COVID-19 RESOURCES & ACTIONS
Governor Andy Beshear | #TeamKentucky Official Info Site
Kentucky business and nonprofits can apply for loans through the SBA that 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; businesses with credit available elsewhere are not eligible. The interest rate for nonprofits is 2.75%. Eligible businesses and nonprofits can receive up to $2 million for up to 30 years.To find out more and apply, visit www.disasterloan.sba.gov/ela.
Federal Resources & Actions
Download the most recent update to Federal resources and actions here: https://conta.cc/2JdNk5O.
The fund will provide assistance to Kentuckians who have been severely financially impacted by the COVID-19 emergency. The Commonwealth of Kentucky’s Public Protection Cabinet will oversee the Team Kentucky Fund. The fund is currently accepting tax-deductible donations. We will update with more information about eligibility and how to apply. Donate @ https://secure.kentucky.gov/formservices/PPC/KYCOVID-19Donate.
IRS Tax Payment Deferral
Under the presidential emergency declaration, this action allows all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest. On Friday, March 20, the filing deadline was moved from April 15 to July 15. Learn more here: www.irs.gov/coronavirus
Local and State Tax Deferral
The Kentucky Department of Revenue has extended tax filing and payment deadlines from April 15, 2020 to July 15, 2020. For information about the state decision to defer filing and payments of state income tax, visit the Kentucky Department of Revenue website.
Businesses should also work with their banks, credit unions and other lenders. As a result of the COVID-19 pandemic, the Federal Deposit Insurance Corporation (FDIC) has encouraged financial institutions to assist customers in a “prudent manner.” From the FDIC link below:
- The FDIC encourages financial institutions to work with all borrowers, especially borrowers from industry sectors particularly vulnerable to the volatility in the current economic environment and small businesses and independent contractors that are reliant on affected industries.
- A financial institution’s prudent efforts to modify the terms on existing loans for affected customers will not be subject to examiner criticism.
- The FDIC will work with affected financial institutions to reduce burden when scheduling examinations, including making greater use of off-site reviews, consistent with applicable legal and regulatory requirements.
Kentucky Department of Education | COVID-19 Update Site
Kentucky Cabinet for Economic Development
Cabinet for Economic Development business development project managers are calling Kentucky manufacturers, service and tech companies, offering them insight, assistance and guidance. As well, Kristina Slattery, executive director of the Office of Business and Community Services, is taking point on handling and directing the Cabinet’s COVID-19-related business inquiries to project managers, KY Innovation staff, the communications team and others within the Cabinet. Contact the Cabinet for Economic Development at: (502) 564-7670 | firstname.lastname@example.org
Managing in Times of Financial Difficulty Checklist | Download Here
The Commonwealth of Kentucky is working to identify manufacturers and suppliers throughout the Commonwealth who can manufacture or provide any of the following items for Kentucky’s response to the coronavirus.
PRO Tips | What Should Economic Developers Being Doing?
KAED COVID-19 BLOG
- March 25, 2020 – Governor Issues Executive Order | Non Life Sustaining Businesses To Close | Guidance Within
- March 24, 2020 – KAED Co-Hosts Economic Development Impact Webinar
- March 24, 2020 – KAED Shares Federal Agency Resources & Actions Guide
- March 22, 2020 – KAED Releases Families First Act Summary
- March 20, 2020 – KAED Shares SBA Economic Injury Disaster Loan Fact Sheet
- March 20, 2020 – KAED to Focus Capacity on COVID-19. Postpones Major Conference
- March 20, 2020 – KAED Co-Hosts Economic Development Impact Webinar
- March 19, 2020 – Attorney General Provides Guidance on Open Meetings Act During COVID-19 Pandemic
- March 17, 2020 – Diversity is the Strength of KAED
Ask A Question | Share Your Concerns
Follow Us on Social Media for More & Consistent Updates