Virginia Small Businesses,
The Department of Small Business and Supplier Diversity is working to bring you information as quickly as we are able.In that effort, we would like to share with you information and resources published by the Commonwealth of Virginia, the National Federation of Independent Businesses, the U.S. Small Business Administration, and the Virginia Small Business Development Centers.
NFIB COVID-19 Webinar Part II Friday, March 20that 12pm ET
NFIB COVID-19 Webinar Slides
NFIB - Small Business FAQs on COVID-19
VA SBDC - Important Update - SBA Disaster Loans (EIDL) Webinar
U.S. SBA FACT SHEET – ECONOMIC INJURY DISASTER LOANS
SBA Offers Disaster Assistance to Virginia Small Businesses
Frequently asked questions regarding executive order fifty-three (EO53) can be found here.
Small Business Disaster Loan
The U.S. Small Business Administration (SBA) has approved an Economic Injury Disaster Loan declaration for Virginia. Small businesses and nonprofit organizations throughout the Commonwealth affected by the COVID-19 public health crisis can now apply for low-interest federal disaster loans of up to $2 million from the SBA to pay fixed debts, payroll, accounts payable, and other expenses. To submit a loan application through the SBA Economic Injury Disaster Loan program, please visitdisasterloan.sba.gov/ela/
Small Business State Taxes
Businesses impacted by COVID-19 can also request to defer the payment of state sales tax due March 20, 2020, for 30 days. When granted, businesses will be able to file no later than April 20, 2020 with a waiver of any penalties. For business owners, Virginia Tax will consider requests from sales tax dealers for an extension of the due date for filing and payment of the February 2020 sales tax return due on March 20, 2020. If the request is granted, filing and payment of the return will be due on April 20, 2020, with a waiver of any penalties that would have applied. However, interest will accrue even if an extension is granted. Virginia Tax has created a COVID-19 information page on the agency’s website to share critical messages with taxpayers. Here’s the link:https://www.tax.virginia.gov/coronavirus
Any state income tax payments due during the time period of April 1, 2020, to June 1, 2020, will now be due on June 1, 2020. This includes individual and corporate income taxes paid to Virginia Tax. Late payment penalties will not be charged if payments are made by June 1, 2020, however, interest will still accrue.
You can also stay up to date on COVID-19 updates published by the Commonwealth by visiting:
Should you have additional questions or need additional assistance please contact your nearest Small Business Development Center.You can use the following link to find your local center:www.VirginiaSBDC.org