In an effort to keep you updated on the evolving situation surrounding the COVID-19 pandemic, we have created a COVID-19 Resource Center to provide guidance during these unprecedented times. We will do our best to answer your questions and help you understand the potential impact on you and your business.
We are continuing to closely monitor this situation and will keep you informed as more details become available. If you have any questions, please do not hesitate to contact us.
This 45 minute webinar covers key provisions of the Paycheck Protection Program, aspects of the related Loan Forgiveness, additional relief offered by the Economic Injury Disaster Loan Program, and how to prepare for the loan application process.
On Friday, March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. Here is an outline of several key provisions of the CARES Act that provide assistance to individuals.
The Treasury Department has published an overview of the Payroll Protection Program, a related information sheet, and a loan application. The Treasury’s guidance also offered additional details about the program, including changes from some of the terms that were anticipated based on the original Act.
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19. We have summarized the top business provisions in the new legislation below, with more detailed alerts to follow.
The Small Business Administration is working with authorized lenders of the Paycheck Protection Program to finalize the application process, and expects lenders will be able to begin accepting applications as early as April 3, 2020. To help companies prepare, the SBA issued a sample application.
On Friday, March 27, President Trump signed the more than $2 trillion coronavirus stimulus bill known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. It is the third phase in a wave of legislation designed to provide relief to businesses and individuals impacted by the coronavirus.
In addition to the loan and stimulus programs available to businesses, the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act includes a number of provisions that should provide assistance to plan sponsors as they deal with the COVID-19 outbreak.
One of the most significant elements of the CARES Act allows businesses with fewer than 500 employees to seek loans to cover employee compensation, certain healthcare benefits and premiums, interest payments on mortgage obligations, rent and lease payments, and utilities.
On Friday, March 27, President Trump signed the more than $2 trillion coronavirus stimulus bill known as the CARES Act into law. The CARES Act will offer loans for small and large businesses, provide direct payments to many Americans, expand unemployment insurance, and provide additional resources to an overwhelmed health care industry as well as state and local governments.
On Wednesday, March 25, the White House and the Senate reached agreement on an estimated $2 trillion coronavirus stimulus bill. It is the third step in a wave of legislation designed to provide relief to the millions of American citizens and businesses impacted by the coronavirus. Earlier legislation included an $8.3 billion bill to fund vaccine development efforts, as well as the passage of the Families First Coronavirus Response Act to provide expanded paid leave.
In addition to programs enacted at the federal level to provide financial relief to struggling businesses impacted by COVID-19, many state and local governments have made loan and other assistance programs available to businesses. Here are several such programs available in our region.
Tuesday evening, the Internal Revenue Service issued much-anticipated guidance on the COVID-19 related tax credits for required paid leave provided by small and midsize businesses. More information can be found on the IRS website. These tax credits were included as part of the Families First Coronavirus Response Act (the “FFCRA”) signed by President Trump on March 18, 2020.
President Trump signed into law a second COVID-19 aid bill – the Families First Coronavirus Response Act. The bill is designed to provide economic relief from the numerous impacts related to the coronavirus epidemic. It contains a number of important components, including free COVID-19 testing, increased Medicaid funding and nutrition assistance for low income families, and expanded unemployment insurance.
On Saturday, March 21, the Pennsylvania Department of Revenue announced that it is extending the personal income tax filing deadline to July 15, 2020. Penalties and interest on 2019 personal income tax payments will also be waived through the new July 15 deadline. This extension applies to final 2019 tax returns and payments, as well as estimated payments for the first and second quarters of 2020.
Treasury Secretary Steven Mnuchin announced that the tax filing deadline will be extended until July 15. This extension will allow Americans to focus their attention on their families, communities, and businesses during this challenging time.
In a March 17 White House briefing, Treasury Secretary Steven Mnuchin announced that the April 15 tax payment deadline will be extended for 90 days, until July 15. During this time, the IRS will also waive interest and penalties. Individuals who owe taxes would be able to defer up to $1 million and corporations up to $10 million.
As a result of the COVID-19 pandemic, most organizations are scrambling to leverage remote work solutions in order to maintain operational capabilities. It is critical to implement IT systems in a reliable and secure manner as your employees work remotely. Consider these key IT components as you work to ensure your core business processes continue to run efficiently.
Over the past few weeks we have seen various deadlines such as the tax filing and payment deadline be extended due to the ongoing COVID-19 crisis. Many of our clients have reached out to see whether the DOT may be expected to extend its overhead submittal deadline of June 30. At this time, we are not aware of any state DOT agencies changing the deadline for submittal.
We conducted a brief Coronavirus Pulse Survey to get regional manufacturers’ take on the potential impact to their supply chain and sales, as well as whether they are planning for any other impacts such as higher absentee rates and work stoppages.
Information contained on this page should not be construed as the rendering of specific tax, accounting, or other advice. Material may become outdated and anyone using this information should research and update to ensure accuracy. In no event will the firm be liable for any damages, direct, indirect, or consequential, claimed to result from use of the materials contained here. Readers are encouraged to consult with their advisors before making any decisions.