As we attempt to navigate these uncertain times, hardship has fallen on many businesses and individuals. However, there are some options available to help ease the burden.

  1. The time to pay tax due for 2019 has been extended 90 days (to July 15, 2020). This applies to all individuals and entities. Both filing and payments have been extended to July 15th, 2020. https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020
  1. The SBA offers low interest disaster loans with long-term payback periods for businesses. A company affected by COVID 19 will be eligible for an Economic Injury Disaster Loan of up to $2 million with interest rates not to exceed 4% and a term not to exceed 30 years. The SBA will review your credit and you will work with a loan officer to determine eligibility. Links will be provided at the end of the article for where to apply online.
  1. Self-employed individuals can be eligible for a refundable credit for qualified family leave equivalent amounts. To be eligible, the individual would need to regularly carry on a trade/business and would otherwise be entitled to paid leave if they were an employee. The credit allowed would be the lesser of $511 per day or the average daily self-employment income for the taxable year. For individuals caring for a family member or child, it would be the lesser of $200 per day or daily SE income.

As we continue to learn more about the new and existing programs aimed to assist those in need, we will be updating with articles and links on our social media pages and website. And if you want more information on COVID 19 relief or need help with tax preparation, contact our tax professionals at The Innovative CPA Group at 203-489-0612. Or contact us online.

Links:

https://disasterloan.sba.gov/ela