The following advice applies if business sales have significantly decreased:
1) DO NOT pay your 1st quarter federal, PA or Local estimated tax payments on April 15th.
The federal due date is pushed back to 07/15/2020, you can re-evaluate then whether you should pay.
Preserve cash flow. Once you pay in quarterlies, you can't get the money back until early 2021.
Many businesses will have a very slow year, and will be able to easily skip the 1st quarter payments.
New COVID-19 tax breaks will decrease your overall 2020 federal tax.
Late penalties will be zero or insignificant for PA and Local.
2) If you are an S corporation, consider skipping April payroll for yourself to save payroll taxes.
This advice may change later due to payroll tax saving opportunities.
3) Ask lenders and landlords to allow you to skip 1 payment. Call your lender and ask if you can skip a payment due to COVID-19. Explain that your business has significantly decreased. Ask if all penalties will be waived under the circumstances. Interest will still accrue on loans and leases.