March 23, 2020
The City of Philadelphia and the Philadelphia Industrial Development Corporation announced today that they are launching a $9 million grant and loan program for small businesses affected by widespread business closures mandated in response to the coronavirus pandemic.
The goal of the program is to:
- Provide relief to small businesses in order to help them survive this crisis.
- Retain as many employees as possible.
- Help businesses avoid predatory lenders.
- Maintain the provision of goods and services for Philadelphia’s residents.
The COVID-19 Small Business Relief Fund has three tiers:
- Microenterprise Grants: $5,000 per business for businesses with less than $500,000 in annual revenue.
- Small Business Grants: up to $25,000 per business for businesses with annual revenue between $500,000 and $3 million.
- Small Business Zero-Interest Loan: $25,000 to $100,000 per business for businesses with annual revenue between $3 million and $5 million.
Priority will be given to businesses that have a 50% loss of average revenue, have a plan and who are dedicated to keeping employees on the payroll as long as possible. Small business owners can
apply for the program here
.
PIDC will continue offering loans to small and midsize businesses. The COVID-19 Small Business Relief Fund will generally be considered as additional flexible funding from PIDC.
The City of Philadelphia extended tax filing deadlines in several areas. The new deadline to file Business Income and Receipts Tax and the Net Profits Tax is July 15. Commercial and residential property owners have until April 30 to pay their Real Estate Tax if they are unable to pay by March 31. The deadline to apply for an installment plan for the Real Estate Tax is April 30.
Stay at Home Orders in Pennsylvania
Philadelphia Mayor Jim Kenney issued a stay-at-home order for the city's 1.6 million residents.
Pennsylvania Governor Tom Wolf on Monday announced a stay-at-home order for Bucks, Chester, Delaware and Montgomery counties, as well as other parts of Pennsylvania hardest hit by COVID-19 as the commonwealth tries to slow the spread of the virus. The order will also be in place for Allegheny and Monroe counties, starting at 8 p.m. tonight.
"Stay at home. Don't leave your home unless someone else's life depends on your leaving," Wolf said. "Because, ultimately, someone's life does depend on it." Trips to the grocery store and pharmacy are considered life-sustaining, as well as approved reasons for life-sustaining work such as health care and the travel to and from work at industries that have been
approved in Pennsylvania.
As always, feel free to contact any member of our team at (610) 828-1900 (PA) or 732-341-3893 (PA) with questions. You can email Rich Higgins, managing principal – New jersey Office at
Richard.Higgins@MCC-CPA.com
or me at
Marty.McCarthy@MCC-CPAs.com
. We are happy to help.
Stay healthy and safe,
Marty McCarthy, CPA, CCIFP
Managing Partner
McCarthy & Company
Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice, and cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).
