MLR

Category: COVID-19 Resource

On March 25th the Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  The CARES Act, which includes significant tax provisions and other measures to assist individuals and businesses impacted by the economic effects of the COVID-19 virus, was passed by the House and signed by the President on March 27th.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed by President Trump on March 27th, includes small business relief in the form of SBA “paycheck protection” loans.  Key provisions of this program are highlighted in this article.

Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes your company, one place you can look to for some assistance is the Small Business Administration (SBA).

On March 18, President Trump signed into law a COVID-19 relief bill. It’s called the Families First Coronavirus Response Act. The new law mandates paid leave benefits for small business employees affected by the COVID-19 emergency and establishes related tax credits and Social Security and Medicare (FICA) tax relief for their employers.

Treasury Secretary Steven Mnuchin announced on March 20th that taxpayers will have an additional three months to file their tax returns, to go along with the extension of the payment deadline announced earlier in the week.

As the novel coronavirus (COVID-19) continues to spread in the U.S. and across the world, our priority at Maxwell Locke & Ritter is the safety and well-being of our people, clients, families, and community.  We are monitoring daily updates and recommendations from the CDC.  Additionally, we are minimizing the impact that COVID-19 could have on our services and are staying abreast of all filing deadline adjustments.  We have employed the safeguards below to ensure the health and well-being of our people as well as our clients and friends who visit our offices.  These safeguards should also allow us to continue to meet our clients’ accounting-related deadlines.

Questions from employers and employees about coronavirus (COVID-19) pandemic are multiplying almost as fast as the virus itself. Employers need to rely on a combination of authoritative legal and medical advice, and their own common sense, to keep employees safe. This article explains some of the issues that employers are facing as the COVID-19 affects their workplaces.