We know you’re concerned for your business and confused by all the new legislation and relief programs being established to help small businesses stay afloat during this unprecedented COVID-19 pandemic. We’ve fielded numerous inquiries from our clients over the past few days, and to help answer those questions we are providing this summary of the resources as we understand them. Keep in mind, the landscape is fluid and ever changing, and we will continue to monitor the information so we can assist you in navigating the available options that apply to your business. Some programs offer immediate assistance, while others involve credits available on your 2020 tax filings.
Expect delays for unemployment benefits and SBA loans. Given the historical volume of applications, these entities are being overwhelmed on a daily basis. Some people have resorted to applying in the middle of the night to get applications through. Be prepared to wait 4 weeks or more before receiving actual checks. And unfortunately, the line is likely to only get longer.
Local Business Support
National Coronavirus Aid, Relief, and Economic Security (CARES) Act
National Families First Coronavirus Response Act
The United States has enacted the Families First Coronavirus Response Act, which requires employers with fewer than 500 employees to provide paid leave to employees who are impacted by COVID-19 and offer tax credits to employers that do so. The law takes effect on April 1 and expires on Dec. 31, 2020. Notification must be given to employees.
The law contains three sections of particular interest for employers:
We hope this summary has helped inform your understanding of the options and resources available at this time. This relief legislation is one of the largest bills in US history and since it just passed, everyone is doing their best to decipher and implement its various components. Our team is working hard to interpret and explain the information to you and assist you with your business-specific questions, as well as complete 2019 tax filings for both our business and individual clients. We appreciate your patience and understanding as we all navigate a year we will certainly never forget.
Please take care of yourselves, your families, your employees, and your customers during this difficult time. We are all in this together.