NEW MEXICO’S BUSINESS LAWYERS ®

More Loan Programs and Tax Extensions Announced

April 27, 2020

SBIC Loans to Complement Existing Programs

The New Mexico Small Business Investment Corporations (“NMSBIC”) has announced it will be making $25 million in new small business loans to businesses in the state affected by COVID-19. These loans will complement federal loan and grant programs, as well as the New Mexico Recovery Fund, a $100 million loan program recently authorized by the State Investment Counsel for mid- to larger-sized businesses, as was reported in Sutin’s business alert of April 9.

Businesses should not contact the NMSBIC directly, as it provides capital only to its lending partners, who in turn make the individual loan decisions. The NMSBIC has complete information on how to contact these lending partners on its website.

 

IRS Extends More Tax Deadlines

Last month, the IRS announced that certain taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. The IRS has extended this relief to additional returns, tax payments and other actions, including Form 990-series returns and notices. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. The extensions apply to many forms and tax payments made by tax-exempt organizations, including:

  • Form 990-series annual information returns or notices (Forms 990, 990-EZ, 990-PF, 990-BL, 990-N (e-postcard))
  • Forms 8871 and 8872
  • Form 5227
  • Form 990-T
  • Form 1120-POL
  • Form 4720
  • Form 8976

See Notice 2020-23 and Rev. Proc. 2018-58 for more information, including a complete list of affected forms, tax payments and other time-sensitive actions.

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