Scott Lawrence

COVID-19 has impacted every industry and changed the way millions of businesses operate around the globe. While it’s safe to say we have not seen a disruptor of this magnitude in our lifetime, past pandemics have also forced industries to innovate and adapt.

One of the tax provisions in the CARES Act designed to give businesses immediate help with their cash flow allows them to defer payment of the employer’s Social Security tax of 6.2% (OASDI) of employee wages (up to an annual limit) incurred from March 27, 2020 through December 31, 2020. One half of the deferred amount will be due on December 31, 2021, and the other half will be due on December 31, 2022.

On April 9, 2020 the IRS issued Notice 2020-23 which significantly broadens its relief to taxpayers in response to the ongoing coronavirus pandemic. All taxpayers with a federal filing or payment deadline (original or pursuant to a valid extension) on or after April 1, 2020, and before July 15, 2020, have until July 15, 2020 to file the returns and make payments without penalties or interest.

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law on March 27, 2020. This $2.2 trillion legislation is the largest emergency relief bill ever passed in the U.S. It injects funds into the economy and provides direct relief to individuals, states, businesses and nonprofit organizations that are experiencing hardship due to the COVID-19 pandemic.

On Monday, April 6, the U.S. Department of the Treasury provided an update to its frequently asked questions on the Small Business Administration’s Paycheck Protection Program loans. The newly released FAQs address common questions and provide further guidance to borrowers and lenders concerning the implementation of the PPP.

The coronavirus (COVID-19) pandemic has already had a major impact on the U.S. economy, and certain industries – including construction – are among the hardest hit.

As the coronavirus (COVID-19) rapidly spreads within the U.S., how do business leaders ensure continuity during this pandemic? Employee, customer and vendor safety is paramount, but as more activities are canceled and face-to-face meeting aren’t advised, how can business leaders take steps to continue serving their customers? While many employers are encouraging employees to work from home, that’s not always possible for industries like manufacturing, retail and many others.