2Q2020 Estimated Tax Payments Deadline Reminder

Note: This guidance was sent as a client alert on June 15, 2020 and the information is current as of that date.

Federal Estimated Tax Payments

As a reminder, Federal estimated tax payments were delayed due to COVID-19. The updated deadlines are:

  • First Quarter: July 15, 2020
  • Second Quarter: July 15, 2020
  • Third Quarter: September 15, 2020
  • Fourth Quarter: January 15, 2021

Illinois estimated tax payments retained their normal schedule, meaning second quarter payments are due today, June 15, 2020. Other state and local return deadlines vary. If you need assistance, please reach out to your regular C+A contact to discuss.

Paycheck Protection Program (PPP)

Funds for the PPP remain available. All loans must be approved by June 30, 2020. So, if you have not received funds and would like to apply please do so as soon as practical to allow for loan processing. If you need assistance, please reach out to a C+A team member.

Paycheck Protection Program (PPP) Forgiveness

The Department of Treasury has updated the Interim Final Rule for the PPP to include the changes from the Paycheck Protection Program Flexibility Act (PPPFA). This includes an option for borrowers to select between 8 weeks and 24 weeks for their forgiveness period. We advise any loan recipients that are nearing the end of their 8 week period to complete an analysis of forgiveness based on both eligible periods. If you would like assistance, please contact a C+A team member.

There are more proposals in Congress that could change the forgiveness process. One proposal led by Senator Schumer and signed by the full Senate Democratic Caucus would streamline PPP loan forgiveness for “low-dollar” loans. It does not specifically define the “low-dollar” term but indicates that a safe harbor should be provided to allow those loans to achieve forgiveness without a calculation.

Economic Injury Disaster Loan (EIDL) Program

The EIDL program is now again accepting applications. If your application is still in process please ensure you review the loan terms in detail. These loans are for a specific time period and only eligible to be used for specific purposes. Depending on your business entity type, you may need to provide the SBA with additional documentation (i.e. corporate resolutions, etc) as part of the loan process. These same use restrictions also apply to the EIDL grant.

Have questions? Need more information? Schedule a free consultation today!

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