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Corona's Tax Impact #2

Tax Deadline - Important Update

The IRS has finally come through and officially fully extended the tax deadline from April 15, 2020 to July 15, 2020. Their original position as stated in our previous update was to only extend the payment due date. We are grateful to receive some good news during these challenging times.

Cash Flow Stimulus Package

Washington is currently very focused on putting cash and liquidity in the hands of small business owners and employees affected by the CoronaVirus. Their approach is expected to include the following:

  • Checks in the hands of employees (up to certain levels of income)

  • Business grants of up to 100,000 provided the company does not lay off its employees

  • Tax credits to cover the costs paid out for sick leave

  • Various loans and tax deferments for small businesses

This will likely be very applicable to many Startups operating in the U.S. We intend to keep you update with further developments.

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