COVID-19 Update 7/13/2020
PPP Application Period Extended
Legislation was passed during the first week in July that extends the deadline for eligible businesses to apply for Paycheck Protection Program (PPP) loans to August 8, 2020. The application period was scheduled to expire on June 30.
The PPP, which was created to help small businesses weather the COVID-19 pandemic, has more than $130 billion in unspent loan money.
With multiple parts of the $2.2 trillion CARES Act set to expire in July and new outbreaks of the coronavirus forcing states to slow down efforts to reopen their economies, legislators widely acknowledge that another large-scale COVID-19 relief package will be needed when Congress returns from its 4th of July recess.
Auto-Forgiveness for PPP Loans?
On July 9th, a bi-partisan bill (S4117) was introduced in the U.S. Senate that would streamline forgiveness of Paycheck Protection Program (PPP) loans for small businesses.
The Paycheck Protection Small Business Forgiveness Act includes forgiveness for PPP loans of $150,000 or less if the borrower submits a simple, one-page attestation form to the lender. It also ensures the lender will be held harmless from any enforcement action if the borrower’s attestation contained falsehoods.
We’ll keep you posted as this develops.
Reminder – MN Testing Website
The State of Minnesota maintains a website where Minnesotans can find a COVID-19 testing site near them.
The site includes a map that features over 200 different clinics and health care facilities that offer the tests. Sites might require an appointment before you arrive, so call ahead to see what your nearest testing site requires.
Click here to find Coronavirus testing sites in Minnesota.
IRS Won’t Extend Tax Filing Deadline of July 15
The Internal Revenue Service (IRS) will not further extend the tax filing and payment deadline past July 15, despite some calls to do so, the agency said.
The IRS had previously extended the April 15 filing deadline to give taxpayers and small business owners more time during the COVID-19 pandemic. The agency said taxpayers can still request extensions to file their returns by Oct. 15 but filers who owe taxes must pay by July 15 or face penalties.
“The IRS understands that those affected by the coronavirus may not be able to pay their balances in full by July 15, but we have many payment options to help taxpayers,” IRS Commissioner Chuck Rettig said. “These easy-to-use payment options are available on IRS.gov, and most can be done automatically without reaching out to an IRS representative.”
The IRS also reminded taxpayers to check their state filing and payment deadlines, which may differ from the federal July 15 deadline.
Note: This content and analysis is for informational purposes only and should not be construed as legal advice. Please consult your legal and financial advisors for detailed information before taking any action.
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