Extended Deadlines and Other Updates

Normally at this time, we’d be sending our clients a reminder that taxes are due. Instead, we have announcements about extended deadlines and loans to help bridge the gap during this unique time.

Extended deadlines

The new relief, issued by the IRS in Notice 2020-23, applies to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020, including individuals, trusts, estates, corporations, and other non-corporate tax filers. That period will be disregarded by the IRS in calculating any interest, penalty, or addition to tax for failure to file the forms specified in the notice.

PPP – Payroll Protection Program

If you missed our introduction to the Payroll Protection Program (PPP), you can find it here. Applications ARE still being accepted and new lenders are joining the existing banks in the program. If you have employees and are having difficulty meeting payroll needs, this might be the program for you.

EIDL – Economic Injury Disaster Loans

According to the SBA website, the maximum loan amount is $2 million per business with a smaller initial grant possible ($1,000 per employee maximum, up to $10,000). So, a business with three employees, for example, would be eligible to receive only $3,000 up front, as opposed to the originally stated $10,000. On the bright side, funds ARE starting to be released.

KuberneoCPA: FAQ’s and Clients Only Video Chat

New information is being released and updated daily, sometimes hourly, regarding assistance programs and how to qualify for each. We have created a resource page on our KuberneoCPA website specifically to share this information with you. We’ll be sharing government links as well as advice and encouragement.

If you prefer an interactive video chat, you’re in luck! We will be hosting a video chat FOR CLIENTS ONLY this week on Wednesday afternoon at 2:30PM Eastern time. Our focus will be on the PPP and EIDL as well as the process to apply for each. Contact us to request an invitation.

NEW Resource – Main Street Lending Program

Previously announced programs may not have met all of your business needs. If this is you, the Treasury and the Federal Reserve announced a new program. You can find all the details in the Federal Reserve announcement.

Highlights of the Main Street Lending Program:

  • Business has not received adequate economic relief in the form of loans or loan guarantees under the CARES Act.
  • No minimum number of employees for borrowers.
  • Business must have been in good standing before the crisis.
  • Minimum loan amount $1 million