Last week at the SIMA/BRA Industry Boot Camp, Gregg Solomon, formerly of Quiksilver Retail gave a presentation in which he addressed SBA (Small Business Administration) loans made available to specialty retailers in the economic stimulus bill. At that time, some retailers in the room indicated that they had looked into it and that the SBA was not currently accepting applications (yet). Not sure if that changed but did see an article in NRF this morning about the potential.
The IRS is promising quick action for small retailers who take advantage of a provision in last month’s economic stimulus bill that makes them eligible for special tax refunds by counting current losses against previous profits. The American Recovery and Reinvestment Act allows businesses with up to $15 million in annual gross receipts to apply losses from 2008 and 2009 against profits from as long as five years ago. The time period was extended from two years because some companies haven’t seen a profit that recently.
We will keep you updated as more information is released.