To help mitigate the financial and health crises related to the coronavirus (COVID-19), on Friday, March 27, 2020, President Trump signed into law the largest economic relief package in modern U.S. history. The $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is intended to shore up the country on multiple fronts and … Read more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) represents the third phase of Congress’s legislative efforts to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. In addition to providing relief to individuals and mustering forces to shore up the medical response, the CARES Act includes numerous provisions intended … Read more
The following provisions of the CARES Act may be of particular interest. Paycheck protection program The Act increases eligibility for certain small businesses and nonprofit organizations. During the covered period of February 15, 2020 and ending on June 30, 2020, any business or nonprofit, generally, which employs not more than 500 employees shall be eligible … Read more
The ability to access capital and maintain cash flow is essential for all business, especially in these difficult times. The soon to be passed CARES Act has provided for various lending facilities in hopes to allow businesses quicker access to available funds. However, the Act still needs to be passed and then the various government … Read more
After extensive negotiations between the U.S. House of Representatives, the U.S. Senate and the White House, an agreement has been reached on a massive stimulus bill to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. As of this writing, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has … Read more
In Notice 2020-18, the Treasury Department and the Internal Revenue Service (IRS) announced special Federal income tax return filing and payment relief in response to the ongoing Coronavirus Disease 2019 (COVID-19) emergency. Below are answers to frequently asked questions related to the relief provided in the Notice. These questions and answers will be updated periodically … Read more
There are 16 critical infrastructure sectors whose assets, systems, and networks, whether physical or virtual, are considered so vital to the United States that their incapacitation or destruction would have a debilitating effect on security, national economic security, national public health or safety, or any combination thereof. Presidential Policy Directive 21 (PPD-21): Critical Infrastructure Security … Read more
To assist the business community as the Commonwealth responds to the COVID-19 outbreak, the Pennsylvania Department of Revenue is waiving penalties for businesses that are required to make Accelerated Sales Tax (AST) prepayments by the deadline of Friday, March 20. Additionally, for April sales tax payments, the department is waiving the AST prepayment requirement and asking … Read more
For the Federal government and Commonwealth of Pennsylvania, the tax filing deadline and the corresponding payment for 2019 balances due and estimated taxes has been extended to July 15, but other states may or may not follow the July 15 date. This may impact the timing of your tax filing or extension if you do business … Read more
President Trump has signed into law the Families First Coronavirus Response Act. Among other things, the new law temporarily requires certain employers to provide expanded paid sick and family leave for employees affected by the coronavirus (COVID-19) pandemic. Employers’ increased costs will be offset by new tax credits, which also may be available to self-employed … Read more