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Federal relief available for businesses and other tax filers impacted by COVID-19

Coronavirus Emergency Aid Package Signed

The legislation signed last Wednesday evening provides paid sick and family leave for some for U.S. workers impacted by the illness, expands unemployment assistance, includes nutrition assistance and increases resources for testing. Efforts are already underway to put together a third, larger relief measure that could total $1 trillion.

Deadline for Tax Filing extended to July 15th

Following President Donald J. Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and IRS issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest.

SBA to Provide Disaster Assistance Loans for Small Businesses Impacted by COVID-19

The U.S. Small Business Administration (SBA) is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).

If you have a business that has been impacted by the COVID-19 outbreak, there may be resources available to you through the Small Business Administration (SBA). Authorities encourage to visit the Texas Department of Emergency Management webpage to learn more and fill out an Economic Injury Worksheet.

For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or email disastercustomerservice@sba.gov.