Mar 24, 2020

Resources for Eventing Businesses and Non-Profits Impacted by COVID-19

By USEA
RedBayStock.com Photo.

In the wake of the COVID-19 (Coronavirus) at least 50 USEA recognized competitions will be negatively impacted by this pandemic, and thousands of additional small businesses and non-profits will as well. The USEA headquarters is working to provide information regarding disaster assistance that may be available for those eventing businesses and non-profits. The following list will be updated as additional information becomes available.

Federal Coronavirus Small Business Assistance

If you need cash to offset lost revenue and help keep your business afloat, the programs below can help. The U.S. Small Business Administration (SBA) coronavirus resource page provides a list of relief programs and offers guidance to small business owners during this crisis.

SBA Economic Injury Disaster Loan Program

As part of its disaster assistance program, the SBA is providing low-interest working capital loans of up to $2 million to small businesses and nonprofits affected by the coronavirus in presidential and SBA-declared disaster areas. State governors must request access to the Economic Injury Disaster Loan program for businesses located in their states.

These loans carry an interest rate of 3.75 percent for small businesses and 2.75 percent for non-profits. Loan repayment terms vary by applicant, up to a maximum of 30 years.

[Press Release: U.S. Small Business Association (SBA) to Provide Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)]

Who’s Eligible

  • As of March 24, Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). An updated list can be found here: SBA-declared disaster areas
  • You can use the loan to cover accounts payable, debts, payroll, and other bills the coronavirus has affected your ability to pay.

How to Apply

  • Apply online and select “Economic Injury” as the reason you’re seeking assistance.
  • You’ll need to supply required supporting documentation that could include the business’s most recent tax returns, a personal financial statement and a schedule of liabilities that lists all your current debts.
  • Call the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 for help with your application.

Federal Income Tax Filing and Payment Deadline Extension

The federal tax return filing deadline is now July 15, 2020. For tax payments of up to $10 million, the IRS has also extended the deadline for both individuals and businesses to July 15, 2020. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15.

Check with your state tax agency to find out if your business has more time to file or more time to pay state and local taxes this year as a result of the coronavirus. Several states have already aligned their tax filing and payment deadlines with the new federal deadline. States also may waive or reduce penalties on late tax payments.

State and Local Coronavirus Small Business Assistance

States and municipalities are adding programs by the day. Check your governor’s website for up-to-date information about relief available in your area. The National Governors Association offers a list of governors’ websites.

Lender and Corporate Small Business Assistance Programs

Many banks have offered deferment and forbearance to business loan customers having trouble making payments. Check Forbes’ list of banks offering relief. You can also search for your bank on the American Bankers Association’s ongoing A-Z list of coronavirus response programs.

Facebook Small Business Grants Program

Facebook has committed to offering up to 30,000 small businesses $100 million in cash grants and Facebook advertising credits. The grants will be provided to businesses in more than 30 countries. Information is limited, but sign up to get more details from the company when they’re available.

American Horse Council – United Horse Coalition

The USEA is a member organization of the American Horse Council (AHC). The AHC is the only organization that represents the entire horse industry in Washington, D.C. Their ultimate mission is to protect the horse industry and to represent the entire industry to Congress. They are working to make sure that equine related businesses are included in government assistance. To view their COVID-19 resource page visit https://www.horsecouncil.org/covid-19-resouces.

Portions of this article were obtained from Forbes.com. If you are aware of additional resources that may be available, please reach out to [email protected] so that they may be added to this list.

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