator Carranza to accelerate the process for getting “economic injury loans” to qualified small businesses.

“We thank Secretary Mnuchin and Administrator Carranza for identifying ways to more rapidly provide small businesses with tools and relief that will help them address their critical capital needs.  The tax deferment plan announced by Secretary Mnuchin and action taken by Administrator Carranza to revise the criteria for states or territories to receive an economic injury declaration are solid strategies that address the urgency of the financial strain that many small businesses are unexpectedly facing. It’s heartening to see that small business America is at the center of Washington’s actions, as this massive disruption threatens the viability of so many businesses,” said Kerrigan.

Secretary Mnuchin announced that for the April 15, 2020 tax filing deadline, individual taxpayers will have the option of deferring up to $1 million in tax payments to the Internal Revenue Service, interest-free and penalty-free, for 90 days. Many small businesses will benefit from the deadline extension. The SBA’s action directed by Administrator Carranza will revise the process for states to receive an emergency declaration, which should greatly condense the time for states to qualify for the declaration and will translate into small businesses being able to more quickly apply for economic injury loans.

“Most members of Congress have grasped the struggle that many small businesses and their employees are enduring, and we hope they work in a smart and bipartisan way to target policy solutions that address the pain of the most vulnerable in our country and economy. For small businesses, that means policy that leads to relief and support, not new burdens. We thank leaders within the Trump Administration who are working hard to advance big and bold steps to help America’s small businesses,” added Kerrigan.

Related Content:

Protecting Your Business in the Coronavirus EconomySmall Business Insider, by Karen Kerrigan, March 2020.

Contact:  

Karen Kerrigan, SBE Council president & CEO
e-mail: kkerrigan@sbecouncil.org 

SBE Council is nonpartisan advocacy, research and education organization dedicated to protecting small business and promoting entrepreneurship. For 25 years, SBE Council has worked on and advanced a range of private sector and public policy initiatives to strengthen the ecosystem for strong startup activity and small business growth. Visit www.sbecouncil.org @SBECouncil

# # # 

 

News and Media Releases