To help you more easily get the answers you are looking for, we have streamlined some helpful information and tips to have at your disposal. As the situation evolves, we’ll continue to update this information to keep you informed.
We remain focused on providing you with the service and support you have come to expect from us.
For more information on how to protect yourself, family and community please visit the CDC for the latest updates and information.
Families First Coronavirus Response Act (FFCRA)
The Act requires certain employers to provide their employees with expanded family and medical leave for specified reasons related to COVID-19. A brief summary includes:
- Two weeks (up to 80 hours) of expanded family and medical leave at the employee’s regular rate of pay where the employee is unable to work because the employee is quarantined (pursuant to Federal, State, or local government order or advice of a health care provider), and/or experiencing COVID-19 symptoms and seeking a medical diagnosis; or
- Two weeks (up to 80 hours) of expanded family and medical leave at two-thirds the employee’s regular rate of pay because the employee is unable to work because of a bona fide need to care for an individual subject to quarantine (pursuant to Federal, State, or local government order or advice of a health care provider), or care for a child (under 18 years of age) whose school or child care provider is closed or unavailable for reasons related to COVID-19, and/or employee is experiencing a substantially similar condition as specified by the Secretary of Health and Human Services, in consultation with the Secretaries of the Treasury and Labor.
A covered employer must provide to employees that it has employed for at least 30 days:
- Up to an additional 10 weeks of expanded family and medical leave at two-thirds the employee’s regular rate of pay where an employee is unable to work due to a bona fide need for leave to care for a child whose school or child care provider is closed or unavailable for reasons related to COVID-19.
Tax Credits: Covered employers qualify for dollar-for-dollar reimbursement through tax credits for all qualifying wages paid under the FFCRA. More information may be found on the Department of the Treasury’s website.
Additional details regarding covered employers, qualifying reason for leave and duration of leave may be found on the Department of Labor’s website.
SBA Disaster Assistance in Response to the Coronavirus
Small Business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19),
- These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Based on information from the SBA, the current interest rate is 3.75% for small businesses and 2.75% for non-profits.
- SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
IRS Extends Deadlines for Filing 2019 Income Tax Returns and Making Payments
Last week IRS Notice 2020-17 and IRS Notice 2020-18 were issued to provide relief for taxpayers affected by the ongoing coronavirus pandemic. The relief postpones the due date for 2019 individual income tax returns to July 15, 2020. The due date for making final or estimated tax payments for 2019 has also been postponed to July 15, 2020.
These notices also address estimated payments on 2020 income taxes. Persons who are self-employed may postpone their April 15, 2020 estimated tax payment until July 15, 2020. At this time, no relief has been granted for the estimated tax payments due for the remainder of the year. Additional details may be found on the IRS Website.