Navigating your business through the COVID-19 pandemic can feel as confusing as ever. We have gathered the top resources that may help you sustain your business sustain through the negative effects of COVID-19:

Tax Extensions

In Philadelphia, the BIRT and NPT deadlines have been extended to July 15, 2020. The real estate tax due March 31 has been extended to April 30.

In the City of Wilmington, the City of Wilmington Net Profit Return due date has been extended to July 15, 2020. However if you owe the City of Wilmington wage taxes and file form WCWT-5, the due date of April 30 has not been extended.

At this time we have seen no information related to an extension in quarterly payroll tax filings due April 30th. 

Philadelphia COVID-19 Small Business Relief Fund

The Small Business Relief Fund is giving priority to businesses that have a 50% loss of average revenue, have a plan, and are dedicated to keeping employees on payroll as long as possible.

This program has three tiers:

  1. Microenterprise Grants of $5,000 per business for business with less than $500,000 in annual revenue
  2. Small Business Grants of up to $25,000 per business for businesses with annual revenue between $500,000 and $3 million
  3. Small Business Zero-Interest Loans of up to $100,000 per business for businesses with annual revenue between $3 million and $5 million

Note that while not explicitly stated, it appears this funding is for Philadelphia-based businesses only as a Philadelphia BIRT account number is required for the application.

You can access the application here:

COVID-19 Working Capital Access (CWCA) Program

Administered by the Pennsylvania Industrial Development Authority (PIDA), CWCA provides working capital financings to small businesses in Pennsylvania negatively impacted by COVID-19. Eligible status is based on 100 or fewer employees worldwide at the time of submission of the application.

The maximum loan amount is $100,000 and the interest rate is to be set by the PIDA Board.

Working capital, for purposes of this program, is considered capital used by a small business for operations, excluding fixed assets, and will be based on costs incurred for the 3 months prior to submission of the application (up to 6 months for retail/service companies). Funding may not be used for loan repayments of any type or to finance a project located outside of the Commonwealth of Pennsylvania.

Applications must first be submitted through a CEDO that services the county your business is located in. A list of CEDOs and their service areas, as well as full program guidelines can be found here:

Delaware Hospitality Emergency Loan Program (HELP)

Governor Carney has announced HELP, which is an initiative to provide funds to Delaware businesses specifically in the food, beverage, and entertainment industries. Funding will be in the form of no-interest loans of up to $10,000 per business per month.

Further eligibility includes small businesses under $1.5 million in annual revenue and in operation for at least a year. Funding may be used on rent, utilities and other unavoidable bills, not including personnel costs. These bills must be current for at least 80% of payments over the past 12 months and not past due on current bill.

You can access the application here:

SBA Economic Injury Disaster Loans (EIDL)

An EIDL is available to businesses unable to meet its obligations and pay its ordinary and necessary operating expenses.

The SBA can provide up to $2 million to help such businesses. The loan amount will be based upon your actual economic injury and your business’s financial needs. These loans may be used to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; business with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%. Geographic eligibility is based on your business being located in a declared designated disaster area.

Based on the Three Step Process per the SBA you could expect approximately three to four weeks as an estimate of the time from applying to receiving your initial disbursement on funding, followed by subsequent disbursements until you receive the full loan amount. See the Three Step Process in its entirety below.

Through an additional initiative, the Express Bridge Loan Pilot Program, small businesses who currently have a relationship with an SBA Express lender may be able to access up to $25,000 with less paperwork and with a fast turnaround. This may bridge the gap for businesses who have an urgent need for cash while waiting for the EIDL funding.

You can access the application here:

Contact one of our staff to learn more about how these resources can benefit your business. As more resources become available for small businesses to sustain financial stability during the COVID-19 pandemic, our Firm will continue to provide updates.

Jim Forgione, CPA, Accounting & Auditing Partner

Samantha Musser, CPA, Outsourced Accounting Manager

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