Another resounding, “YES!” There are two qualifiers for 2020: either revenue reduction, or a “full or partial shutdown of your business due to COVID-19.” The IRS describes this as “A government authority required partial or full shutdown of your business during 2020 or 2021. This includes your operations being limited by commerce, inability to travel or restrictions of group meetings.” These are some examples of possible qualifying events:

  1. A business that ordinarily met with clients in person had to cancel meetings due to COVID-19.
  2. A restaurant was forced to close and/or limit its on-site dining capacity due to COVID-19 restrictions.
  3. Supply chain interruptions caused your business to have delayed production timelines.
  4. COVID-19 restrictions lowered the amount of people who could attend an event with your business.
  5. Your business had to reduce operating hours due to COVID-19 cleaning requirements and restrictions.