As bars, restaurants and hospitality services in the Boston Metro grapple with business disruption, relief is on the way in the form of SBA assistance and tax deferments. Massachusetts legislators are finalizing rules that will allow some small businesses to delay tax certain tax payments until June 20, 2020.
The sticking point for small business operators is the definition of “small business.” To be considered eligible for deferred sales taxes, room taxes and taxes on meals and beverages, a Massachusetts business entity must have paid less than $150,000 in such taxes during 2019.
The tax deferment only applies to taxes due from sales activities during the months of March, April and May 2020. There will be no interest or penalty for late payment for qualifying businesses. The tax deferment is intended to give dining and hospitality operators cash flow relief while they comply with COVID-19 containment efforts.
As we cannot provide tax advice, and the COVID-19 response is evolving, business owners should seek tax deferment details from their professional tax preparer or the Massachusetts Department of Revenue.
Small businesses in the Boston Metro can also explore their options under the the Economic Injury Disaster Loan program offered by the Small Business Administration. These low-interest loans can help supply much-needed capital during uncertain times.
Business plans can change, and so can your commercial real estate needs! When you are ready to begin, relocate or expand your business, team up with the Jay Nuss Realty Group, LLC! Whether you are thinking of buying, leasing, or investing in Boston Metro commercial real estate, we can help you find the ideal property.
Contact us today for expert guidance!