Small Business Exemption, SBA Funding, PA Tax Deadline Extended

Updated Coronavirus Information 

Thank you for your patience as we adapt to these fast changing and challenging times. We’d like to update you on a few items from our last communication. 

Emergency Paid Sick Leave Act and the Emergency Family Medical Leave Act – Small Business Exemption 

The legislation passed by Congress and signed by the President includes a small business exemption provision. The bill grants the Secretary of Labor the authority to exempt businesses with fewer than 50 employees if the application of the requirements may jeopardize the future viability of the business. The U.S. Secretary of Labor will issue a notice that employers must post in the workplace. The model notice will be issued within seven days after the act is enacted. Unfortunately this is the extent of the information that we have at this time but there is a provision for small businesses to have relief. 

SBA Funding Programs 

Many of you are asking us for loan/funding options. Here is the website link to take you to the SBA programs:  

Legislation Currently in discussion in Washington 

Our legislators in Washington are working on a bill that could include benefits such as one time checks being sent to taxpayers, extension and addition to current unemployment benefits, deferral of payment of payroll taxes into 2021 and 2022 and changes to operating loss usage on your tax returns. Expect additional details of passed legislation in the next week or so. 

PA Tax Deadline and Payment Extended 

The PA deadline for filing AND payment of taxes has been changed to 7/15/20 to fall in line with the federal deadlines. We expect the local municipalities to follow suit. 

Gift CPAs Office Update 

We received word last night that we have now been included on the Essential Businesses List which means that we can reopen our offices. We have had many of our team members working remotely and in consideration of the health concerns we are all facing right now, we are encouraging our teams to work from home. We will however be open for drop off and pick up of materials in the event that you are unable to use email, regular mail or our portal systems. For everyone’s safety we are requesting all of our clients that need to pick up information at our offices, to please call your contact here at Gift CPAs and arrange for a pick up time. We need to limit the number of people waiting in our lobbies. 

Thank you for your help and consideration in this very difficult time.  

Be safe and stay healthy. 

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