COVID-19 digest

Written on Mar 22, 2020

Here are some other things we’re hearing as governments and businesses react to the coronavirus pandemic: 

Federal action

Senator John Thune on March 19 introduced legislation extending the April 15, 2020 tax filing date to July 15, 2020. IS. 3535, the “Tax Filing Relief for America” bill, was co-sponsored by Senators Sherrod Brown and Rob Portman at OSCPA’s request. 

However, the language of S. 3535 was quickly amended into Section 2102 of the ‘‘Coronavirus Aid, Relief, and Economic Security Act’’ or the ‘‘CARES Act’’ – Sen. Mitch McConnell’s economic stimulus bill that the Senate is currently working to enact; a vote on this bill is imminent. 

On the morning of March 20, Treasury Secretary Steven Mnuchin extended the filing deadline to July 15th after facing intense political pressure and grassroots outreach from CPAs across the nation. 


Federal disaster loan assistance 

The small business or private non-profit must have its principal office located in a state that has been declared a disaster area. Loans under the Economic Injury Disaster Loan program are for up to $2 million with interest rates capped at 3.75% for small businesses, and 2.75% for private non-profits. Loan proceeds may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of Coronavirus’s impact. 

 

AICPA, Paychex, Intuit and IFA say speedy relief is needed to prevent layoffs caused by the pandemic. 

 

President Donald Trump signed legislation granting paid leave to those impacted by coronavirus. Do you qualify?

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  1. Susan Tolbert | May 04, 2020
    Should deceased tax payers be receiving the economic impact payment of $1,200? 

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