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deadlines and self-employed/small business impact update (april 8th)
Important update: Updates regarding deadlines and small business and self-employed impact of COVID-19.
We are committed to bringing you the best information we have available. Please know that the CARES act passed 12 days ago and has a lot of benefits for business owners. However, the guidance regarding the different programs has been changing almost daily. Here is what we know now.
The individual banks participating in the PPP (Payroll Protection Program) loan program each have their own methods for obtaining the information that will be needed to finally get the loans. It is our understanding that many have applied but no funds have been disbursed and there will likely be additional underwriting (documentation requested) needed to be completed by the banks. Please note that it appears to be handled differently by different banks. Be sure to reach out to your bank for further guidance.
The self-employed businesses are supposedly open to applying for the PPP loan starting on Friday (4/10). With the confusion reigning relating to the businesses with payroll, we have not yet seen any guidance with regard to the calculation and application for the self-employed opportunity to apply.
The EIDL loan may be a good option and there is now a streamlined application which is just for the COVID-19 impact and much easier to navigate than the loans which are typically a result of natural disasters.
The PA Unemployment office is not yet able to accept claims from self-employed individuals.
Anecdotally, we have heard that if you have ever been on unemployment in PA in the past, you can log in with your existing PIN even if it is several years old to establish a new claim.
Otherwise, you will go online to submit a new claim but have to wait to receive a PIN in the mail before you can start collecting. There will be a delay in when you file to when the money actually gets into your hands.
EIDL Loan application https://covid19relief.sba.gov/#/
PA UC information https://www.uc.pa.gov/Pages/covid19.aspx
One more really important note: April 15th is not a meaningful deadline in 2020. You do not need to file anything by this day nor pay your first quarter 2020 estimate. This has been pushed back to July 15th for Federal and PA (and most other states). We are working on your tax returns that we have in hand and will be in touch.
Connolly, Steele + Company has kept the needed coordination between
payroll, taxes and accounting well understood and pinpoint predictable.