E. Cohen has created a COVID-19 Resource Center to help disseminate important tax and accounting information for our clients and friends as we evaluate ways to mitigate the inevitable financial effects. We’ll keep you up to date with relevant news, tax and compliance changes, new regulations and anything else we believe you need to know. We’re actively monitoring executive orders and legislative changes and sharing updates critical to you and your business. If you have questions about any of these resources, contact us.
All information provided below is current as of the date it was written and may change as the situation evolves.
3/28/2020 Congress Approves COVID-19 Stimulus Package
Congress overwhelmingly passed the largest rescue package in American history to support the U.S. economy with approximately $2 trillion in aid in response to the COVID-19 pandemic. To learn more please visit: https://ecohen.com/blog/congress-approves-stimulus/.
3/28/2020 Federal Tax-Related Actions Taken Against COVID-19
IRS has taken actions and federal tax legislation already enacted to ease tax compliance burdens and economic pain caused by COVID-19. To learn more please visit: https://ecohen.com/blog/federal-tax-actions-covid-19/.
The Federal government will offer relief to all taxpayers who have returns and payments due on April 15, 2020. The deadline moves to July 15, 2020. Associated interest, additions to tax, and penalties will be suspended until July 15, 2020. To learn more about the new date and how states are conforming please visit: https://ecohen.com/blog/federal-and-state-government-are-acting-quickly-to-provide-tax-relief/.
3/24/2020 DC’s Tax Filings and Payment Deadline Extended
DC individual and fiduciary income tax returns, partnership tax returns, and franchise tax returns is extended to July 15, 2020. To learn more about DC’s tax and payment deadline changes please visit: https://coronavirus.dc.gov/release/mayor-bowser-and-chief-financial-officer-dewitt-announce-2019-tax-filings-and-payment.
3/24/2020 VA Makes Changes to Filings and Payment Deadlines
VA offers relief for taxpayers affected by ongoing COVID-19 pandemic. To learn more about VA’s tax and payment deadline changes please visit: https://www.tax.virginia.gov/news/coronavirus-updates.
4/1/2020 The Paycheck Protection Programs Could Bring Much Needed Relief
The COVID-19, Relief, and Economic Security Act (CARES) makes $350 billion in paycheck protection loans available to small businesses, with individual businesses eligible for up to $10 million in forgivable loans. Please visit: https://ecohen.com/blog/paycheck-protection-program for more information.
3/24/2020 DC to Offer Small Business Recovery Microgrants
DC will invest $25 million to help with COVID-19 recovery by offering microgrants to small businesses. Business owners must act fast! Please visit: https://coronavirus.dc.gov/dc-small-business-recovery-grants for more information.
3/23/2020 Maryland Announces COVID-19 Emergency Relief Fund Programs for Businesses
Maryland has authorized $130 million in loan and grant funding for small businesses and manufacturers that have been negatively impacted by COVID-19. To learn how you can take advantage of these aid programs please visit: https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-fund-programs.
3/23/2020 SBA Providing Disaster Assistance Loans for Small Businesses Impacted by COVID-19
The SBA is working directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). Business owners can visit: https://www.sba.gov/funding-programs/disaster-assistance for more information.
3/26/2020 How Nonprofits Can Utilize the New Federal Laws Dealing with COVID-19
Nonprofit Quarterly asked Tim Delaney, president & CEO of the National Council of Nonprofits, to share insights about how nonprofits might utilize the new federal legislation relating to COVID-19 to advance their missions. To read the entire article visit: https://nonprofitquarterly.org/how-nonprofits-can-utilize-the-new-federal-laws-dealing-with-covid-19/.
3/24/2020 IRS Provides Guidance on the Families First Coronavirus Response Act
The Federal government announced that employers can begin taking advantage of two new refundable payroll tax credits designed to reimburse COVID-19. To learn more about the Act and how it protects businesses/individuals please visit: https://ecohen.com/blog/irs-provides-guidance-on-the-families-first-coronavirus-response-act/.
3/23/2020 U.S. Department of Labor
The U.S. Department of Labor has centralized online resources to help workers and employers prepare for the COVID-19. For more information visit: https://www.dol.gov/coronavirus.
3/22/2020 Maryland Health Connection
To prioritize health and safety in response to COVID-19, Maryland Health Connection opened an emergency special enrollment period for uninsured Marylanders. Uninsured residents can visit: https://www.marylandhealthconnection.gov/coronavirus-sep/ for more information.
3/25/2020 DC’s Bowser Orders Closure of Non-Essential Businesses
Mayor ordered the temporary closure of the on-site operation of all non-essential businesses and prohibits gatherings of 10 or more people. For more information about the mayor’s order please visit: https://coronavirus.dc.gov/release/mayor-bowser-orders-closure-non-essential-businesses.
3/23/2020 MD’s Hogan Orders Statewide Closure of Non-Essential Businesses
Maryland’s governor ordered the closure of all non-essential businesses in the state. For more information about the governor’s order please visit: https://governor.maryland.gov/2020/03/23/governor-hogan-announces-closure-of-all-non-essential-businesses-175-million-relief-package-for-workers-and-small-businesses-affected-by-covid-19/.
3/23/2020 VA’s Northam Orders Statewide Closure of Non-Essential Businesses
Virginia’s governor ordered the closure of certain non-essential businesses. For more information about the governor’s order please visit: https://www.governor.virginia.gov/newsroom/all-releases/2020/march/headline-855292-en.html.