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, and small business loans. We have added some links below that will help answer these questions.
We are still working very hard to have your returns filed by 4/15/21 despite the federal tax return extension to 5/17/21. If you are expecting a refund, we want to make sure that you receive it in a timely fashion. Unfortunately, with the new stimulus bill there have been some updates at the federal level which prevent us from filing some tax returns. They are working quickly to finalize new tax forms so all returns can be filed once again. We are working to make sure everything is done correctly to alleviate any stress or concern on your end. We look forward to continuing to work with everyone. Please continue to stay safe.
Sincerely,
Michael & David Sanatar
COVID-19 Resources
Below you will find helpful links to information related to COVID-19. From federal stimulus packages to tax filing deadlines, to SBA loans and unemployment information. Please do not hesitate to reach out to M. Sanatar CPA with any questions you may have about how COVID-19 impacts your business finances.
US Treasury Stimulus Package Due to COVID-19 Updates:
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.
New York Unemployment:
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.
New Jersey Unemployment:
Please visit this link if you need to apply for unemployment, have questions regarding unemployment.
New York Small Business Association (SBA) COVID-19 Loans/Grants:
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 1%.
The second option is Economic 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://esd.ny.gov/small-business-administration-sba-covid-19-loans
Detailed Information:
PPP: https://esd.ny.gov/sba-paycheck-protection-program-ppp
EIDL: https://esd.ny.gov/sba-economic-injury-disaster-loan-eidl-program
Disaster Loan Assistance Due to COVID-19 for New York Businesses and the Surrounding States:
Visit this link to view the general SBA loan application.