Lee B

Here are summaries of the two programs: * Paycheck Protection Program The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. Under this program: Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount. Loan payments will be deferred for six months. If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination. * Economic Injury Disaster Loans and Loan Advance To apply for a COVID-19 Economic Injury Disaster Loan, click here. In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

I started a new thread about the "Payroll Protection Program" which is a different program with a different application process. It's getting hard to keep track of all the moving parts of the different programs.

The other thread is about a different SBA program called an " COVID 19 ECONOMIC INJURY DISASTER LOAN." Copied from the Journal of Accountancy: Applications for small business Paycheck Protection Program open April 3 By Kim Nilsen and Alistair M. Nevius, J.D. Advocacy & Tax Relief Management Accounting Tax Small businesses and sole proprietorships affected by the coronavirus pandemic can apply for loans under the federal Paycheck Protection Program (PPP) beginning Friday. Starting April 10, independent contractors and self-employed individuals can apply. The application can be found here on the Treasury site, along with details for borrowers and lenders. Treasury urged those in need of funding to apply quickly, noting that the program has a cap and demand is likely to be high. The $349 billion program was enacted as part of last week’s Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136. Under the program, small businesses with 500 or fewer employees including not-for-profits, veterans’ organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors are eligible for loans to pay up to eight weeks of payroll costs including benefits as well as other costs. Businesses with more than 500 employees are eligible in certain industries, Treasury said. Loan forgiveness is based on the employer’s maintaining or quickly rehiring employees and maintaining salary levels, Treasury said in its overview documents. Forgiveness will be reduced if full-time headcount declines or if salaries and wages decrease. PPP funds can also be used to pay interest on mortgages, rent, and utilities. Treasury noted that due to likely high demand for the program, at least 75% of the forgiven loan amount must have been used for payroll. Loan payments will be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. An employer who receives a loan under the PPP is not eligible to also claim an employee retention credit under the CARES Act. The employee retention credit gives eligible employers whose business operations are fully or partially suspended due to the COVID-19 pandemic a credit against employment taxes equal to 50% of qualified wages (up to $10,000 in wages) for each employee.

These dates are for a program called the "Paycheck Protection Program."

It's pretty simple, if you have the time.

I just filled out the application for my own business in about 20 minutes, did not ask for the $10,000 grant advance.

You also have the option of documenting your verbal inquiries and your clients answers.

I have my clients sign a certification statement, which I found online and modified for my purposes.

I was reading on one site today, that you cannot obtain a forgiveable SBA loan and also claim a payroll tax credit.

I believe what is included in wages for WC purposes is on a state by state basis.

I believe they have 90 days to return the money to the fiduciary.

1. You file an unemployment claim with your state. 2. You do not need to be a wage earner with an employment history 3. These benefits are being paid with federal dollars 4. Your state's Employment Department will decide based on federal guidelines

Clearing your browser history may help

The forms and instructions for this are currently under development.

Just be aware that the information about Oregon on this site is incomplete.

"Department of Revenue announces extension of tax filing deadlines and paymentsMarch 25, 2020 Salem, OR—At the direction of Governor Kate Brown, the Oregon Department of Revenue today announced an extension for Oregon tax filing and payment deadlines for personal income taxes and some other taxes closely following the IRS extension declaration. This move is a result of the governor’s priority to keep Oregonians safe and healthy, while also providing relief and consistency for Oregon taxpayers affected by the federal and state COVID-19 emergency. “The governor’s clearly stated goal is for Oregon families to stay home, save lives,” said Oregon Department of Revenue Director Nia Ray. “After consultation with the state treasurer and state budget officials, the Department of Revenue will extend personal and corporate income tax deadlines during this challenging period.” Under the authority of ORS 305.157, the director of the Department of Revenue has determined that the governor’s state-declared emergency due to the COVID-19 pandemic and the action of the IRS will impair the ability of Oregon taxpayers to take certain actions within the time prescribed by law. Therefore, the director has ordered an automatic extension of the 2019 tax year filing and payment due dates for certain affected taxpayers as indicated below. For personal income taxpayers: • The Oregon return filing due date for tax year 2019 is automatically extended from April 15, 2020 to July 15, 2020. • The Oregon tax payment deadline for payments due with the 2019 tax year return is automatically extended to July 15, 2020. • Estimated tax payments for tax year 2020 are not extended. • The tax year 2019 six-month extension to file, if requested, continues to extend only the filing deadline until October 15, 2020. • Taxpayers do not need to file any additional forms or call us to qualify for this automatic Oregon tax filing and payment extension. • If you have questions about your personal income tax, contact [email protected]. For corporate income/excise taxpayers: • The Oregon return filing due date for tax year 2019 is automatically extended from May 15, 2020 until July 15, 2020. Returns due after May 15, 2020 are not extended at this time. • The Oregon tax payment deadline for payments due with the 2019 return by May 15, 2020 is automatically extended to July 15, 2020. Payments for returns due after May 15, 2020 are not extended at this time. • Estimated tax payments for tax year 2020 are not extended. • Taxpayers do not need to file any additional forms or call us to qualify for this automatic Oregon tax filing and payment extension. Interest and penalties: • Because of the extension of the due dates for filing returns and making payments, any interest and penalties with respect to Oregon tax filings and payments extended by this order begin accruing on July 16, 2020. • No automatic extension is provided in this order for the payment or deposit of any other type of Oregon tax or for the filing of Oregon information returns."

"Department of Revenue announces extension of tax filing deadlines and payments, March 25, 2020 Salem, OR—At the direction of Governor Kate Brown, the Oregon Department of Revenue today announced an extension for Oregon tax filing and payment deadlines for personal income taxes and some other taxes closely following the IRS extension declaration. This move is a result of the governor’s priority to keep Oregonians safe and healthy, while also providing relief and consistency for Oregon taxpayers affected by the federal and state COVID-19 emergency. “The governor’s clearly stated goal is for Oregon families to stay home, save lives,” said Oregon Department of Revenue Director Nia Ray. “After consultation with the state treasurer and state budget officials, the Department of Revenue will extend personal and corporate income tax deadlines during this challenging period.” Under the authority of ORS 305.157, the director of the Department of Revenue has determined that the governor’s state-declared emergency due to the COVID-19 pandemic and the action of the IRS will impair the ability of Oregon taxpayers to take certain actions within the time prescribed by law. Therefore, the director has ordered an automatic extension of the 2019 tax year filing and payment due dates for certain affected taxpayers as indicated below. For personal income taxpayers: • The Oregon return filing due date for tax year 2019 is automatically extended from April 15, 2020 to July 15, 2020. • The Oregon tax payment deadline for payments due with the 2019 tax year return is automatically extended to July 15, 2020. • Estimated tax payments for tax year 2020 are not extended. • The tax year 2019 six-month extension to file, if requested, continues to extend only the filing deadline until October 15, 2020. • Taxpayers do not need to file any additional forms or call us to qualify for this automatic Oregon tax filing and payment extension. • If you have questions about your personal income tax, contact [email protected]. For corporate income/excise taxpayers: • The Oregon return filing due date for tax year 2019 is automatically extended from May 15, 2020 until July 15, 2020. Returns due after May 15, 2020 are not extended at this time. • The Oregon tax payment deadline for payments due with the 2019 return by May 15, 2020 is automatically extended to July 15, 2020. Payments for returns due after May 15, 2020 are not extended at this time. • Estimated tax payments for tax year 2020 are not extended. • Taxpayers do not need to file anthaty additional forms or call us to qualify for this automatic Oregon tax filing and payment extension. Interest and penalties: • Because of the extension of the due dates for filing returns and making payments, any interest and penalties with respect to Oregon tax filings and payments extended by this order begin accruing on July 16, 2020. • No automatic extension is provided in this order for the payment or deposit of any other type of Oregon tax or for the filing of Oregon information returns." Please note that 1st quarter estimated payments are due on April 15th and are not extended.

If you stop payment or close the bank account, won't you be assessed their NSF Fee.

We'll see what happens

I totally agree, the IRS would have sent you a letter, not made a phone call.

Apparently, both the House and Senate Bills under consideration, will also waive required RMDs for 2020.

Copied from IRS eNews: "IRS mission-critical operations continue; no face-to-face assistance To protect employees and taxpayers, the IRS has scaled back our operations to focus on mission-critical activities for the nation. We continue to follow guidance from the U.S. Centers for Disease Control and Prevention (CDC) and the Office of Personnel Management (OPM) as well as state and local officials to ensure the safety of IRS employees and the public we serve. Many IRS offices in areas hardest hit by COVID-19 are closed or have reduced operations on mission-critical items. Telework-eligible employees across the IRS continue to work during this period. The IRS emphasizes it is assessing its operations on a daily basis. The following is an overview of various operations of interest to taxpayers and tax professionals: In-person assistance. The IRS has temporarily suspended almost all face-to-face contacts with taxpayers. All Taxpayer Assistance Centers (TACs) are closed and face-to-face service discontinued throughout the country until further notice. For taxpayers with TAC appointments, every effort to resolve the taxpayer's assistance needs by phone will be made. Automated applications. IRS.gov and many automated applications remain available, including such things as Where's My Refund, the IRS2Go phone app and online payments and online payment agreements. Telephones. Limited live telephone customer service assistance is currently available, but local office closings, limited call site staff and high demand means that there is extremely high call volume. Wait times will be lengthy. The IRS strongly urges people to use IRS.gov for information. Practitioner Priority Service (PPS) – Practitioners are reminded that, depending on staffing levels going forward, there may be more significant wait times for the PPS. The IRS will continue to monitor this as situations develop." Taxpayer appointments. During this period, all face-to-face appointments at an IRS Taxpayer Assistance Center are cancelled. Taxpayers do not need to call to cancel their appointments. Taxpayer correspondence. While able to receive mail, the IRS will be responding to paper correspondence only to a very limited degree during this period. Taxpayers who mail correspondence to the IRS during this period should expect to wait longer than usual for a response. Even after normal operations resume as it will take the IRS time to work through any correspondence backlog."

Sounds just like tips to a cab driver or to a wait person.

March 23, 2020 "The Oregon Department of Revenue said Monday that Oregonians can expect a final decision by Wednesday. Oregon still deciding whether to allow coronavirus grace period for state taxes Two days after the Internal Revenue Service extended the federal tax payment deadline, state officials are still unsure whether they will provide similar leniency. Spokesperson Robin Maxey said that the revenue department is still trying to determine what impact a deadline extension, similar to the federal government’s, would have on Oregon’s coffers."

I skimmed the law which is available online. The coronavirus related sick leave is effective 4/2/20 thru 12/31/20.