Due Date Extensions
Tax day is almost upon us, or is it? As a result of the Coronavirus Pandemic, the IRS and most states automatically extended the April 15th due date for 2019 income taxes and forms as well as the 2020 first and second quarter estimated tax payments due. Here is a brief summary of the most common due date automatic extensions.
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SMALL BUSINESS PAYCHECK PROTECTION PROGRAM
The CARES Act provides small businesses a forgivable loan through the Small Business Administration (SBA). The SBA released the following reminder summary to assist in applying for a loan.
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
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PAYCHECK PROTECTION PROGRAM APPLICATION FORM
The Paycheck Protection Program (PPP) loan can help small business retain employees and stay afloat. Your company may be eligible for the loan if your company has fewer than 500 employees and was in business as of February 15, 2020. Nonprofits, sole proprietors, people who are self-employed, and people who make their income as independent contractors are also eligible.
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