As we all forge through this virus, I wanted to write and share some credible information that can help you and your business. Information is forthcoming daily and I would caution you as you search for assistance as we’ve noticed a great deal of questionable information being included in blast emails, posted online, and reported in the media. Below is credible information on programs that are currently available to you and your businesses as well as any changes to due dates and relief offered by the State of Florida and Internal Revenue Service (IRS).
Some of these programs are administered by the State of Florida, the Small Business Administration (SBA) or your local bank. Guidelines are still being prepared for the Stimulus passed last Friday, March 27th, but the SBA has advised that the Paycheck Protection Program (Cares Act) will be administered by local banks who have partnered with the SBA. Please see the link for a detailed explanation of eligibility rules and what operating costs will be covered. While that loan program is being finalized SBA’s Economic Injury Disaster Loan is active and sole proprietors and businesses can apply for that today. There is also the Florida Emergency Disaster Bridge Loan, through the Department of Economic Opportunity (DEO) for businesses with 2-100 employees. This loan is up to $50,000, 0% interest for 12 months and is intended to bridge the gap between business resuming or acquiring long term financing. The SBA loan can be used to pay off the Florida Emergency Disaster Bridge Loan. All of these loans are intended to help keep your business open, they are NOT intended to replace lost profits from the disaster, please keep that in mind as you set expectation and complete your applications.
- Paycheck Protection Program FAQs for Small Businesses – Important information for your business
- Small Business Administration SBA Economic Injury Disaster Loans (EIDL) – Up to $10,000 Emergency Grant Available in as Little as 3 Days
- SBA Small Business – Guidance Loan & Resources
- Florida Emergency Disaster Bridge Loan – www.floridadisasterloan.org
We are here to help! Our offices remain open as we are considered an essential business. (Many of our staff work remotely, so call before driving to Boca office as hours are limited) As we wrote previously, while we did not specifically prepare for a virus outbreak we have strategically structured our firm in a virtual environment to allow us to continue to work through national disaster. Given the unique situation, we are asking our clients to help us do our part with Social Distancing.
As some cities we service are under full lock down we doing as much as possible electronically or over the phone and ask for your understanding so we can limit the number or people in our offices to protect our staff and each other.
If you need assistance completing any of the applications or copies of your tax returns to complete an application yourself please contact our office.
Here is some verified additional information (we are still looking at the mechanics of this)
- Delay of Payment of Employer Payroll Taxes
This provision would allow taxpayers to defer paying the employer portion of certain payroll taxes through the end of 2020, with all 2020 deferred amounts due in two equal installments, one at the end of 2021, the other at the end of 2022. Payroll taxes that can be deferred include the employer portion of FICA taxes, the employer and employee representative portion of Railroad Retirement taxes (that are attributable to the employer FICA rate), and half of SECA tax liability.
- Deferral is not provided to employers receiving assistance through the Paycheck Protection Program. (So we suggest holding off deferral until we know you have or have not received PPP money)