The Small Business Owners Guide To the CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was officially signed into law on Friday, March 27, 2020. The CARES Act includes a number of programs designed to assist business owners with their most emergent needs.

Paycheck Protection Program capital to help cover the cost of retaining employees.
Emergency Economic Injury Grant quick infusion of a smaller amount of cash to cover your immediate needs.
Small Business Debt Relief Program assistance to help you keep up with payments on your current or potential SBA loan.

Click here for a guide which provides information about all of the major programs and initiatives that will soon be available from the Small Business Administration (SBA) as well as some additional tax provisions that are outside the scope of the SBA.

It is our suggestion that businesses should apply with the SBA on the previous stimulus approval and then be ready to submit an application with your bank this week with the next package.

If you have questions regarding your specific situation, or need assistance completing loan applications please contact your accountant. We are ready to assist you and will continue to provide updates as they development.
Economic Injury Disaster Load - ADVANCE Opportunity
The CARES Act includes an opportunity for small business owners and non-profits to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.

If you wish to apply for the Advance on your EIDL, please visit  www.SBA.gov/Disaster   as soon as possible to fill out a new, streamlined application.

In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.
Relief For Workers Affected By The CARES Act
The CARES Act provides enhanced Unemployment Insurance (UI) benefits and Pandemic Unemployment Assistance (PUA) for New Yorkers.

NYS Department of Labor provided this flow chart to help workers figure out if they are eligibile for Unemployment Insurance. Click here to view the chart or visit labor.ny.gov for more information.
More Assistance Available to New Yorkers
New Yorkers without health insurance can apply for a health plan through NY State of Health . If you recently lost employer coverage, you must apply within 60 days of losing that coverage. Because of loss of income, New Yorkers may also be eligible for Medicaid, the Essential Plan or Child Health Plus.

Click here to view a helpful resource provided by our partner, KAFL which contains information about the state of COVID-19 and it’s effect on employee benefits.

Deferment of Insurance Payments For a 90-day period, New Yorkers experiencing financial hardship due to COVID-19 may defer paying life insurance premiums. Late payments will be payable over a one-year period.

Additionally, consumers and small businesses experiencing Coronavirus-related financial hardship may defer paying premiums for property and casualty insurance for a 60-day period. This includes auto, homeowners, renters and other kinds of insurance. (No late fees will be assessed and there will be no negative impact to your credit.) 
Deadlines & Extensions
Federal Income Tax Filing extended to July 15, 2020
NYS Income Tax Filing extended to July 15, 2020
IRA Contributions extended to July 15, 2020
HSA Contributions extended to July 15, 2020 

Click here to view the set of Frequently Asked Questions recently released by the IRS to help clarify certain aspects of the 90-filing and payment extension.
Cash Flow Projection Tool
Many business are under extreme pressure due to COVID-19. Right now cash flow projections are a key piece of planning. Please, click here to view a worksheet to help you understand your cash flow needs for the next month.

Fill-in the amounts in blue and the worksheet will calculate your cash flow needs. This tool will help you when speaking with creditors and banks on your needs. 
ON A LIGHTER NOTE...
With the streets of India quiet because of the lock down animals have been checking things out.

One animal caught on camera is this Malabar Civet an endangered mammal that hasn't been seen since 1990.
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