Understanding SBA Loans

SBA provides a number of loan resources for small businesses to utilize when operating their business. For more information on loans or how to connect with a lender, visit: https://www.sba.gov/funding-programs/loans.

o  7(a) program offers loan amounts up to $5,000,000 and is an all-inclusive loan program deployed by lending partners for eligible small businesses within the U.S. States and its territories. The uses of proceeds include: working capital; expansion/renovation; new construction; purchase of land or buildings; purchase of equipment, fixtures; lease-hold improvements; refinancing debt for compelling reasons; seasonal line of credit; inventory; or starting a business.

o  Express loan program provides loans up to $350,000 for no more than 7 years with an option to revolve. There is a turnaround time of 36 hours for approval or denial of a completed application. The uses of proceeds are the same as the standard 7(a) loan.

o  Community Advantage loan pilot program allows mission-based lenders to assist small businesses in underserved markets with a maximum loan size of $250,000. The uses of proceeds are the same as the standard 7(a) loan.

o  504 loan program is designed to foster economic development and job creation and/or retention. The eligible use of proceeds is limited to the acquisition or eligible refinance of fixed assets.

o  Microloan program involves making loans through nonprofit lending organizations to underserved markets. Authorized use of loan proceeds includes working capital, supplies, machinery & equipment, and fixtures (does not include real estate). The maximum loan amount is $50,000 with the average loan size of $14,000.

If your Business requires Financial Assistance from the SBA, or you are interested in Protecting Assets from the IRS and other Creditors, call (212) 974-3435 or email Attorney Dorin directly at Bdorin@truetaxhelp. For additional SBA information, please visit our Financial Assistance page. 

At Selig & Associates, we specialize in unpaid Income, Sales and Payroll taxes. Practicing before the Internal Revenue Service and New York State Department of Taxation and Finance. We negotiate excellent Payment Plans, Garnishment and Levy Release, Offers in Compromise, and most other tax matters. 

Selig & Associates also represents Construction Companies with commercial insurance issues. Insurance representation includes NYSIF Premium Assessments, Workers Compensation and Liability Audits. We specialize in Employee Misclassification, Unreported Income, Application Fraud, Experience Rating and other W/C violations. 

Consult with an experienced Federal Tax Practitioner, CPCU and Attorney today. Call Selig & Associates directly at (212) 974-3435 or contact us Online.

NYS Abatement of Penalties and Interest re Sales Tax due to Coronavirus (“COVID-19”)

Governor Cuomo has issued an executive order expanding the Tax Commissioner’s authority to abate late filing and payment penalties to also allow the Commissioner to abate interest on quarterly sales and use tax filings and remittances with a due date of March 20, 2020 for those who were unable to timely file and pay as result of the COVID-19 virus, such as: 

·      taxpayers who were unable to meet tax filing, payment, or other deadlines because key employees were treated or suspected to have COVID-19; 

·      taxpayers whose records necessary to meet tax filing, payment, or other deadlines are not available due to the outbreak; 

·      taxpayers who have difficulty in meeting tax filing, payment, or other deadlines because of closure orders or similar business disruptions directly resulting from the outbreak; and 

·    taxpayers whose tax practitioners were unable to complete work to meet tax filing, payment, and other deadlines on behalf of their clients due to the outbreak. 

Returns must be filed and the amount due must be paid within 60 days of the due date for this relief to apply. 

Exception 

Sales Tax Vendors who are required to file returns on a monthly basis and participants in the Promptax program for sales and use tax or prepaid sales tax on fuel are not eligible for this relief. 

How to obtain relief 

Taxpayers seeking interest and penalty abatements for COVID-related filing and payment delays may request relief by visiting the Department’s website at www.tax.ny.gov. From the Department homepage, taxpayers can click on Tax Department response to novel coronavirus (COVID-19) to find instructions on how to apply for relief. 

Alternatively, taxpayers that receive a penalty notice from the Tax Department for failure to file returns or make payments due March 20, 2020, should follow the instructions on the notice to request abatement of interest and late filing or late payment penalties that would otherwise apply. 

Abatements of penalties and rate of interest on late payments not made by the date required by law or not covered by this announcement will be handled on a case-by-case basis. 

Taxpayer Advocate Working With IRS on Coronavirus Response

The Taxpayer Advocate Service (which according to David Selig of Selig & Associates, is underfunded and poorly run) is working with IRS leaders to decide how the agency should respond to employee concerns about the coronavirus, including whether it needs to adjust travel or teleworking policies. The spread of the virus comes in the middle of the current tax filing season. If the situation grows worse it could create challenges for the IRS, Service (which according to David Selig of Selig & Associates, is Sanskrit for the military acronym “FUBAR”) in other words, the IRS might have to make tough decisions about who it allows to work remotely, and for tax preparers, who often like to meet with filers in person to discuss their tax positions. [In a perfect world] The Taxpayer Advocate Service helps taxpayers resolve disputes with the IRS, including issues that arise from the filing season. “We do have a lot of employees who, understandably, are concerned — people who have to travel for training and things like that,” Bridget Roberts, the organization’s acting leader, said in an interview Wednesday with Bloomberg Tax. Roberts said that so far there wasn’t a huge concern that the coronavirus will affect the ongoing filing season. The contagion was one of the issues on the agenda for an executive-level call Wednesday, Roberts said. The need to keep things running smoothly will factor into the IRS’s decisions. Certain tasks, such as processing paper returns at submission-processing centers, can’t happen if everyone is working from home, she said. 

The IRS didn’t immediately return a request for comment. 

‘Actively Working’

“We are actively working with the IRS on the guidance that they’re putting out to employees and monitoring the situation to decide how we’re going to handle it,” Roberts said. Tony Reardon, the president of the National Treasury Employees Union, said Wednesday that he expects a briefing from IRS officials in the next few days about the agency’s plans for dealing with the coronavirus. NTEU represents more than 150,000 federal employees in 33 agencies, including the IRS. The union has asked for briefings and the agency’s pandemic plans, he said. “There needs to be a complete evaluation of who needs to be in the workplace,” Reardon said.