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:
Navigating the PPP Loan Forgiveness Application & Managing the Re-Opening of Business
Please join us for an interactive presentation hosted by Tronconi Segarra & Associates and Employer Services Corporation. Chuck Pezzino and Tom Mazurek, Partners at Tronconi Segarra, will be discussing the details of PPP loan forgiveness, and Liz Warren, EVP & Chief People Officer at ESC, will discuss the NYS Safety Template, handling employee concerns, and re-energizing your corporate culture.
Thursday, May 28, 2020 | 10:00 – 11:30 am EDT
Breaking News
May 22, 2020
The U.S. Small Business Administration, in consultation with the Department of Treasury, released two new interim final rules on Friday night. The first interim final rule provides additional information about loan forgiveness and expands on the instructions in the loan forgiveness application. The other interim final rule provides guidance to borrowers and lenders on SBA’s process for reviewing PPP loan applications and forgiveness applications.
Click here to read our post about the loan forgiveness interim final rule and click here to read our post on the SBA review process interim final rule.
May 27, 2020
The U.S. Small Business Administration posted new Q&As to their Frequently Asked Questions (FAQs) for borrowers and lenders on the U.S. Treasury Department website about the paycheck protection program.
Federal Relief Measures
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.
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-
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]
Tools available on U.S. Treasury Department website –
» How to Calculate Maximum Loan Amounts – By Business Type (April 24, 2020)
» Frequently Asked Questions (FAQs) (Updated on a regular basis)
Latest Developments
» 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]
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
» On 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.
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.
The U.S. Treasury Department and the Federal Reserve Board have established the Main Street New Loan Facility to facilitate lending to small and medium-sized businesses affected by the COVID-19 pandemic by offering 4-year loans to companies employing up to 15,000 workers or with 2019 annual revenues of less than $5 billion. The Federal Reserve is currently working to create the infrastructure necessary to operationalize the program. [read more]
U.S. Chamber of Commerce | Guide to the Main Street Lending Program
As of April 30, 2020…
» Main Street New Loan Facility (MSNLF): Term Sheet
» Main Street Priority Loan Facility (MSPLF): Term Sheet
» Main Street Expanded Loan Facility (MSELF): Term Sheet
» Frequently Asked Questions (FAQs)
Press Releases
» April 30, 2020 | Federal Reserve Board announces it is expanding the scope and eligibility for the Main Street Lending Program.
» April 9, 2020 | Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy
» April 9, 2020 | Treasury and Federal Reserve Board Announce New and Expanded Lending Programs to Provide up to $2.3 Trillion in Financing
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
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.
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
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.
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
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.
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.
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]
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.
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]
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 .
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.
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.
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
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
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.
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
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]
States are providing tax filing relief for individuals and businesses. Check out the latest developments on state tax filings related to coronavirus. [read more]
Past Webinars
Update on COVID-19 Relief Legislation
Download slides for COVID-19 webinar on April 10, 2020
Weekly COVID-19 Update with Q&A
Download slides for COVID-19 webinar on April 17, 2020
Weekly COVID-19 Update with Q&A
Download slides for COVID-19 webinar on April 24, 2020
Weekly COVID-19 Update with Q&A
Download slides for COVID-19 webinar on May 1, 2020
Moving Forward: PPP, Loan Forgiveness and Bringing Employees Back
Download slides for joint webinar with Employer Services Corporation on May 6, 2020
COVID-19 Tax Developments
Download slides for COVID-19 tax webinar on May 8, 2020
Weekly COVID-19 Update with Q&A
Download slides for COVID-19 webinar on May 15, 2020
Weekly COVID-19 Update with Q&A
Download slides for COVID-19 webinar on May 21, 2020
COVID-19 Response Team
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.
Serving you During the Coronavirus Crisis
As the situation with coronovirus (COVID-19) evolves, we want to reassure you that your Tronconi Segarra & Associates team is ready and standing by to support you.
This website has been prepared for general guidance on matters of interest only; it does not constitute professional advice. You should not act upon the information contained in this website without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy of completeness of the information contained in this publication; and, to the extent permitted by law, Tronconi Segarra & Associates LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this website or for any decision based on it.
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