COVID-19 Updates

At the Innovative CPA group, we want to make sure you have all the information you need to navigate these unprecedented times. Below are some links and updates regarding COVID-19 relief for businesses and individuals.

Tax Filing and Payment Extension:

Taxpayers and businesses will have until July 15, 2020 to file and pay their income taxes this year for both Federal and Connecticut income tax returns.  First and second quarter estimated payments are extended until July 15, 2020 as well.

https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

https://portal.ct.gov/DRS/Press-Room/Press-Releases/2020/DRS-Extends-Filing-Payment-Deadlines-for-Certain-State-Tax-Returns

IRS Stimulus Payments for Individuals:

Check on the status of your payment and/or update your bank account of mailing address here:  https://www.irs.gov/coronavirus/get-my-payment

Non Filers: enter payment info here: https://www.freefilefillableforms.com/#/fd/EconomicImpactPayment

General Information & FAQ’s:  https://www.irs.gov/coronavirus/economic-impact-payment-information-center

Connecticut Unemployment Updates:

Recent highlights include:

  • Additional $600/week begins April 24th, and will be paid retroactively
  • Self-employed applications will be accepted on April 30th, and will be paid retroactively

The CT Dept of Labor is continuously updating the following FAQ’s:

http://www.ctdol.state.ct.us/DOLCOVIDFAQ.PDF

http://www.ctdol.state.ct.us/pua.pdf

Paid Leave & Employee Retention Credit:

There are paid leave options and an employee retention credit that can help alleviate payroll costs (note there are restrictions if employers are in other programs)

https://www.irs.gov/newsroom/treasury-irs-and-labor-announce-plan-to-implement-coronavirus-related-paid-leave-for-workers-and-tax-credits-for-small-and-midsize-businesses-to-swiftly-recover-the-cost-of-providing-coronavirus

https://www.dol.gov/agencies/whd/pandemic/ffcra-questions

https://www.irs.gov/coronavirus/employee-retention-credit

https://www.irs.gov/newsroom/irs-employee-retention-credit-available-for-many-businesses-financially-impacted-by-covid-19

Your Guide to the Federal Stimulus Package:

https://www.forbes.com/sites/advisor/2020/03/27/your-guide-to-the-federal-stimulus-package/#c29fd5c2711e

IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program:

The IRS is helping taxpayers by providing relief on a variety of issues including easing payment guidelines and postponing compliance actions:

https://www.irs.gov/newsroom/irs-unveils-new-people-first-initiative-covid-19-effort-temporarily-adjusts-suspends-key-compliance-program

State Tax Filing Guidance for Coronavirus Pandemic:

Below is a link to a state chart that is continuously being updated as each state issues guidance and relief:

https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf

High Deductible Health Plans:

High-deductible health plans can cover coronavirus costs.

https://www.irs.gov/newsroom/irs-high-deductible-health-plans-can-cover-coronavirus-costs

Business Loan Resources

Below are three options for your business to consider.  Please don’t hesitate to reach out to your designated Innovative CPA Group accountant if you need assistance in applying for these loans, or call the main office to be connected with one of our accountants.

1.  SBA Payroll Protection Program (PPP) Loans:

            1.  Your Bank

           2.   Paypal: https://www.loanbuilder.com/ppp-loan-support

           3.   Square: https://squareup.com/us/en/l/sba-ppp-loans

           4.   Kabbage: https://www.kabbage.com/paycheck-protection-program-loans/

           5.   Quickbooks Customers: Paycheck Protection Program Loan

An incentive for small businesses to keep their employees on payroll.

The loan is potentially all forgivable and is dependent on retaining employees, and certain costs incurred in the eight weeks following funding.

A specific calculation is needed to determine the amount of the loan, as well as the amount that will be forgiven.

Additional information can be found here:

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp

2.   SBA Economic Injury Disaster Loans (EIDL) and Loan Advance:

Apply online here:  https://covid19relief.sba.gov/#/

The initial advance of up to $10,000 to businesses that are currently experiencing a temporary loss of revenue, this $10,000 does not have to be repaid (will reduce PPP loan forgiveness amount above). 

The program provides up to a $2 million loan to eligible businesses

Additional information can be found here:

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

3.   SBA Express Bridge Loans – Up to $25,000:

For small businesses with an existing banking relationship with an SBA Express Lender

$25,000 is repaid in full or in part by proceeds from the EIDL loan

Additional information can be found here:

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans