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

The U.S. Small Business Administration 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).

Coronavirus Emergency Aid Package Signed into Law

The legislation signed 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.

Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak

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.