03/19/2020
Dear Clients and Friends,
Our firm has been monitoring the COVID-19 developments closely. We understand the impacts the Corona-Virus has been having. We have compiled a listing of some recent articles which we believe could be helpful at these trying times.
1. Employees affected by a business closure, reduction of hours, or a medically or government directed quarantine should be encouraged to file for unemployment compensation if no other compensation, such as paid leave, is available to them.
Businesses should be aware that this increase in unemployment claims will not increase your UC tax rate. Businesses who are temporarily closed due to COVID-19 will be granted Relief From Charges and your tax rate will not be increased. Please see the article below from the PA Office of Unemployment Compensation for more information.
https://www.uc.pa.gov/COVID-19/Pages/Employer-COVID19-FAQs.aspx
2. If you are a small business owner, you yourself are unable to file for unemployment. Governor Tom Wolf made an official Economic Injury Declaration yesterday due to the Corona-Virus Pandemic. This will allow for emergency loan program funding to be available to small businesses to cover fixed debts, payroll, accounts payable, and other bills that cannot be paid. Please see the article below from Altoona Blair County Development Corporation for information.
http://www.abcdcorp.org/emergency-small-business-financial-assistance-now-available/
3. Individuals and businesses have been granted the ability to defer income tax payments due on April 15th until July 15th without incurring penalties and interest. This, however, does not change the April 15th tax filing deadline. Tax returns and tax extensions are still due on April 15th. Please see the article below from the IRS for more information.
https://home.treasury.gov/news/press-releases/sm948
We will continue to monitor the situation and will keep you updated through Facebook and e-mail.
Please stay healthy and safe,
Link & Associates, P.C.
The Department of Community and Economic Development has a resource account for businesses to reach out to directly with questions and concerns about operations. Email [email protected] with your name, business, contact information, and concern, and someone will be in contact to assist you.
