The IRS issued its People’s First Initiative in March to address the COVID-19 situation and the impact it has had on many U.S. taxpayers. As part of this People’s First Initiative, the IRS extended the compliance dates for many filings, payments, elections and filings until July 15, 2020. The IRS website maintains a complete list of all relief provisions.
SBA Paycheck Protection Program Loan (COVID-19 Stimulus)
The CARES Act includes approximately $350 billion for an SBA small business loan program called the Paycheck Protection Program. The goal of this program is to get money to small businesses quickly (and with minimal application requirements). This loan program is also designed to encourage businesses to continue to employ their workers and re-hire (if necessary).
IRS Issues FAQs on Some Payment Postponements
The IRS added some Frequently Asked Questions/Answers to its website to address some common questions related to the People’s First Initiative and the recent postponement of filing and payment dates. Important among these FAQs includes a confirmation that the due date for tax payments due for tax year 2019 has been extended to July 15th,