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UPDATE: Paycheck Protection Program application deadline extended to August 8 Get details

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Small business tax resources for coronavirus

Get updates on the government assistance programs and available aid for small business owners.

Questions about aid for individuals and families?

Visit our resource center for individuals & families

Tax, finance, & accounting solutions uniquely designed for small business owners

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April 30, 2020

H&R Block joins ‘Stand for Small’ coalition to help small businesses navigate the COVID-19 crisis

July 13, 2020

What is the Economic Injury Disaster Loan and how can it help small businesses?

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UPDATED 04/10/2020

CARES Act Business Assistance

Paycheck Protection Program

Congress has approved an additional $310 Billion in funding for this high-demand loan program. Take note: the new Paycheck Protection Program funds are expected to be allocated quickly. Contact your lender to apply right away.

This program helps businesses cover payroll and other costs. Businesses with fewer than 500 employees are eligible to borrow up to $10 million. Applications currently suspended until additional funding is available. Read below for additional assistance still available to small businesses.

The loan can be used for:

  • Salaries for employees and independent
  • Contractors making less than $100,000 annually
  • Certain health benefits
  • Mortgage interest, rent and utilities
  • Interest on other debts

Good news:

These loans are 100% guaranteed without collateral or a personal guarantee. And, if you use the loan for permitted purposes, the balance is forgiven. So, if you follow the rules, this is more of a grant than a loan!

Employee Retention Credit

This credit provides a payroll tax credit of 50% per employee for wages paid March 13 – December 31, 2020.

Your business qualifies if you:

  • Had to fully or partially suspend operations due to a COVID-19 shutdown order
  • Your business has declined by more than 50% year over year

Payroll Tax Postponement

If you employ others or you’re self-employed, you can defer paying your company’s share of social security contributions.

Economic Injury Disaster Loan

Traditionally reserved for businesses in regions declared disaster areas, this loan is now available to businesses in all 50 states.

  • Paid sick leave for employees
  • Payroll
  • Increased operating costs
  • Rent or mortgage payments
  • Repaying obligations that can’t be met due to revenue loss

Small Business Administration Loan Relief

Already have an SBA loan?
The SBA will cover your principle and interest payments for 6 months.

Find more information about the benefits for small businesses

Small business coronavirus FAQs

UPDATED 04/27/2020

Tax Implications

Did the tax deadlines change due to COVID-19?
Who is eligible for the tax filing and payment deferral?
Does this deferral apply to 2020 estimated tax payments for small businesses (including estimated self-employment taxes)?
UPDATED 06/17/2020

Paycheck Protection Program

What is the Paycheck Protection Program (“PPP”)?
What size business can qualify for a PPP loan?
What can the loan be used for?
What is the maximum size of the loan?
What will the loan terms be?
I heard this loan can be forgiven. Is that true? How do you get the loan forgiven?
How do I gain access to the PPP?
What information do I need to apply for the PPP loan?
Is paid sick leave covered in PPP loans?
To calculate maximum loan amounts, what time period should I use for employees and payroll costs?
The amount of forgiveness on a PPP loan depends on my payroll costs over a 24-week period. When does that period begin?
How does PPP work for a sole proprietorship?
I plan on applying for a loan from the PPP. I have an S-Corp and I am the only employee. Where can I find my payroll expenses on my corporate tax return?
Can small businesses get other types of help if they have part-time employees?
Do small farms qualify for getting help as a small business?
Do self-employed businesses qualify for getting help as a small business?
I worked for a small business company – how would I be able to get any relief?
Can a small business be approved for a loan under the paycheck protection program even if one employee is at home collecting unemployment pay?
What can make my business ineligible for getting a loan under the paycheck protection program?
If I didn’t get into the PPP, what are my other options?
Will I still get the PPP if I’m already approved but don’t have the money yet?
If I applied but haven’t received an approval yet, does this mean I won’t get it?