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Covid-19 - April, 1, 2020 Update
Dear Client,
As we continue to receive information regarding Federal and State aids for
Businesses, other tax reliefs and deadline modifications, we will try to
keep you informed as often as we can. Below we have listed a variety of
other mitigating resources that should assist you during this time of
uncertainty caused by COVID-19. Please see below for further details and
links that will connect you to their respective FAQ's. We have listed each
of these resources in the order we believe you should apply for them.
FLORIDA SMALL BUSINESS EMERGENCY BRIDGE LOAN PROGRAM
o Short-Term, Interest free working capital loans (loan term 1 year, 12% per annum on the unpaid balance thereafter until paid in full)
intended to "bridge the gap" between the time a catastrophe occurs and when
they have secured longer term recovery resources
o Any small business maintaining a place of business in Florida established
prior to 03/09/2020 and suffering economic injury with 2 to 100 employees
qualifies
o Up to $50,000 per eligible small business
o Applications accepted through May 8, 2020
SBA DISASTER ASSISTANCE IN RESPONSE TO THE CORONAVIRUS
o Low interest federal disaster loans offered by the U.S. Small Business Administration to designated states and territories for working capital suffering substantial economic injury as a result of Coronavirus (COVID-19)
o Offer up to $2 million in assistance at an interest rate of 3.75% for small businesses and 2.75% for non-profits
o Updated regularly with areas eligible for SBA disaster loans.
STATE TAX FILING GUIDANCE FOR CORONAVIRUS PANDEMIC
o Provides updates regarding Federal and State Guidance Relief Provisions for extensions and waiver of penalties and interest for taxpaye rs
FAMILIES FIRST CORONAVIRUS RESPONSE ACT
o Legislation providing paid leave, establishing free testing, protecting public health workers, and providing benefits to children and families
o Businesses with fewer than 500 employees are required to provide 14 days of paid sick leave to employees affected by COVID. Under FMLA employees are entitled to up to 3 months paid leave at two-thirds of the employee's pay
o These businesses will receive a 100% tax credit for both types of leave up to capped levels, credited against quarterly payroll taxes
Although we are trying to keep up with the current year's tax returns and filing deadlines, we will be available to assist business owners in applying for Emergency/Disaster Assistance.
As we continue to receive information regarding Federal and State aids for
Businesses, other tax reliefs and deadline modifications, we will try to
keep you informed as often as we can. Below we have listed a variety of
other mitigating resources that should assist you during this time of
uncertainty caused by COVID-19. Please see below for further details and
links that will connect you to their respective FAQ's. We have listed each
of these resources in the order we believe you should apply for them.
FLORIDA SMALL BUSINESS EMERGENCY BRIDGE LOAN PROGRAM
o Short-Term, Interest free working capital loans (loan term 1 year, 12% per annum on the unpaid balance thereafter until paid in full)
intended to "bridge the gap" between the time a catastrophe occurs and when
they have secured longer term recovery resources
o Any small business maintaining a place of business in Florida established
prior to 03/09/2020 and suffering economic injury with 2 to 100 employees
qualifies
o Up to $50,000 per eligible small business
o Applications accepted through May 8, 2020
SBA DISASTER ASSISTANCE IN RESPONSE TO THE CORONAVIRUS
o Low interest federal disaster loans offered by the U.S. Small Business Administration to designated states and territories for working capital suffering substantial economic injury as a result of Coronavirus (COVID-19)
o Offer up to $2 million in assistance at an interest rate of 3.75% for small businesses and 2.75% for non-profits
o Updated regularly with areas eligible for SBA disaster loans.
STATE TAX FILING GUIDANCE FOR CORONAVIRUS PANDEMIC
o Provides updates regarding Federal and State Guidance Relief Provisions for extensions and waiver of penalties and interest for taxpaye rs
FAMILIES FIRST CORONAVIRUS RESPONSE ACT
o Legislation providing paid leave, establishing free testing, protecting public health workers, and providing benefits to children and families
o Businesses with fewer than 500 employees are required to provide 14 days of paid sick leave to employees affected by COVID. Under FMLA employees are entitled to up to 3 months paid leave at two-thirds of the employee's pay
o These businesses will receive a 100% tax credit for both types of leave up to capped levels, credited against quarterly payroll taxes
Although we are trying to keep up with the current year's tax returns and filing deadlines, we will be available to assist business owners in applying for Emergency/Disaster Assistance.
April 1, 2020, 3:28 pm