The COVID-19 pandemic and the impact it is having on our economy is unprecedented. Everyone is beginning to feel the effect as businesses struggle to maintain normal operations or are forced to close. Maryland Governor Larry Hogan announced yesterday he is taking extraordinary steps to reduce the number of COVID-19 cases across the state. The governor issued an executive order for all non-essential businesses to close and suspend office operations immediately and remain closed until further notice. Thankfully, under this executive order, Accounting and Bookkeeping firms have been deemed essential.
At E. Cohen we are doing everything possible to maintain operations while ensuring the safety of our employees all while helping to stop the spread of this virus. During this health emergency we will maintain office operations. All employees have been directed to work from home until the governor lifts the order. Our agility and commitment to technology makes it possible for virtually everyone to work from home – our flexible service platform allows us to remain highly available and responsive to the needs of our clients anywhere and at any time.
We are open for business! And as federal and state governments begin enacting executive orders and new legislation to help businesses and individuals, we intend to consolidate and share the information we think is important. The following are recent blog posts and important links we strongly encourage you to read:
Federal and State Government Updated Due Dates and Payment Dates
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/.
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/.
MD 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.
Senators Recommend Tax Policies for Phase 3 Coronavirus Response
Mitch McConnell introduced emergency stimulus legislation last week to address the economic fallout from the COVID-19 outbreak. To learn more about what in the proposed Phase 3 legislation please visit: https://ecohen.com/blog/senators-recommend-tax-policies-for-phase-3-coronavirus-response/.
Clients are strongly advised to contact their E. Cohen advisor/preparer to learn how these executive orders and new legislation might impact your business and/or personal financial situation.
The COVID-19 health emergency has rapidly changed the way we service the needs of our clients. We want to be your source for important information and innovative ideas designed to help you and your business during these challenging times. If you ever have any questions, please do not hesitate to contact us. Thank you for your patience and trust in E. Cohen during these unusual times. We hope you and your loved ones remain safe and healthy.
Eric Cohen, CPA
OTHER IMPORTANT/USEFUL LINKS:
SBA Providing Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (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.
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. Visit: https://www.dol.gov/coronavirus for useful information.
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.