Federal Government Updates & Resources
Federal Government Response to COVID-19
Under the Paycheck Protection Program (PPP) created by the CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses.
The Treasury Department and Small Business Administration recently released the application form and instructions for loan forgiveness. The forgiveness forms, instructions, and worksheets can be downloaded here.
PPP borrowers must apply for loan forgiveness with the lender that processed the loan.
This guide is designed to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the loan forgiveness process.
MARCH 28, 2020 — Based on continuing assessments of guidance from federal, state and local health authorities, the U.S. Census Bureau is suspending 2020 Census field operations for two additional weeks to April 15. The Census Bureau is taking this step to help protect the health and safety of the American public, Census Bureau employees, and everyone who will go through the hiring process for temporary census taker positions. Click here to learn more.
Washington – Following President Donald J. Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest. This guidance does not change the April 15 filing deadline.
“Americans should file their tax returns by April 15 because many will receive a refund. Those filing will be able to take advantage of their refunds sooner,” said Treasury Secretary Steven T. Mnuchin. “This deferment allows those who owe a payment to the IRS to defer the payment until July 15 without interest or penalties. Treasury and IRS are ensuring that hardworking Americans and businesses have additional liquidity for the next several months.”
Today’s guidance will result in about $300 billion of additional liquidity in the economy in the near term. Treasury and IRS will issue additional guidance as needed and continue working with Congress, on a bipartisan basis, on legislation to provide further relief to the American people.
Click here to view the notice.
Click here for further information and resources regarding COVID-19.
Click here for further information on IRS efforts to assist taxpayers.
Click here to read a summary provided by the U.S. Chamber of Commerce relating to the passing of H.R. 6201 (the Families First Coronavirus Response Act). This bill provides, among other things, provisions to address Paid Sick Leave, Paid Family and Medical Leave, and Unemployment Insurance for workers displaced by the ongoing outbreak. Furthermore, it includes provisions to provide diagnostic testing for coronavirus and bolsters Medicaid and nutrition programs for at-risk populations.