Coronavirus Resources

Coronavirus Resources

(updated 4/9/2020)


Larson Gross Firm Update: Offices Closed
Washington State Governor Inslee has issued an Executive Order directing all residents to immediately stay home. In response to this order, Larson Gross has closed all its offices until further notice.

Rest assured, we are well-positioned to have our team members work remotely to ensure you receive our best service possible during this time. Our business operations will continue, in a strictly virtual manner. To contact us, please call our main phone line, 360.734.4280, or email contact@larsongross.com

 

U.S. Federal Tax Deadline Pushed to July 15
The Internal Revenue Service (IRS) has moved the national income tax filing day to July 15 in response to the COVID-19 pandemic. This applies to all individual taxpayers filing a 2019 tax return and all C-Corporations with an original due date of April 15. 2019 income tax payments as well as quarter one estimated income tax payments are now due to the IRS on July 15.

 

CARES Act: Federal Stimulus Package Update
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act – a historic $2 trillion stimulus package to support individuals and small businesses facing challenges from the COVID-19 (Coronavirus) pandemic. To learn more about the key provisions, read our Key Provisions for Businesses and Key Provisions for Individuals handouts.

 

Paycheck Protection Program
Potentially one of the most significant provisions in the CARES Act, the Paycheck Protection Program (PPP) is a nearly $350-billion program intended to provide American small businesses with eight weeks of cash-flow assistance through 100 percent federally guaranteed loans. Click here to access our PPP handout. To access the PPP loan application, click here.

 

Loans and Relief Measures Available
The Small Business Administration Economic Injury Disaster Loan program and the Paycheck Protection Program are the two most significant loan programs available currently. Click here to access a side-by-side comparison of the two loans.

In addition, there have been other relief measures introduced to employees and businesses. Click here to access a chart that evaluates the different relief programs available to employers and employees.

 

Working Capital Support for Businesses
Many businesses have been significantly impacted by the COVID-19 (Coronavirus) outbreak, and many more anticipate future disruption to their businesses as a result of the efforts to contain and mitigate the virus. There are, however, resources available to support raising working capital to pay bills, employees and loan payments. Read our Working Capital Support for Businesses handout and our Cash Flow Relief Chart to learn more.

 

Families First Coronavirus Response Act
The Families First Coronavirus Response Act (Families First Act) was signed into law on March 18, 2020. There are two bills within the Act, Emergency Paid Sick Leave and Emergency Paid Family Leave, that provide relief to employees who are unable to work because of certain circumstances relating to the Coronavirus pandemic. Click here to access a handout with more information and click here to access the flyer that employers are required to post in the workplace regarding this Act.


Resources for Businesses and Individuals

In addition to these recent legislative updates, we’ve identified some of the most noteworthy topics related to COVID-19 and are providing two handouts – Resources for Businesses and Resources for Individuals.

 

State Tax Updates
Many state tax departments are also relaxing tax filing and payment deadlines. Although these updates are too numerous to list here, please refer to our resources below for links to relevant state tax guidance relating to the Coronavirus.

 

External Resources

IRS Coronavirus Tax Relief Page

Washington State Employment Security Department Coronavirus Page

Washington State Department of Revenue Coronavirus Outbreak Update

Washington Governor’s Office COVID-19 Resources

ESD Employer and Employee Benefits Comparison

Families First Coronavirus Response Act Required Posting

Paycheck Protection Program Handout – US Chamber of Commerce

Paycheck Protection Program Loan Application

Planning for a Coronavirus Pandemic Resource Guide

AICPA State Tax Filing Guidance for Coronavirus Pandemic

Canada’s Economic Response Plan

Centers for Disease Control and Prevention