COVID-19 assistance (Coronavirus)

Small business immediate relief:

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.
  • loan payments
  • equipment leases
  • rent to landlords
 
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click here... Life Sustaining Business list...  you can stay open & employees can travel to your workplace even with PA Governor's stay at home order !
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Web links:
1) My favorite PA resource article – Fox 43
https://www.fox43.com/article/news/health/coronavirus/has-the-coronavirus-outbreak-impacted-your-job-or-your-business-heres-a-list-of-resources/521-d425ac27-3fdd-48fb-a9a1-645e65434c8e
 
 
2) PA Department of Labor – employees and business help
https://www.uc.pa.gov/COVID-19/Pages/default.aspx
 
  
3) PA Department of Labor – additional business help
If you are a business that has had to close either temporarily, consider layoffs, or is financially at-risk for permanent closure the Rapid Response Assistance Program is available to assist you with a variety of services and resources to help you and your employees. You can reach the Rapid Response team via email at [email protected].
Additional resources for businesses are available through the PA Department of Community and Economic Development.