The COVID-19 pandemic has impacted all our lives in a very short period of time. It has also led to extremely uncertain economic times prompting congress to pass major tax laws that have far reaching impact and has kept Tom’s phone ringing non stop for the past two weeks.
Although Tom couldn't be on the show today, he was kind enough to share his wisdom and wants to thank each and every one of his clients for being so patient and understanding as he and his team experience longer than expected turn-around time for tax work and other client requests while responding to these emergencies, mobilize their workforce to work from home and continue to work diligently to meet the needs of their clients. He also stated “These are certainly trying times for all of us. Your continued support is noticed and appreciated.”
Tom summarized some key aspects of the recent tax legislation and added some of his commentary that you may find helpful. Please remember that this situation is rapidly evolving, and the bulk of the legislation you’re about to hear was passed on Friday March 27, 2020, leaving many unanswered questions. The information is summarized into three main categories:
- Individuals
- Small Businesses
- SBA Loan programs.
A personal message from Tom:
“We hope that you and your families stay safe and healthy during these unprecedented times.”
KEY POINTS IN THIS EPISODE
FOR INDIVIDUALS:
- April 15th is now July 15th
- The individual Recovery Tax Rebates
FOR SMALL BUSINESS OWNERS:
- Employee Retention credit
- Deferral of Employer Federal Tax Deposits
SBA LOANS FOR SMALL BUSINESSES:
- Paycheck Protection Loan Program
Other SBA Loan programs:
- Economic Injury Disaster Loan Program
- SBA Express Bridge Loans
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