We are living in unprecedented times. As a result, I want to keep you apprised of the small business financial and tax resources that are available as we all navigate this new territory together.
First, the good news! Treasury Secretary Steven Mnuchin announced this morning that tax returns normally due on April 15 will not be due until July 15 this year. Note: the news came in a tweet, and the IRS has not yet issued official guidance on the move. This announcement gives us a little more breathing room both in preparing and filing returns as well as not accruing penalties and interest if you owe taxes normally due April 15th.
Second, over the last several days, I have attended three separate training classes to learn more about the Families First Coronavirus Response Act that was signed into law Wednesday evening. This law affects small businesses with 1 to 499 employees (i.e. less than 500 employees). The federal government will reimburse employers 100% for paying their employees for both paid sick leave and family/medical leave time off from work. Because the law is so new, there are many questions to be answered regarding specific implementation details which will go into effect between now and April 2nd.
Next, for those of you who are considering applying for an SBA disaster loan per the link I sent you on Wednesday, you may want to hold off until next week. There is a third bill called the CARES Act that was introduced by Senate Republicans yesterday that may offer business interruption loans. Senate Majority Leader, Mitch McConnell is likely going to consider it on Monday.
Finally, here is a list of resources I recommend:
- Download the slides and watch the video related to details around the new paid sick leave law and the new emergency paid family and medical leave act (FMLA) law. It also includes some brief info about the potential CARES Act legislation.
- Internal Revenue Service Coronavirus Tax Relief
– Notice2020-17, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic
– Notice 2020-15, High deductible health plans and expenses related to COVID-19
- National Institutes of Health
- Centers for Disease Control
- Equal Employment Opportunity Commission
– Americans with Disabilities Act implications (medical examinations and disability-related inquiries)
- U.S. Department of Labor COVID-19 or Other Public Health Emergencies
– FLSA Q&A
– FMLA Q&A
- Occupational Safety and Health Administration
– Standards and directive applicable to apply to worker exposure to novel coronavirus, COVID-19.
– Guidance on Workplace Preparedness
– Preventing Worked Exposure to Coronavirus (COVID-19)
- Major employment law firms are providing guidance online, including
– Fisher Phillips
– Littler Mendelson
– Jackson Lewis
– If you have additional questions, please reach-out to the NFIB Small Business Legal Center at 800-NFIB-NOW (1-800-634-2669)
As these resources for small businesses are changing by the minute, we will keep you posted as news develops. Please do not hesitate to reach out if you have any questions. We are all in this together!