IRS Deadline Extension: The IRS has extended their original extension date of July 29, 2008 to August 29, 2008. This postponement applies to most tax return filings (individual, corporate, partnership, gift, estate and trust returns), estimated tax payments and all other payments that have either an original or extended due date falling on or after May 25, 2008. This extension covers taxpayers who reside or have a business in the disaster area or whose tax preparer resides in the disaster area.
The following counties have already been declared federal disaster areas – Adams, Benton, Black Hawk, Bremer, Buchanan, Butler, Cedar, Cerro Fordo, Delaware, Fayette, Floyd, Hardin, Johnson, Jones, Linn, Louisa, Marion, Muscatine, Page, Polk, Story, Tama, Union and Winneshiek.
Iowa Department of Revenue Extension: On July 16, 2008, the Iowa Departments of Revenue announced a deadline extension for flood-affected businesses to remit their withholding, unemployment and sales tax for activity from April 1 to June 30. The new deadline of August 29, 2008 allows businesses extra time to secure SBA or bridge loans before the payments become due.
Job & Small Business Recovery Fund: Funding Opportunities for You! The Cedar Rapids Area Chamber of Commerce and The Greater Cedar Rapids Community Foundation have connected with several community partners to form the Job & Small Business Recovery Fund. This new venture will provide outright grants and zero percent interest, forgivable loans to Cedar Rapids for-profit businesses and commercial property owners sustaining uninsured physical damage as a result of the flood.
Qualifying businesses may receive:
- A base grant of up to $15,000 (50% awarded in a grant and 50% in a no interest, three-year forgivable loan)
- A grant of up to $5,000 for businesses that reinvest in commercial zones affected by the flood in Cedar Rapids
- An additional grant of up to $5,000 to those who are both business and property owners sustaining uninsured physical damage to each.
Visit www.corridorrecovery.org to download a grant application for the Job & Small Business Recovery Fund. That application will be available on-line starting this Friday, July 11.
Small Business Association (SBA) Deadline Amendment: The SBA has amended the application filing deadlines:
o September 29, 2008: Applications for physical damage are due.
o February 27, 2009: Applications for economic damage are due.
Please see our previous article for businesses regarding tracking losses and applying for grants.
We welcome the opportunity to speak with you about any of these updates or about other questions/concerns you may have.