COVID-19 Developments and Helpful Links from Presti & Naegele

March 21, 2020

Dear Clients, Colleagues and Friends,

Everyone at Presti & Naegele is well, working remotely and following current developments due to Novel Coronavirus to keep you informed. We hope these current links are helpful:

The federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. https://www.irs.gov/coronavirus

Relief for Businesses with Employees Affected by COVID-19:

https://www.irs.gov/newsroom/treasury-irs-and-labor-announce-plan-to-implement-coronavirus-related-paid-leave-for-workers-and-tax-credits-for-small-and-midsize-businesses-to-swiftly-recover-the-cost-of-providing-coronavirus

Internal Revenue Service (IRS) advice for deducting COVID-19 costs from your taxes

Latest information from the Federal Government https://www.usa.gov/coronavirus

For the latest information from the Coronavirus Task Force, please visit https://www.whitehouse.gov/news/

The Department of Treasury has information available at Coronavirus: Resources, Updates, and What You Should Know

Consumer Financial Protection Bureau has advice for managing the personal financial impact of coronavirus.

The U.S. Department of Labor has resources to help workers and employers prepare for the COVID-19 virus https://www.dol.gov/coronavirus

Federal Student Aid has information for students, borrowers, and parents.

SBA Loan Assistance Programs: https://disasterloan.sba.gov/ela/

NYS:

100% of the workforce must stay home beginning Sunday, March 22 at 8PM, excluding essential services. https://coronavirus.health.ny.gov/home

Novel Coronavirus FAQ for Businesses https://esd.ny.gov/novel-coronavirus-faq-businesses

How to file a claim for unemployment insurance benefits: https://labor.ny.gov/ui/how_to_file_claim.shtm

Check the NYS Department of Financial Services for relief from banks, insurance companies, etc. https://www.dfs.ny.gov/

NYC:

If you’re a small business owner in NYC affected by COVID-19, visit https://www1.nyc.gov/site/sbs/businesses/covid19-business-outreach.page or call 311 for info on grants, updates & more.

New York’s SBA Loan Assistance Program:

https://www1.nyc.gov/site/sbs/businesses/covid19-business-financial-assistance.page

General:

Check your insurance policies for information regarding business interruption provisions.

As always, please don’t hesitate to contact us for assistance. We send our best wishes to you and your family at this challenging time in our country.

Wayne P. Naegele, CPA