Client Update – COVID-19 Resources

As we all navigate through these ever-changing times in our business and personal lives, Detweiler, Hershey & Associates, P.C. is committed to helping our clients and community.  Below are some resources for businesses that have become available over the last week.  Please contact us to discuss how any of the below items could help or be of impact to you and your business as we continue to move through these times.

SBA Small Business Loan Guidance and Resources

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the COVID-19 virus.  The SBA’s Economic Injury Disaster Loan program provides small business with working capital loans of up to $2 million that can provide vital economic support to small businesses to overcome the temporary loss of revenue they are experiencing.

 

Families First Coronavirus Response Act

On March 18th the Families First Corona Virus Response Act (Act) was signed into law to provide paid leave for workers and tax credits for businesses who have been impacted by the COVID-19 virus.  

https://www.irs.gov/newsroom/treasury-irs-and-labor-announce-plan-to-implement-coronavirus-related-paid-leave-for-workers-and-tax-credits-for-small-and-midsize-businesses-to-swiftly-recover-the-cost-of-providing-coronavirus

Some of the key takeaways from the Act:

  • Paid Sick Leave for Workers – Employees receive up to 80 hours of paid sick leave and expanded paid child care leave when employee children’s schools are closed or child care providers are unavailable.
  • Employers receive 100% reimbursement for paid leave pursuant to the Act.
    • Health insurance costs are also included in the credit
    • Employers face no payroll tax liability
    • Self employed individuals receive an equivalent credit
  • Credits will be made available as an offset against payroll taxes

 

Pennsylvania Shared Work Program

Pennsylvania is allowing a shared work program where an employer can temporarily reduce the work hours of a group of employees and divide the available hours equally rather than laying off any employees.  Employees covered by a Shared Work plan receive a percentage of their Unemployment Compensation Weekly Benefit Amount while they work the reduced schedule, if they are otherwise eligible for Unemployment Compensation.

https://www.uc.pa.gov/employers-uc-services-uc-tax/shared-work/Pages/default.aspx

 

Pennsylvania Unemployment FAQ’s

Pennsylvania Unemployment has put together a Frequently Asked Questions resource for both employers and employees in regards to collecting unemployment benefits.  

https://www.uc.pa.gov/COVID-19/Pages/Employer-COVID19-FAQs.aspx

 

Tax Return Filing Deadlines

Currently the Federal, State of Pennsylvania and Local Authorities have delayed the income tax filing deadline from April 15, 2020 to July 15, 2020.  Along with this, the payment due date has been moved back to July 15, 2020 along with the first quarter estimated payment due date.  More information could become available as new bills are introduced and passed; we will keep clients updated if that happens.

 

The above information is meant to be a resource to our clients with information to answer possible questions.  As always, if you have specific questions regarding your business or situation please reach out to your accountant at Detweiler, Hershey & Associates; we are here to help in any way that we can.

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