The Coronavirus Aid, Relief and Economic Security Act (CARES Act) provides for the Paycheck Protection Program (PPP). Funding for this program is limited and businesses apply for loans through their business lender. Our understanding is that applications will be processed on a first-come, first-served basis. The application is very simple. However, it takes some information[ … ]
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Economic Injury Disaster Loans
In response to the Coronavirus pandemic, the President signed H.R. 748, known as the Coronavirus Aid, Relief and Economic Security Act (CARES) on March 27, 2020. The Act includes a new Paycheck Protection Program (PPP) that seeks to provide short-term cash flow through federally guaranteed loans for small businesses impacted by COVID-19. These loans will[ … ]
Overview of the new CARES Act
On March 27, 2020, the House of Representatives passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The president signed the bill into law the same day. The CARES Act is phase-three of the economic relief provided in response to the COVID-19 pandemic. This bill promises to make a significant impact on the[ … ]
Coronavirus – Employer Relief Measures and Tax Updates
In response to the COVID-19 pandemic, there are several changes to the traditional tax deadlines and new developments that impact you and your business. Below is a summary of the updates occurring at the federal and state level. Federal Developments – Summary Federal income tax filings and payments originally due on April 15, 2020 have[ … ]
Arizona Extends Tax Filing and Payment Deadline to July 15th
The Arizona Department of Revenue (ADOR) has extended the deadline for filing and paying state income taxes from April 15 to July 15, 2020 The announcement by ADOR includes individual, corporate and fiduciary tax returns. The new deadline means taxpayers filing state tax returns or submitting payments after the previous April 15 deadline but before[ … ]
Financial Assistance for Small Businesses – SBA Loans
On March 6, 2020, President Trump signed the Coronavirus Preparedness and Response Supplemental Appropriations Act, which provides for emergency supplemental appropriations in the amount of $8.3 billion to address issues caused by the coronavirus outbreak. As part of this Act, the Small Business Administration (“SBA”) was authorized to provide disaster assistance loans on a state-by-state basis.[ … ]
Tax filing deadline moved to July 15
The U.S. Treasury has extended the April 15 tax filing deadline to July 15 to give individuals more time to prepare and pay their taxes during the coronavirus outbreak. Treasury Secretary Steven Mnuchin said on Friday, March 20, “All taxpayers and businesses will have this additional time to file and make payments without interest or[ … ]
H.R. 6201 – The Families First Coronavirus Response Act (FFCRA)
On March 18, 2020, the U.S. Senate passed the House Coronavirus Bill (H.R. 6201) in a 90-8 vote. The act has now been signed into law by the President. This is the second of three packages from Congress providing relief due to the Coronavirus outbreak. Congress is currently working on the third package, all of[ … ]
