The team at Scholl & Company is working to help all our clients and friends through this tumultuous time. In this post are links to many resources with important information related to tax and business matters that are affected by the COVID-19 pandemic. Everything is quite fluid and frequently changing and you’re encouraged to call us at (831) 758-5966 to get the latest updates or information available.
IRS and California FTB have pushed back the payment and filing deadlines for 2019 personal and many business tax returns. For the IRS update click here and for the FTB update click here.
The U.S. Small Business Administration has some low-interest disaster loans to help businesses and homeowners. The details and extent of what is available is currently changing daily and won’t be settled until Congress and the President get a stimulus package passed. In the meantime though, you should start your application for assistance online by visiting the SBA Disaster Assistance application by clicking here (a word of caution — and frustration — the site has been down more than it has been up this past week).
For workers and wage earners the California Employment Development Department has created a COVID-19 specific help site for those affected. You can visit the EDD site by clicking here. This includes provisions for unemployment benefits when furloughed or fired, reduced work house, family medical leave and disability if you’re sick.
The Families First Coronavirus Response Act was enacted on March 18, 2020 and goes into effect on April 2, 2020. The law provides expanded emergency paid sick leave and expanded family medical leave (FMLA) for qualifying employees. You can review the legislation by clicking here.
For those with FHA or other loans through Fannie Mae, Freddie Mac (the Enterprises) and the Federal Home Loan Banks the FHA is taking steps to help those impacted by the corona virus. This includes delayed payments without penalty or negative credit reporting. For the details click here to see the FHA help information.
We will continue to monitor the changing tax and business finance landscape and provide updates. Whether you are a current client of Scholl & Company or not we welcome your call and are happy to help with information any way we can. We are here to support our community. Call us at (831) 758-5966 or email us at help@schollcpa.com.