Paycheck Protection Program Reminder
Just as a reminder, the Paycheck Protection Program (PPP) Loan application deadline is today (June 30, 2020). With today being the last day to apply for a PPP loan, there is no more time to wait if you have decided that this program is the right thing to do for your business. You will need to have all of the required information before you go to a lender, so be sure to talk to a lender representative beforehand to ensure that you are submitting and including all of the documents that they require to qualify you for a PPP loan.
OC Small Business Grant Relief Program – District 5 Update
There has been an update for District 5 for the OC Grant Relief Program. The application for the grant has been extended to Sunday, July 5, 2020 at 5:00 p.m. You could receive a grant for up to $10,000 if you are selected. You can click on this link to see requirements for eligibility, use of funds, criteria to receive a grant, and the grant application: https://ociesmallbusiness.org/ocdistrict5/.
District 5 encompasses: Aliso Viejo, Dana Point, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Lake Forest, Mission Viejo, Rancho Santa Margarita, San Clemente, San Juan Capistrano, portions of Irvine, as well as the unincorporated areas of Coto de Caza, Emerald Bay, Ladera Ranch, Las Flores, Rancho Mission Viejo, Stonecliffe and Wagon Wheel.
Despite the April 15th deadline being pushed back to July 15, 2020, many individuals will still need an extension to file their taxes due to COVID-19.
The IRS has reminded taxpayers filing Form 1040 returns that they must file Form 4868 by July 15 to obtain the automatic extension to October 15, 2020. It is important to note that the extension gives extra time to file the tax return, NOT to further postpone payment on any taxes due. If any taxes are owed, the IRS is requiring that taxpayers pay what they can by July 15, 2020 to avoid penalties and interest. If taxpayers are unable to pay all of their taxes due to COVID-19, the IRS has made several payment options available.
As filing and relief programs deadlines near, please reach out to us if we can assist you in any way possible.