Comprehensive resource available to help struggling businesses during pandemic
Foster City, CA – September 3, 2020 – Today, MyBankTracker.com , launches “Small Business September.” The personal finance site was founded during the height of the economic downturn and is familiar with the current state of the economy. Financial support could be more pressing than ever due to the COVID-19 pandemic.
There is an urgent need for transparent and accurate banking information for small business owners, freelancers and the self-employed. Unlike other American workers, they don’t regularly get to collect unemployment benefits. The site is rallying behind these workers and severely-impacted sectors to put forth clear facts and information to help the struggling community. This resource explains several options that may solve current pain points such as:
- Some small businesses can apply for an Economic Injury Disaster Loan - a grant (advance of up to $10,000) that doesn’t have to be repaid
- Social Security payroll tax deferral to help businesses deal with cash flow problems
- The best business credit cards worth considering to simplify cash flow, finance business purchases and help with recordkeeping
- Small businesses may be able to claim an employee retention credit - a refundable tax credit that can be used for certain payroll tax liabilities
- Explanation of the CARES Act giving freelancers and the self-employed access to unemployment
- Early withdrawal penalty of 10% waived for certain retirement withdrawals
- Overviews of the best business checking accounts of 2020
- Description of changes to net operating loss carryback rules for those with a net operating loss in 2018-2020: allows them to carry back the losses for five years and the previous 80% of taxable income limit is also suspended - meaning previous tax returns can be amended providing a possible immediate benefit to a business’s tax situation
MyBankTracker.com encourages consumers to unite together to help rebuild the businesses impacted by COVID-19 in their communities. Personal finance expert and senior research analyst, Simon Zhen, can speak to banking tips such as best credit cards for small businesses and banks that offer specific assistance and information around loan options and other programs.
The full guide is available here: Coronavirus Relief for Small Businesses, Freelancers and the Self-Employed
MyBankTracker.com is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. QuinStreet is committed to providing consumers with the information and tools they need to research, find and select the products and brands that meet their needs. MyBankTracker.com is a member of the company’s expert research and publishing division.
MyBankTracker is an independent comparison website helping consumers make smart banking and financial decisions. The mission is to match consumers to their perfect bank by providing and tracking in-depth information on more than 5,000 banks, credit unions and financial products. Using a combination of technology and money management expertise, MBT provides personal finance comparison tools and educates consumers to optimize their relationships with banks and lenders.