Friday, April 3, 2020

COVID #3 of 15 April 2020 -- Funding resources, Federal

Updated 4.20.2020

This post updates information from the #3 of 8 posts in March 2020...  Links for funding, federal options

(images below were posted by an artist friend. Regret I don't have link for source)

Please note the links on my blog are for general information purposes only and my comments/summaries are not tax/business/legal/medical advice. Always consult with your own professionals for guidance that best suits your needs. Be an educated client -- do your homework and bring good questions.

I try to post the most recent info with links to credible sources. Use the info I share as talking points with your own business resources — tax planner, small business attorney, family lawyer etc. This COVID-19 crisis is a reminder to have your "in case of emergency" documents in order. Everyone over 18 should have an Advanced Health Care Directive. If you have any sort of assets (bank accounts, art, collections etc) you need to have an "estate plan." And don't forget your pets! Be sure there are documents and funds in place to assign their care to someone else if you are incapacitated. In case of emergency/end of life documents aren't only for the wealthy. They are a lifeline for yourself and guide map with resources for your loved ones.

If you don’t have business resources yet, start doing some research — online or with colleagues— to find ones that might be a good fit for you. The money you save getting things done right the first time is an investment in your future earnings and mental health.  There are cost effective options through local SBA (Small Business Administration) offices. You can negotiate a payment plan with personal/business law firms. Some legal documents are available online, but having a professional draft your personal/business legal documents provides benefits. This gives the agents you assign to handle your affairs a contact to help with questions if you're not available.

Check this blog post for credible sources for COVID-19 info

UPDATE 4.20.20
Small Business grant resource via US Chamber of Commerce Foundation. For small businesses located in US, employing between 3 and 20 people.

UPDATE 4.11.20
This page on the Graphic Artists Guild website has extensive list of federal resources, pull down menus about programs, and programs available by individual states. It also lists banks that are lending and has contacts for grants and financial assistance.

Business for All  -- Grants program



Flow chart for how Indie artists/Independent contractors can apply for and receive government aid.

additional flow chart from Comic Book Legal Defense Fund

More info here:
Quote: "For example, Section 2102 allows (indie contractors) workers to submit a “self-certification” that they are unable to work due to the coronavirus outbreak. As written, the bill provides no language specifying the necessary conditions of a valid self-certification, nor the oversight to ensure consistency and compliance. As claims rise in response to the virus, unemployment offices will be unable to process such an increased volume of claims. Administratively, the self-certification reduces the time between unemployment claim and benefit disbursement"

Link for SBA application for Disaster Loan Assistance. If your small business qualifies, this can be a grant up to $10K that you do not need to re-pay.  This Disaster Loan Assistance link also available for private non-profits, homeowners and renters. 

Link for online article with tips for artists who have an LLC, S Corp etc may qualify for federal aid under the CARE Act for small business.

quote from article:
"In order to remove as much red tape as possible and speed up the funding process, the stimulus bill has outlined the following requirements you must meet:
  • In business before Feb. 15, 2020.
  • Employ less than 500 employees.
  • Have been impacted by the coronavirus.
While the amount of proof and paperwork required will be crystalized in the days ahead, West and Hartsock agree there is a presumption that if you are applying, you have been impacted. Even so, you will have to sign an affidavit acknowledging you need these funds as a result of the coronavirus."

UPDATED 3.22.2020
I'm not a tax expert (I use an accountant) but this is the update from the IRS ...

Text from IRS Website

"IR-2020-58, March 21, 2020
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 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."
Also there is this message with link 
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

"Real ID" deadline extended to Oct 2021

Families First Coronavirus Response Act (H.R. 6201)
Best to check online for most recent stories on this new law. I'll post summaries here:

'Summary of amendments" National Review article by Lira A. Johnson

"Paid Sick Leave -- who gets it during the coronavirus outbreak" Washington post article by Heather
Long. 3.17.2020

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