#smallbusinessassistance

U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.

The Treasury Department and Internal Revenue Service announced today that 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.

The Families First Coronavirus Response Act (H.R. 6201) (the “Act”) was passed by the Senate and signed by the President on Wednesday, March 18, 2020. The Act significantly expands the Family Medical Leave Act (“FMLA”) and requires employers to give paid emergency sick leave related to COVID-19. The Act will take effect within the next two weeks (the Act says no later than 15 days from when it was signed). It is important for employers to review all of these programs to determine how you can support your workforce while managing your cashflow.

Self-employed and gig workers paid as independent contractors are also eligible for equivalent tax credits if they are unable to perform services in their trade or business under similar circumstances related to coronavirus.