COVID-19 Relief Updates
Updated April 1, 2020 at 4:00 p.m.
We wanted to reach out and update you on various matters related to COVID-19 relief. Note that some of these are time sensitive.
- Paycheck Protection Program (“PPP”) loan applications may be submitted starting April 3, 2020. We have heard that lenders expect a flood of applications when they open on Friday. We recommend you be prepared to submit when the applications open. You can find additional information and a comparison on our website here.
- SBA Releases Guidance and Forms on their website here. Please check back to the site regularly for any updates or form changes.
- We have templates on how this program works and can assist you in comparing the various alternatives.
- IRS issued FAQ on employee retention credit here.
- I am an eligible employer. How do I receive my credit?
- “Employers can be immediately reimbursed for the credit by reducing their required deposits of payroll taxes that have been withheld from employees' wages by the amount of the credit.”
- Iowa Workforce Development issues FAQ here to address common questions related to who can claim and how to file for unemployment benefits.
- Department of Labor designates April 1, 2020 as effective date for Families First Coronavirus Response Act (FFCRA) which includes Emergency Paid Sick Leave and the Emergency Family and Medical Leave Act. FAQ document found here highlights who is eligible for benefits and required to provide paid leave. The document addresses telework and partial leave, two areas we have received many questions on.
- In addition, the IRS has issued an overview and FAQ here of how to claim the tax credits related to the Paid Sick Leave provisions.
- Economic Impact Payments are expected to begin in the next three weeks and will be distributed automatically with no action required for most people. People who typically do not file a tax return may need to file a simple tax return to receive an economic impact payment. The IRS will soon issue guidance on how to file these tax returns. More information is available from the IRS here.
Reminder that these and other documents can be found on our website by clicking here. We are here to assist in these difficult times. Please don’t hesitate to reach out to us.