In the last three weeks, two major pieces of stimulus legislation have been signed into law. Both acts provide opportunities for small businesses, but also require additional tracking for proper reporting.
Small Businesses can apply for a forgivable loan under the CARES Act. The funding from the federal government for these loans will be limited.
The Families First Coronavirus Relief Act (FFCRA) was signed into law last week and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law this afternoon.
Treasury Secretary Mnuchin announced on Friday, March 20th that the federal tax deadline will be extended until July 15th, 2020 and Minnesota Governor Walz announced that the State of Minnesota will follow suit with income tax filings and income tax payments due July 15th.
There are several federal and state tax law changes related to the Coronavirus/COVID-19 and there are new developments seemingly every day. Three recent changes, that may affect your tax situation, are explained in this article.