So today, President Trump signed into law the relief act.
As mentioned prior, all clients are strongly encouraged to apply online directly with the SBA. This is a direct government loan which is intended to keep you all in business!!! These loans will be at a low interest rate, long amortization periods, and absent personal guarantees. The loan proceeds may include payroll reimbursement, as well as certain overhead expenses as well. The application form is a relatively short document with basic information to be provided by you. Please do what you can, and as soon as possible, and let us know what help you will need to complete this process.
NEW LOAN PROVISIONS PURSUANT TO TODAY’S BILL
Your banker will likely be contacting you to process loans under the Bill signed today. Under these loans—it is likely that they will in the end be a GRANT. Initially, you will be able to secure payroll funding for 2.5 months of average payroll. The intent is to retain employees, and if you do so, the amounts will likely serve to be a GRANT should you retain employees.
All those of you who have government guaranteed loans– be it SBA 504 or 7A—the government will make your next six payments for you. For a 504 loan this would be the junior CDC portion.
STAY TUNED FOR MORE UPDATES AS THEY BECOME AVAILABLE!
In these trying times, we are determined to keep you apprised of happenings and suggestions on the fly.
If you the owner are currently on a recurring payroll, it might be a good idea to remove yourself from payroll until we get a better feel about repercussions of this virus. Even if you have processed a payroll for yourself–consider voiding it out. This can save or defer valuable payroll tax expenses. Also, recall you can still take distributions as needed to assist your home cash flow.
We are waiting to see details from Congress.
As you are aware, we are experiencing trying times. We want to reach out to you to let you know what we are doing for you, as well as what might be available out there to assist your business today and tomorrow. The future items will become clear once our vaunted elected officials stop class warfare and get to work.
As you are probably aware, the IRS has extended tax filing dates for individuals to July 15—an additional 90 days. Further, for those with balance dues, payment due dates are extended as well without incurring interest and/or penalties. We will focus on those with tax refunds as our first priority.
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The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
To read the full article please visit: https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed
If you would like to stay up to date on the deadlines and relief options available pertaining to COVID-19, please visit: https://www.irs.gov/coronavirus
To check the status of a refund for a tax return that has already been filed, please visit: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp
IRS kicks off 2020 tax filing season with returns due April 15; help available on IRS.gov for fastest service.
Please click HERE for all the details!