COVID-19

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The CARES Act: Paycheck Protection Program – Who qualifies and how to apply

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Friday, April 3rd, 2020 marked the first day that small businesses, self-employed individuals, sole proprietors and independent contractors could begin applying for the Payment Protection Program (PPP) passed as part of the U.S. federal government’s record $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act aka the “CARES Act”.

The bill provides eligible applicants a way to stem the economic damage of COVID-19 through a low-interest loan up to 2.5 times of 2019’s payroll costs.

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

COVID-19 Update: The 5 things you need to know about the extended tax deadline.

Amid the disruption to regular life from COVID-19, the Internal Revenue Service (IRS) on Friday March 20, 2020 pushed back the tax filing deadline for Individuals (Form 1040), Estates and Trusts (Form 1041) and Corporations (Form 1120) for ninety days to July 15, 2020. The IRS had previously announced that tax payment deadline for taxes due to the federal government has also been extended for ninety days for certain individuals and corporations, this has now been expanded and applies to all individual, trust and estate and corporations. and taxpayers have until July 15, 2020 to pay the taxes they owe without interest or penalties.

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