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Legislative Update Coronavirus (COVID-19) Impact

03/26/2020

As of this writing, the US Senate has passed the third major piece of legislation, the CARES Act.  Passage by the House is hopefully Friday.  This Act is meant to add on to the first two pieces of legislation, so it will change the calculus of how to respond to these circumstances.  In general, here is some of what the CARES Act addresses:

 

·       Making SBA loans available and on favorable terms

·       Possible grants and forgiveness of a portion of small business loans

·       Payroll tax incentives

·       Changes to unemployment benefits

·       Incentives for employee retention

·       Direct payments to individuals making less than certain amounts

 

Even if passed as is with no changes, and that’s a big if, much guidance will be required by Federal agencies to provide clarity.  We’re living in a time of high uncertainty.

 

We can help.  Some of the items we can provide for making loan applications as well as sound business decisions (besides past tax returns and financial statements) are:

 

·       Cash flow projection for the next several months

·       Tax credit analysis to help determine staff retention strategies

·       Answers to certain loan questions

 

Please call us if you’d like our help with this.  We’ve developed tools to make this process as painless and cost effective as possible for you.  We’re in this with you.  We will coordinate work to be done with each client to limit our fees associated with the additional work. 

 

Tax Update:

Yesterday Governor Pritzker announced that Illinois would follow the Feds in extending the time to file and pay 2019 taxes from April 15 to July 15.  Unlike the Feds, Illinois will not extend the time to pay the first quarter 2020 estimated taxes. 

 

With this new information and given the challenges we face in assisting our clients through these uncertain times, we will be updating our work processing priorities for our staff already working under difficult circumstances.  Expect an announcement on that soon.

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