Our Covid Response & SBA Relief Opportunities
We know this time has been very difficult for so many of our clients, and we want to help.
Since we have been granted an extension on both time to file and time to pay taxes normally due on April 15 (now due July 15), we are taking this opportunity to focus our current efforts on two important matters.
- If any of our clients expect a tax refund, we commit to working with you to get your return prepared as quickly as possible. Please communicate with us as soon as possible to let us know if you anticipate being in this position.
- We would like to provide assistance with the SBA application at no additional charge to our clients who have an existing engagement letter executed with us, subject to the parameters and details below:
- We need you to make a good faith effort to answer as many questions on the application as possible, including tracking down needed documentation in your records.
- We can provide copies of returns or other prior year information that we have via your client portal, if needed.
We are available to answer questions over the phone. We are not holding in-person meetings and we are working remotely, but can share a screen if necessary to go over details. Given the sensitivity of much of the required information, we suggest you avoid email and use the secure portal to upload copies of the application, if required.
If you require compiled personal or business financials, or if you wish for us to complete the entire application on your behalf, we will need to bill for that service, under the terms of a separate engagement letter. Our resources are spread thin right now, we are also a small business impacted by this pandemic.
We will continue to keep this portion of our website updated with new developments and relief opportunities. The details of the new SBA Policies & Sick Leave are detailed below. If you reach out to us, please be patient as we are responding to each client and are receiving numerous requests right now.
The Coronavirus Aid, Relief and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed. is act provides 100% federally guaranteed loans to small businesses. all businesses can borrow up to 2.5 times the average monthly payroll costs (not to exceed $10 million) – and the best news of all, the loans may be forgiven if borrowers maintain their payroll during the crisis or restore them after the crisis. A narrative with these details is included here. The full online application can be found at: Covid SBA Application
Paid Leave Requirements, Relief
The Families First Coronavirus Response Act (FFCRA) requires certain employers to provide paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. These requirements will apply through December 31, 2020. Specific details of these new requirements can be found at: https://www.dol.gov/agencies/whd/pandemic/ffcra-employee-paid-leave
- Employees of covered employers are eligible for up to two weeks (or 80 hours) of fully paid sick leave when the employee is unable to work because of required quarantine or symptoms of COVID-19.
- Employees are eligible for additional paid sick leave at two-thirds the employee’s regular rate if the employee is caring for someone who is subject to quarantine, or whose school or child care provider is closed because of COVID-19.
- Employees may be eligible for up to 10 additional weeks of paid expanded family medical leave where an employee is unable to work due to a the closings of school or child care due to COVID-19.
These requirements apply to employers specified in the act, generally those with fewer than 500 employees. Still businesses with fewer than 50 employees may qualify for an exemption to provide leave due to school closings or child care unavailability if the leave requirements jeopardize the viability of the business. Covered employers qualify for dollar-for-dollar reimbursement through tax credits for all qualifying wages paid under the FFCRA. Qualifying wages are those paid to an employee who takes leave under the Act for a qualifying reason, up to the appropriate per diem and aggregate payment caps. Applicable tax credits also extend to amounts paid or incurred to maintain health insurance coverage.
This requirement goes into effect this week, and we will be getting more information in the days and weeks to come.
It is important that you:
- Communicate with your employees regarding these benefits;
- Advise them to keep medical documentation (letter from physician, etc.) to support paid leave if it is taken;
- Advise them to communicate with you regarding this as soon as leave begins;
- Work with your payroll provider to appropriately report these hours so that future payroll tax payments will be offset by these wages paid.'
An important note about communication:
As noted above, our employees are working remotely. We will accept your calls through our main number, 214-827-9118. We will take a message regarding your needs and questions – and more than likely, your call will be returned from a personal cell phone, home phone, or blocked number of one of our employees.