The COVID -19 ‘Coronavirus’ has certainly impacted all of us and will probably get worse before it gets better. The news flow is definitely fluid, changing and easily misinterpreted. And, as it relates to you, your business, your finances, taxes and our work here, this is what we know so far.

• Tax returns are still required to filed by April 15^th (or filing for extensions by April 15^th)
• If you owe taxes you do have an extra 90 days, until July 15^th
• Congress passed & President Trump signed phase 2 of a Coronavirus Relief Bill including:
  • Free testing or health coverage for Coronavirus testing
  • Paid sick leave for some, food assistance and unemployment benefits
    • It seems they are doing this with tax credits for employers- follow this link here to see the Journal of Accountancy for details.
  • There are to be immediate stimulus payments but details were not included
• The White House and Congress are working on further action, more focused on economic support.
  • The Treasury Department is proposing a nearly $1 trillion package, which would include $50 billion for the airline industry, $150 billion for “distressed sectors of the US economy,” as well as providing $300 billion towards the creation of a small business interruption loan program.
  • The Treasury Department also sent a proposal to lawmakers to approve $250 billion in direct payments to Americans in April, with another $250 billion going out in May.

And don’t forget the US Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital for small businesses that are suffering economic injury from the Coronavirus.

New Jersey have been approved for US Small Business Administration Economic Injury Disaster Loan Program (Disaster # NJ-00057). Fore more information on the bill, and to see how you can apply for a loan, please check out the U.S. Small Business Administration’s page here. Click here for a Fact Sheet on USSBA  ECONOMIC INJURY DISASTER LOANS.