This is a summary of various relief provisions available through the Federal Government and the State of Florida. At the time we went to press with this Congressional legislation is still being finalized.
The Small Business Administration (SBA) and Internal Revenue Service (IRS) have provided the following relief items:
IRS – Tax Payments Extended
Following President Trump’s declaration of a national emergency, the Secretary of the Treasury announced that individuals and corporations can defer tax payments for 90 days. These are the limits:
The individual tax filing deadline has not been changed, but taxpayers may file Form 4868 – Application for Automatic Extension of Time to File Individual Tax Return. This form extends the filing date by 6 months – until October 15th.
SBA – Disaster Loan Assistance
Florida has not been declared an Affected State at this time; however, a nation-wide declaration is anticipated to be made by the President and SBA. The relief available in declared states is as follows:
Congressional Measures Passed by the House (H.R. 6201) awaiting Senate Passage – Tax Credits
The Families First Coronavirus Response Act (Act) passed by the House provides support for Americans during the COVID-19 pandemic. Parts of the Act provide medical leave benefits, paid sick leave benefits and employer and self-employed tax credits, and an exclusion from FICA with respect to these benefits. Details will be final upon Senate passage. Here is what is known in the House Bill:
State of Florida Relief Provisions
Florida Small Business Emergency Bridge Loan Program – The program will provide short-term interest free loans that are intended to bridge the gap between the time a major catastrophe occurs and when a business can secure longer term recovery resources – such as – federal assistance from the SBA, insurance claims or sufficient revenue from operations.
Florida Business Damage Assessment Survey
Florida businesses are encouraged to complete this survey for the state to assess the economic damage related to COVID-19. The survey is not a loan or grant application but is related to determine the disaster impacts in Florida.
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