Federal Resources

Small Business Administration (Economic Injury Disaster Loans (EIDL) available for qualifying businesses and nonprofits through the SBA)

The Small Business Administration (SBA) has released the application for Paycheck Protection Program loan forgiveness.

You can download the document by clicking here.

Keep in mind that the application process goes through your lender, many of which are developing their own electronic applications for the process. But reviewing the SBA form can help you gather the information your lender is likely to require.

@USTreasury and #IRS issue guidance on delaying tax payments due to the #COVID19 outbreak.

If you don’t have a tax balance due, file as quickly as possible to get your refund. See: www.irs.gov/coronavirus

In response to #COVID19, Treasury and #IRS allow most tax payments to be delayed until July 15. You need to file a return or request a filing extension by April 15. No other filing is necessary for payment extensions. See free options at: www.irs.gov/coronavirus

Following #COVID19 outbreak, Treasury and #IRS issue guidance on delaying tax payments until July 15 2020. You still need to file a return or request a filing extension by April 15. No additional filing is necessary for the payment extension. See www.irs.gov/coronavirus

In response to #COVID19, many taxpayers can delay tax payments to the #IRS until 7/15/2020 without penalties or interest. File a return or request a filing extension by April 15. No additional filing is necessary for the payment extension: www.irs.gov/coronavirus

Treasury and #IRS allow a delay of most tax payments until 7/15. You need to file a return or request a filing extension by 4/15. No additional filing is necessary for the payment extension. If you’re due a refund, file ASAP. Free options available: www.irs.gov/coronavirus

#IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the April 15 deadline, IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return. www.irs.gov/coronavirus

Paycheck Protection Program Goes Live Today for Employers

Next Week for Self-Employed and Independent Contractors
Some Banks Still Expect Delays in Implementation

Last night Secretary of the Treasury Steven Mnuchin reiterated that the Paycheck Protection Program was still on schedule to open Friday April 3 for employers.  However, some banks have expressed doubts that they will be ready to accept applications that soon.

As of last night, a few large lenders, including Chase, Bank of America and Wells Fargo said they would accept applications from their existing customers, but only via websites that are currently under construction.  Even if the websites are open and operating on time, the volume of requests could clog the system.

We recommend patience.  If you can’t get through today, try again next week.  Secretary Mnuchin said he would ask Congress for additional funding for the program if it is necessary to meet the need.

Self employed persons, independent contractors, and partners who actively participate in a partnership must wait at least another week to apply.  We have heard that additional documentation will be required from these borrowers, but details have not been released.

Meanwhile, continue to look at the other options available to you, including the SBA Emergency Disaster Loan which comes with a $10,000 up front grant, and the Employee Retention Tax Credit.

For more information, click here for additional resources or visit www.soundtax.com