Tax and Financial Updates

There have been a lot of tax and financial announcements due to the COVID-19 pandemic. Here are some tax, unemployment and loan updates.

Tax Filing and Payment Due Dates Extended

The Treasury Secretary announce that the tax deadline for all businesses and individuals is delayed from April 15th to July 15th. Additionally, they will be able to make payments without interest or penalties. Initially, the extension was only for paying your taxes, but now it is for both filing and paying. So far, there isn’t any news from the State of NJ

Unemployment

If you were laid off, then do not hesitate to collect unemployment through your state’s Department of Labor website, even if it is temporary. Be aware that some of the websites have crashed due to the high volume of claimants. Also, for business owners, such as officers who own 5% or more of a corporation, you generally cannot collect unemployment.

SBA Loans

The SBA will offer low-interest loans of up to $2 million with low interest rates and long repayment terms. To qualify, you must show: a lack of working capital and loss of revenue related to COVID-19, financing is not available elsewhere (i.e., a rejection from your bank that you are currently using), your state’s governor will need to request that the Disaster Assistance Loans be open to their state, and meet the lending requirements.

If you like what you just read, then don’t hesitate to forward/share with your friends and/or click like!

Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! Sign Up Now!

Leave a Reply

Your email address will not be published. Required fields are marked *