To all our clients and friends:
We apologize for all the emails; however, we feel it is important to keep you abreast of the changes as they come through. We are in unprecedented times, every single day something is changing and will continue to. Sometimes by the hour. We will do our best to keep you updated. People are panicking all over the country, we understand and want to be here as a source of information for you. I urge everyone to take a deep breath, stay in if you can, stay safe because I do believe big help is on the way. We will try to keep our
updated with changes, so please
1. First big question we are getting - what should I tell employees. If you can keep afloat this week, I urge you to try. If not, please tell them to contact their local unemployment office, of which most are online right now. That's the best answer we can give today and will likely change tomorrow.
2. SBA emergency loans - most states have implemented procedures, however if/when they pass the bill in Congress below, and I fully believe something will pass, that will change the entire game. Not getting into details, but know it's massive relief (keep fingers crossed). However, we cannot tell clients to wait if they don't want to. If you feel the need to apply for state level SBA, we cannot discourage it. We understand businesses are trying to stay alive.
3. Families First Coronavirus Response Act - a
is on our
. The bill is passed, but they have 15 days to enact and roll out exact guidance. There are a lot of logistical questions on this and the Treasury will be issuing more guidance.
The Coronavirus Aid, Relief, and Economic Security Act (Cares Act) - stuck in Congress right now. The House has their own version and it is 1,100 pages and just published. I can tell you most small business clients want the Senate version of the bill!!!
The Cares Act is the massive bill they are arguing about right now. I encourage all Americans to contact their politicians and plea with them to get something done. Small businesses are hurting, and we need help. And we need it now, not in a week.
Part of what I (Eric) have been doing this past week is watching this legislation and how it was going to impact this Firm, our employees and our clients. Take taxes out of the equation and this is about human beings. We built this Firm on a family first mentality and it will continue to remain that way. Our clients are part of the H&T family and we want everyone to be safe in your respective locations.
Tax deadline is moved to July 15th. 2019 taxes will be due at that time. 1st Q 2020 estimate also due at that time. Any IRA, HSA, retirement contributions that would have been due 4/15 are pushed back to 7/15. The 2nd Q 2020 estimate is still due 6/15, however I expect that to change as well.
For anyone who has already filed with automatic withdrawals, we suggest you call the number on your tax return letter or 888-353-4537 if you want to attempt to stop. We have no guidance on whether or not they plan to push those back, to ensure please call. Expect long wait times as IRS and state offices are continuing to close down daily.
States continue to follow the feds, but in some cases, it takes legislative action and they can't do it right now. We will continue to monitor this and will have a link on our website showing updates.
The Families First Bill has a lot of sick and family paid leave legislation. I can tell you the Cares bill makes changes to this, so anything you know today could change tomorrow. Our team has been and will continue to gear up on helping answer questions related to your situations. Please contact your payroll preparer on these once they are enacted. These are passed into law, but they have 15 days to make it enacted (effective).
I know this is a lot right now. Everyone is in a state of shock and confusion not knowing what to do. I wish we had more answers right now, but we don't. I can assure you, once we do, we will inform everyone.
I had a physician client make a comment last week that has stuck. Eric, biology doesn't have a clock. We have no idea when this is all going to end. Our team will be here to help when we have more guidance. We are all in this fight together.