Coronavirus (COVID-19) Resource Center

Tronconi Segarra & Associates LLP is monitoring and reviewing Federal, state and local relief measures for businesses affected by the coronavirus (“COVID-19”). Provisions related to these relief measures are being updated on an almost daily basis by government agencies. It is imperative for businesses to check our website often for the latest news and information on these measures, as we are compiling and updating information as it is issued.

Please call or email your Tronconi Segarra & Associates advisor to discuss how these COVID-19 relief measures may help your business though this crisis, including our recently launched Paycheck Protection Program loan forgiveness calculation services.

You can also contact our COVID-19 response team directly by sending an email to:

Latest News

October 21, 2020

The Senate voted again today on a Republican-sponsored $500 billion targeted stimulus bill, that is less than a third of the size of the stimulus package currently being proposed by the White House. As expected, the vote (51-44, along party lines) fell short of the 60 votes needed for the measure to advance. [read more]

Talks are still ongoing between the White House and Speaker Pelosi on a stimulus package ranging between $1.8 and $2.2 trillion, and both sides hope to reach a deal within the next 48 hours. Any agreed-upon deal between the President and Speaker Pelosi will still face considerable opposition in the Senate, where Republicans are adamantly opposed to passing another high-priced stimulus package, as we’re inching ever closer to the election in less than two weeks.

October 20, 2020

The U.S. Senate voted today on a standalone Paycheck Protection Program bill that would restart the loan program, and allow small businesses to take another loan, utilizing $137 billion in unused funds from the first PPP and additional funding. The 57-40 vote to approve the new PPP (with 5 Democratic Senators voting in favor of the bill) failed to get the 60 votes needed for the measure to advance. [read more]

October 13, 2020

The SBA posted a new FAQ to their list of Frequently Asked Questions (FAQs) on PPP Loan Forgiveness. FAQ #4 under the “General Loan Forgiveness FAQs” subheading on page 2 answers a question borrowers had about an expiration date of 10/31/2020 that is printed in the top-right corner of the different PPP loan forgiveness application forms (3508, 3508EZ, 3508S). This expiration date has nothing to do with the timing of submitting loan forgiveness application forms to lenders; it is displayed for purposes of SBA’s compliance with the Paperwork Reduction Act and reflects the temporary expiration date for approved use of the forms, which will be extended. Borrowers may submit a loan forgiveness application any time before the maturity date of their PPP loan, which is either two or five years from the date of loan origination.

October 8, 2020

The SBA issued a new interim final rule today, rolling out a new PPP loan forgiveness application form and making additional revisions to loan forgiveness and loan review procedures, specifically for PPP loans of $50,000 or less. Borrowers with PPP loans of $50,000 or less can use the simplified Form 3508S to apply for loan forgiveness with their lender, and they are now exempt from any reductions in their loan forgiveness amount due to reductions in FTE employee headcount or reductions in employee salary or wages. [read more]

October 7, 2020

The SBA posted a new FAQ added to their list of Frequently Asked Questions (FAQs) on Paycheck Protection Program Loans. FAQ #52 indicates that the extension of the deferral period under the PPP Flexibility Act of 2020 automatically applies to all PPP loans, and that lenders are required to give immediate effect to the statutory extension and should notify borrowers of the change to the deferral period. The Flexibility Act extends the deferral period to the the date that SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, ten months after the end of the borrower’s covered period). Previously the deferral period could end after six months.

October 6, 2020

The President tweeted this afternoon that he has instructed his representatives to stop negotiating with the Speaker of the House over a new stimulus deal, and that “we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business” after he wins reelection in November. This is a significant change of direction from the President, considering his tweets this past weekend, urging both sides to work together to get a deal done.

The President tweeted again later this evening urging Congress to approve $25 billion for airline payroll support and $135 billion for the paycheck protection program, to be paid for with unused funds from the CARES Act. He also tweeted that he is ready to sign a stand-alone bill for stimulus checks ($1,200) for the American people. We will continue to monitor this situation and provide further updates as needed.

October 5, 2020

Negotiations are ongoing between the Treasury Secretary and the Speaker of the House over a new stimulus deal as both sides continue to speak and exchange proposals. This past weekend, the President tweeted his support for a new deal while receiving treatment for COVID-19 at Walter Reed Medical Center saying, “OUR GREAT USA WANTS & NEEDS STIMULUS. WORK TOGETHER AND GET IT DONE. Thank you!”

October 2, 2020

The U.S. Small Business Administration issued a new Procedural Notice to provide guidance on the required procedures a borrower that received Paycheck Protection Program funds must follow if they are selling their business and there is a change of ownership. [read more]

October 1, 2020

Negotiations between the White House and Congressional Democratic leaders over a new stimulus package remain at an impasse after both sides failed to agree to any compromises over their latest proposals.

With urging from the President, the Administration has reportedly increased their latest proposal to $1.6 trillion, however it is still far away from the $2.2. trillion updated HEROES Act proposal released by House Democrats this week.

Despite the ongoing negotiations, the Democrat-controlled House of Representatives symbolically passed the updated HEROES Act legislation, mostly along party lines. According to Speaker Pelosi, she expects to continue negotiations with Treasury Secretary Mnuchin on a bipartisan deal for new stimulus legislation before the November election.

Any deal reached by the White House and the Democrats, will still need to be approved by the Republican-controlled Senate, where many Senate Republicans are generally opposed to another large stimulus plan.

Older News

Local Grant and Aid Programs

There are a number of relief programs available to small businesses and other organizations located in Erie County, NY that have been negatively impacted by the COVID-19 pandemic. CLICK HERE to visit our webpage that lists these programs and where you can find information on eligibility requirements, program guidelines and applications.

Federal Relief Legislation

Phase 3.5 | Paycheck Protection Program and Health Care Enhancement Act

On Friday, April 24, 2020, President Trump signed the $484 billion Paycheck Protection Program and Health Care Enhancement Act (H.R. 622) into law. The new legislation provides additional funding for the Paycheck Protection Program, SBA disaster loans and emergency grants, hospitals, COVID-19 testing and SBA salaries and expenses. This legislation is a stopgap measure, providing necessary additional funding to programs enacted by the CARES Act until further Federal relief measures are enacted. [read more]

This legislation is primarily an appropriations measure. Details on updated provisions to the Paycheck Protection Program can be found in our post Senate Approves Additional Funding Bill for SBA Loan Programs

» Full Text of H.R. 622, Paycheck Protection Program and Health Care Enhancement Act

Phase 3 | Federal Coronavirus Aid, Relief and Economic Security (CARES) Act

On March 27, 2020, President Trump signed the $2 trillion Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) into law after bipartisan support in both the U.S. Senate and House of Representatives. The CARES Act includes significant tax and finance relief as well as stimulus benefits to assist struggling businesses, industries and individuals affected by the coronavirus (COVID-19) crisis.

Paycheck Protection Program

The Paycheck Protection Program provides eligible businesses, certain nonprofits and individuals with self-employment income with potentially forgivable loans to pay 8-weeks of payroll costs including benefits. Loan funds can also be used to pay rent, utilities and interest on mortgage obligations incurred before February 15, 2020. [read more]

» Our one-page guide to Paycheck Protection Program loan terms and conditions, including a list of the documents a borrower should be preparing for their loan application [Download]

» Learn more about our recently launched Paycheck Protection Program loan forgiveness calculation services –NEW-

Latest Developments

» October 8, 2020 | The U.S. Small Business Administration posted a twenty-fifth Interim Final Rule on Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules, providing guidance to borrowers with PPP loans of $50,000 or less. [read more]

» October 2, 2020 | The U.S. Small Business Administration issued a new Procedural Notice to provide guidance on the required procedures a borrower that received Paycheck Protection Program funds must follow if they are selling their business and there is a change of ownership. [read more]

» August 24, 2020 | The U.S. Small Business Administration posted a twenty-fourth Interim Final Rule on Treatment of Owners and Forgiveness of Certain Nonpayroll Costs, providing guidance on the owner-employee compensation rule for PPP loan forgiveness purposes, as well as limitations on the eligibility of certain nonpayroll costs (including rent payments to a related party) for forgiveness. [read more]

» August 11, 2020 | The U.S. Small Business Administration posted a twenty-third Interim Final Rule on Appeals of SBA Loan Review Decisions Under the PPP, to inform borrowers and lenders of the process for a borrower to appeal certain SBA loan review decisions to the SBA Office of Hearings and Appeals. [read more]

» August 11, 2020 | SBA added three Economic Injury Disaster Loan (EIDL) FAQs to their list of Frequently Asked Questions (FAQs) on PPP Loan Forgiveness. These FAQs relate to EIDL advances and how they will reduce a PPP borrower’s loan forgiveness amount. You can read our post discussing the PPP loan forgiveness FAQs. [read more]

» August 10, 2020 | The U.S. Small Business Administration (SBA) launched their Paycheck Protection Forgiveness Platform, allowing lenders to begin submitting their PPP forgiveness decisions the SBA.

» August 8, 2020 | The Paycheck Protection Program closed at 11:59 pm. As such, the U.S. Small Business Administration is no longer accepting new PPP loan applications from lenders.

» August 4, 2020 | The U.S Small Business Administration released new guidance – Frequently Asked Questions (FAQs) on PPP Loan Forgiveness – to address borrower and lender questions concerning the forgiveness of PPP loans, as provided for in the CARES Act, and amended by the Paycheck Protection Program Flexibility Act. [read more]

» July 4, 2020 | President Trump signed the Paycheck Protection Program Extension Act into law, providing small business an extension to apply for PPP loans to August 8, 2020.

» June 25, 2020 | The U.S. Small Business Administration posted a twenty-second Interim Final Rule on Certain Eligible Payroll Costs, providing guidance to fishing boat owners, on whether they can include payroll costs attributable to crew-members in their PPP loan applications. [read more]

» June 24, 2020 | The U.S. Small Business Administration posted a twenty-first Interim Final Rule on Additional Eligibility Revisions to First Interim Final Rule, adding two additional modifications to eligibility requirements for PPP loan applicants with criminal histories. [read more]

» June 22, 2020 | The U.S. Small Business Administration issued a Procedural Notice to provide guidance for when PPP loan proceeds must be used to refinance Economic Injury Disaster Loans (EIDL) and to inform PPP Lenders of the procedure for remitting to the SBA any PPP loan proceeds designated for the refinance of an EIDL.

» June 22, 2020 | The U.S. Small Business Administration posted a twentieth Interim Final Rule on Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules, revising PPP loan review procedures by lenders and the SBA, to conform to changes resulting from the Flexibility Act.

» June 17, 2020 | The U.S. Small Business Administration posted a nineteenth Interim Final Rule on Revisions to the Third and Sixth Interim Final Rules, revising additional PPP provisions to reflect changes resulting from the Flexibility Act.

» June 16, 2020 | The U.S. Small Business Administration released a revised PPP Loan Forgiveness Application Form and a new simplified loan forgiveness application form (3508EZ) for eligible borrowers that requires fewer calculations to be done and less documentation.

For more information, click here to access the slides or recording of our June 26 webinar, where our team reviewed and discussed the revised loan forgiveness application and new EZ loan forgiveness application in detail.

» June 12, 2020 | The U.S. Small Business Administration posted an eighteenth Interim Final Rule on Additional Revisions to First Interim Final Rule, that revises PPP eligibility requirements for small business owners with prior felony convictions. [read more]

» June 11, 2020 | The U.S. Small Business Administration posted a seventeenth Interim Final Rule on Revisions to the First Interim Final Rule, that revises SBA’s interim final rule posted on April 2, 2020, by changing key provisions of the PPP, to conform to the Paycheck Protection Program Flexibility Act. [read more]

» June 5, 2020 | The U.S. Small Business Administration posted a sixteenth Interim Final Rule on Eligibility of Certain Telephone Cooperatives, providing guidance on the eligibility of mutual or cooperative telephone companies (telephone cooperatives) as PPP borrowers. [read more]

» June 5, 2020 | President Trump signed the Paycheck Protection Program Flexibility Act into law. This legislation makes a number of changes to PPP loan program rules and eases restrictions for borrowers. [read more]

» May 22, 2020 | The U.S. Small Business Administration posted a fifteenth Interim Final Rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities, providing guidance on SBA’s process for reviewing PPP loan applications and forgiveness applications. [read more]

» May 22, 2020 | The U.S. Small Business Administration posted a fourteenth Interim Final Rule on Loan Forgiveness, providing guidance to borrowers on preparing and submitting loan forgiveness applications, as well as guidance to lenders on loan forgiveness decisions. [read more]

» May 20, 2020 | The U.S. Small Business Administration posted a thirteenth Interim Final Rule on Second Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan and Lender Reporting, revising the IFR posted on May 8, 2020, by extending the safe harbor deadline for repaying loans from May 14 to May 18, 2020. [read more]

» May 18, 2020 | The U.S. Small Business Administration posted a twelfth Interim Final Rule on Treatment of Entities with Foreign Affiliates, providing guidance on eligibility (headcount) requirements related to entities with foreign affiliates. [read more]

» May 15, 2020 | The U.S. Small Business Administration in consultation with the Department of Treasury, released the PPP Loan Forgiveness Application that borrowers will need to complete and submit to their lender. [read more]

» May 14, 2020 | The U.S. Small Business Administration posted an eleventh Interim Final Rule on Eligibility of Certain Electric Cooperatives, providing guidance on eligibility requirements for certain electric cooperatives. [read more]

» May 13, 2020 | The U.S. Small Business Administration posted a tenth Interim Final Rule on Loan Increases, providing guidance to partnerships and seasonal employers on their ability to increase their PPP loans due to new SBA guidance that was not available at the time the loans were approved. [read more]

» May 13, 2020 | SBA added new FAQs (#46-47) to their list of Frequently Asked Questions regarding how the Administration intends to review a borrower’s certification concerning the necessity of their PPP loan request. [read more]

» May 8, 2020 | The U.S. Small Business Administration posted a ninth Interim Final Rule on Extension of Limited Safe harbor with Respect to Certification Concerning Need for PPP Loan Request, extending the deadline for certain borrowers to repay their loans from May 7 to May 14, 2020. [read more]

» May 5, 2020 | The U.S. Small Business Administration posted an eighth Interim Final on Nondiscrimination and Additional Eligibility Criterion providing guidance nondiscrimination obligations by nonprofit organizations whether student workers count as employees. [read more]

» April 30, 2020 | The Internal Revenue Service issued Notice 2020-32 which provides guidance regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses, incurred in a taxpayer’s trade or business, when the taxpayer receives a loan pursuant to the Paycheck Protection Program.

» April 30, 2020 | The U.S. Small Business Administration posted a seventh Interim Final Rule on Corporate Groups and Non-Bank and Non-Insured Depository Institution Lenders providing guidance to borrowers and lenders about new limits on the dollar amounts that any single corporate group may receive. [read more]

» April 28, 2020 | The U.S. Small Business Administration posted a sixth Interim Final Rule on Disbursements providing guidance to lenders about the timing of closing and disbursing PPP loans to small businesses. [read more]

» April 27, 2020 | The U.S. Small Business Administration posted a fifth Interim Final Rule on Additional Criterion for Seasonal Employers providing guidance to lenders about using alternate criterion to calculate maximum loan amounts for PPP loans issued to seasonal employers. [read more]

» April 25, 2020 | The U.S. Small Business Administration posted a fourth Interim Final Rule on Requirements for Promissory Notes, Authorizations, Affiliations and Eligibility supplementing previous regulations and guidance on several important issues, including the limited safe harbor for borrowers with respect to certification concerning their need for a PPP loan. [read more]

» April 24, 2020 | President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (H.R. 622), allocating $310 billion of new funding to the Paycheck Protection Program. [read more]

For a detailed analysis of this legislation, read Senate Approves Additional Funding Bill for SBA Loan Programs on our website.

» April 23, 2020 | SBA added a new question/answer (#31) to their list of Frequently Asked Questions (FAQs) about whether large companies with adequate sources of liquidity qualify for Paycheck Protection Program loans. [read more]

» April 14, 2020 | The U.S. Small Business Administration posted a third Interim Final Rule on Additional Eligibility Criteria and Requirements for Certain Pledges of Loans providing supplemental guidance for individuals with self-employment income, who file Form 1040, Schedule C. This rule also addresses eligibility issues for certain business concerns and requirements for certain pledges of PPP loans. [read more]

» April 7, 2020 | The U.S. Small Business Administration posted updates to their Frequently Asked Questions (FAQs) for borrowers and lenders on the U.S. Treasury Department website about the Paycheck Protection Program. [read more]

» April 4, 2020 | The U.S. Small Business Administration posted a second Interim Final Rule on Applicable Affiliation Rules, as well as other Applicable Affiliation Rules for purposes of determining the number of employees for an applicant to the Paycheck Protection Program. The SBA also posted an updated Borrower Application Form and a new Lender Application Form on the U.S. Treasury Department website. [read more]

» April 2, 2020 | The U.S. Small Business Administration posted an Interim Final Rule providing guidelines and requirements for the Paycheck Protection Program, on the eve of the first day that lenders can start accepting loan applications from small businesses and sole proprietors. [read more]

» March 31, 2020 | The U.S. Treasury Department released information on the Paycheck Protection Program for borrowers and lenders, including the loan application. [read more]

Other Resources

The U.S. Small Business Administration has provided guidance on the steps a business should take to determine whether it is eligible for a Paycheck Protection Program loan, based on its size. We have complied this guidance in this document [Download]

Other PPP resources available on U.S. Treasury Department website –

» SBA Paycheck Protection Program Loan Level Data – click here to download PPP loan data by State.

» How to Calculate Loan Amounts (June 26, 2020)

» Frequently Asked Questions (FAQs) (as of October 7, 2020)

» Frequently Asked Questions (FAQs) on PPP Loan Forgiveness (as of August 11, 2020)

Economic Injury Disaster Loans / Emergency Grants

The U.S. Small Business Administration is offering small businesses and most private, not-for-profit organizations suffering substantial economic injury as a result of COVID-19 in designated states and territories, low-interest, federal disaster loans for working capital. [read more]

The CARES Act includes $10 billion in funding for a provision to provide an advance of up to $10,000 to small businesses and nonprofits that apply for EIDLs within three days of applying for the loan. [read more]

One-page guide to Economic Injury Disaster Loan terms and conditions, including a list of the documents a borrower may need for their loan application [Download]

Latest Developments

» July 11, 2020 | the U.S. Small Business Administration announced the conclusion of the Economic Injury Disaster Loan (EIDL) Advance program, which provided U.S. small businesses, non-profits and agricultural businesses a total of $20 billion in emergency funding. EIDL loan applications will still be processed even though the Advance is no longer available. [read more]

» June 15, 2020 | SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications from qualified small businesses and U.S. agricultural businesses.

» April 27, 2020 | SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.

» April 24, 2020 | President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (H.R. 622), allocating $50 billion of new funding for Economic Injury Disaster Loans and $10 billion for emergency grants of up to $10,000. [read more]

For a detailed analysis of this legislation, read Senate Approves Additional Funding Bill for SBA Loan Programs on our website.

Main Street Lending Program for Small and Medium-sized Businesses and Nonprofit Organizations

As part of the CARES Act, the U.S. Treasury Department and the Federal Reserve Board have established the Main Street Lending Program to facilitate lending to small and medium-sized businesses and nonprofit organizations that were in sound financial condition before the start of the COVID-19 pandemic. The Program offers three different loan facilities to for-profit businesses employing up to 15,000 workers or with 2019 annual revenues of less than $5 billion, and two different loan facilities to nonprofit organizations with a minimum of 10 employees, who meet certain financial requirements. [read more]

SBA Debt Relief Program

The CARES Act provides immediate relief to small businesses with SBA 7(a), 504, and microloans. For existing borrowers, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the enactment of the CARES Act. To learn more about 7(a), 504, or microloans, please visit the Small Business Administration website.

Taxes

Click here for detailed information on our website about Federal business and individual tax relief measures provided to taxpayers as part of the CARES Act. –NEW-

» Summary of Business Tax provisions

» Summary of Payroll Tax provisions

» Summary of Individual Tax provisions

Unemployment Benefits

For information on applying for unemployment benefits in New York State visit the NYS Department of Labor website to learn more about how to file a claim or to login the State’s improved online filing system – only for new claims. New applicants will need to create an account on the NY.gov ID self registration website.

Other Resources

» Click here for information on our website about additional COVID-19 unemployment insurance assistance provided through the CARES Act.

» Click here for information about applying for unemployment insurance benefit programs administered by other states.

Other Resources

For information on U.S. Small Business Administration (SBA) programs for the coronavirus, please visit www.sba.gov/coronavirus

For additional information about programs and initiatives that will be soon be available from the SBA, the U.S. Senate Committee on Small Business & Entrepreneurship has published The Small Business Owner’s Guide to the CARES Act

U.S. Chamber of Commerce Coronavirus Emergency Loans Small Business Guide and Checklist

H.R. 748 (CARES Act)

Full Text of H.R. 748 (CARES Act)

Phase 2 | Families First Coronavirus Response Act

This Federal legislation, signed into law on March 18, 2020, addresses the coronavirus (COVID-19) outbreak by providing paid sick and family leave for employees and refundable tax credits for employers, as well as free COVID-19 testing; expanding food assistance and unemployment benefits; and increasing Medicaid funding.

Paid Sick Leave | Expanded Family and Medical Leave

Employee Paid Leave Rights

The Families First Coronavirus Response Act requires certain employers to provide employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. The Department of Labor’s Wage and Hour Division administers and enforces the new law’s paid leave requirements. These provisions will apply from the effective date through December 31, 2020. [read more]

Employer Paid Leave Requirements

The Families First Coronavirus Response Act requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. The Department of Labor’s Wage and Hour Division administers and enforces the new law’s paid leave requirements. These provisions will apply from the effective date through December 31, 2020. [read more]

U.S. Department of Labor Questions & Answers

Paid Sick and Family Leave Credits

The Families First Coronavirus Response Act provides paid sick leave and expanded family and medical leave for COVID-19-related reasons and creates the refundable paid sick leave credit and the paid child care leave credit for eligible employers. Eligible employers are businesses and tax-exempt organizations with fewer than 500 employees that are required to provide emergency paid sick leave and emergency paid family and medical leave under the Act. Eligible employers will be able to claim these credits based on qualifying leave they provide between the effective date and December 31, 2020. Equivalent credits are available to self-employed individuals based on similar circumstances. See IR-2020-57 for additional information.

The tax credits for qualified sick leave wages and qualified family leave wages required to be paid by the Families First Coronavirus Response Act will apply to wages paid for the period beginning on April 1, 2020 and ending on December 31, 2020. [Notice 2020-21]

To take advantage of the payroll tax credits, employees can retain the funds they would otherwise pay in payroll taxes. If those amounts aren’t sufficient, employers will be able to request an accelerated payment from the IRS by submitting a streamlined claim form that has not yet been released. The IRS anticipates processing these requests in two weeks or less.

IRS: COVID-19- Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs

*The IRS updated these FAQs on April 17, 2020.

H.R. 6201 (Families First Coronavirus Response Act)

Full text of H.R. 6201 (Families First Coronavirus Response Act)

Phase 1 | Coronavirus Preparedness and Response Supplemental Appropriations Act

This Federal legislation, signed into law on March 6, 2020, funds programs that address issues such as developing, manufacturing, and procuring vaccines and other medical supplies; grants for state, local, and tribal public health agencies and organizations; loans for affected small businesses; evacuations and emergency preparedness activities at U.S. embassies and other State Department facilities; and humanitarian assistance and support for health systems in the affected countries.

SBA Economic Injury Disaster Loans

The U.S. Small Business Administration (“SBA”) is offering small businesses and most private, not-for-profit organizations suffering substantial economic injury as a result of COVID-19 in designated states and territories, low-interest, federal disaster loans for “working capital.” [read more]

H.R. 6074 (Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020)

Full Text of H.R. 6074 (Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020)

Federal Tax

The U.S. Treasury Department and Internal Revenue Service (IRS) have provided relief for individual and business taxpayers affected by the COVID-19 crisis. See below for the latest developments impacting Federal taxes.

April 9, 2020 | IRS Extends Additional Tax Deadlines

On April 9, 2020, the U.S. Department of Treasury and the IRS announced that additional tax deadlines for individuals and businesses have been extended due to the COVID-19 pandemic. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes that are due on April 15, without being subject to interest and late-filing or late-payment penalties. [read more]

March 25, 2020 | IRS Guidance and Q&A Regarding the Income Tax Filing and Payment Deadline Extensions

On March 24, 2020, the IRS issued guidance in the form of a Q&A to the most frequently asked questions about this change in filing deadlines due to the coronavirus pandemic. Your Tronconi Segarra & Associates tax advisors are all working remotely and safely to continue serving you through this unprecedented time. If you have any questions about this IRS guidance, or any other questions regarding your tax situation, please email or call your Tronconi Segarra & Associates tax advisor, or contact our COVID-19 Response Team at .

March 21, 2020 | IRS Extends Filing Deadline and Federal Tax Payments Regardless of Amount

The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. See IR-2020-58 for additional information.

March 17, 2020 | Tax Relief Announced by Secretary of the Treasury Mnuchin

U.S. Treasury Secretary Steven Mnuchin announced during a March 17 news conference that President Trump has authorized him to make the following announcement today: “If you owe a payment to the IRS, you can defer up to $1 million as an individual — and the reason why we are doing $1 million is because that covers lots of pass-throughs and small businesses — and $10 million to corporations, interest-free and penalty-free for 90 days. [read more]

Note: these dollar amounts have since been rescinded. There are no longer dollar amount caps or limits for deferred payments.

State and Local Tax

New York State and other state taxing authorities are providing relief for businesses and individuals affected by the COVID-19 crisis. See below for the latest developments impacting state and local taxes.

June 11, 2020 | Announcement Regarding June Estimated Tax Payments

The Tax Department extended the April 15, 2020, due date to July 15, 2020, for New York State personal income tax and corporation tax returns originally due on April 15, 2020, and for all related tax payments, including estimated tax payments, that were due on April 15, 2020. See N-20-2, Announcement Regarding Relief from Certain Filing and Payment Deadlines due to the Novel Coronavirus, COVID-19.

The due date for estimated tax payments due on June 15, 2020, for personal income, fiduciary and corporate taxpayers remains in place.

Accordingly, for purposes of 2020 estimated tax payments:

Individuals and fiduciaries should consider the estimated tax payment due on June 15, 2020, as the 1st installment payment towards the 2020 tax year.

Individuals and fiduciaries should consider the estimated tax payment due on July 15, 2020, as the 2nd installment payment of the 2020 tax year.

Penalties with respect to the underpayment of estimated tax for individuals and fiduciaries will be calculated based on these revised dates. [N-20-8, Announcement Regarding June Estimated Tax Payments]

May 22, 2020 | Extension for the Abatement of Penalties & Interest for Sales & Use Tax due to COVID-19

The Tax Commissioner’s authority to abate interest, in addition to late filing and payment penalties, for taxpayers who were required to file returns and remit sales and use taxes by March 20, 2020, for the sales tax quarterly period that ended February 29, 2020, was scheduled to expire on May 19, 2020. Governor Cuomo’s Executive Order 202.32 has temporarily extended this authority. As a result, those who were unable to timely file and pay quarterly and annual sales tax returns that were due on March 20, 2020, as a result of COVID-19, must now file and pay any amount due by June 22, 2020, in order for the relief outlined in N-20-1, Announcement Regarding the Abatement of Penalties and Interest for Sales and Use Tax due to the Novel Coronavirus, COVID-19, to apply.

For more details, see N-20-6, Extension for the Abatement of Penalties and Interest for Sales and Use Tax due to the Novel Coronavirus, COVID-19

May 20, 2020 | Temporary Authorization to Use Digital Signatures on Certain Documents, Extended

Pursuant to the authority of Governor Cuomo’s Executive Order 202.31, the Commissioner is extending the period during which the Department will accept digital signatures until July 15, 2020. At that time, the Commissioner will determine whether there is a continuing need to allow for the acceptance of digital signatures due to the COVID-19 State emergency. As a result, the provisions outlined in N-20-3, Temporary Authorization to Use Digital Signatures on Certain Documents Due to the Novel Coronavirus, COVID-19, will continue to apply until July 15, 2020.

For details, see N-20-5, Temporary Authorization to Use Digital Signatures on Certain Documents Due to the Novel Coronavirus, COVID-19, Extended

April 15, 2020 | Temporary Authorization to Use Digital Signatures on Certain Documents

Governor Cuomo has issued an executive order in response to the Coronavirus COVID-19 situation temporarily authorizing the Tax Department to accept digital signatures in place of handwritten signatures on documents related to the determination or collection of tax liability. This notice defines the requirements for Tax’s acceptance of digital signatures and sets forth the types of documents to which digital signatures may be applied.

For details, see Notice N-20-3, Temporary Authorization to Use Digital Signatures on Certain Documents Due to the Novel Coronavirus, COVID-19.

March 29, 2020 | New York State Income Tax Filing Deadline to July 15, 2020

On March 7, 2020, Governor Andrew M. Cuomo declared a State Disaster Emergency for all of New York State due to the impact of the novel coronavirus, COVID-19 outbreak. The Governor has subsequently issued Executive Order # 202.12 authorizing the Commissioner to provide relief from certain tax filing and payment deadlines. Accordingly, the Commissioner has extended the April 15, 2020, due date to July 15, 2020, for New York State personal income tax and corporation tax returns originally due on April 15, 2020.

Except as specified below, this extension applies to returns for individuals, fiduciaries (estate and trusts), and corporations taxable under Tax Law Articles 9, 9-A and 33. In addition, the Commissioner is allowing taxpayers to defer all related tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed.

Taxpayers do not need to file any additional forms or call the Tax Department to request or apply for this relief. The returns due on April 15, 2020, will automatically be granted the filing and payment deadline extension and relief from penalties and interest. Taxpayers who are due a refund are urged to file as soon as possible.

For more details, see N-20-2, Announcement Regarding Relief from Certain Filing and Payment Deadlines due to the Novel Coronavirus, COVID-19

March 23, 2020 | New York Tax Relief for Sales Tax Vendors Affected by COVID-19

The New York State Department of Taxation and Finance has issued N-20-1 on the abatement of interest, as well as late filing and payment penalties, for sales tax vendors who were unable to timely file and pay on March 20, 2020, as a result of the COVID-19 virus. [read more]

AICPA State Tax Relief Chart for Coronavirus

States are providing tax filing relief for individuals and businesses. Check out the latest developments on state tax filings related to coronavirus. [read more]

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Please contact a member of our coronavirus (COVID-19) response team at if you have any questions about Federal, state and local relief measures or require assistance assessing how these measures can benefit your business. Our nearly 100-member team of CPAs and accountants is ready to help your business with its financial, accounting and tax needs during these extraordinary times.

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