To our Clients,
The COVID-19 pandemic has put all of us in a unique situation. It is something that we never thought would happen. To any of you who are in the medical field, we appreciate everything you are doing to help keep us all safe.
There are many of us either working from home or unable to work at all due to the restrictions in place. We have been receiving questions regarding the filing deadlines, the stimulus packages, small business loans and aide, and what businesses are still open. We have added some links below that are updated daily and will answer these questions.
We are still working very hard in order to have your returns filed by 4/15/20 despite the federal tax return extension to 7/15/20. If you are expecting a refund, we want to make sure that you receive it in a timely fashion. We have included a link below from the AICPA which shows a chart of all the states and their updated filing deadlines. Not every state has extended their deadlines. If the chart is unclear, please search your states tax website, there will be a link regarding COVID-19 which will point out if the deadline has been extended. If your state has not been extended, both the federal and state tax returns will still be due 4/15/20, although payment for the federal return will not be due until 7/15/20. We look forward to continuing to work with everyone. Please stay safe.
Michael & David Sanatar
https://www.irs.gov/coronavirus The IRS has determined that they will use either your 2018 or 2019 tax return to determine eligibility to claim the stimulus. Please visit this link for additional details.
https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf Please visit this link for up to date tax deadline changes by state and tax type.
For New York:
For New Jersey:
https://labor.ny.gov/unemploymentassistance.shtm Please visit this link if you need to apply for unemployment, have questions regarding unemployment, or would like additional information regarding the new CARES Act which now grants an additional $600 per week to those who qualify.
https://myunemployment.nj.gov/ Please visit this link if you need to apply for unemployment, have questions regarding unemployment.
https://esd.ny.gov/small-business-administration-sba-covid-19-loans Please visit this link if you own a small business and are looking for a grant or low interest rate business loan. The first option is the Paycheck Protection Program (PPP), which is a loan to be used on business expenses related to rent, mortgage payments, payroll expenses, and insurance expenses. If the loan is used for any of these expenses, the first 8 weeks of the loan are forgiven and considered tax free. Any other uses, the loan turns into a 2 year loan with an interest rate of up to 4%. The second option is Econimic Injury Disaster Loan (EIDL) This program offers loans for businesses as well, as long as you qualify, you can request a $10,000 advance, which has to be paid within 3 days. The advance will be considered a grant that you will not have to pay that back and will be tax free. To apply for either loan, please click the link above. For more information on each loan, please click either link under "Detailed Information"
https://www1.nyc.gov/site/sbs/businesses/covid19-business-outreach.page Visit this link if you are a small business (1-4 employees) in New York City. This grant will cover 40% of payroll costs for 8 weeks to help retain employees. No longer accepting applications after 5:00 PM on 4/3/2020
https://www.sba.gov/funding-programs/disaster-assistance Visit this link to view the general SBA loan application.
We have sent out an email on April 1, 2020 with details and comparisons regarding SBA loans. If you have not received an email and would like to or have any questions please reach out to:
David Sanatar: Dave@sanatarcpa.com