Entries by sarah.wells@scheffelboyle.com

COVID-19 Business Relief Analysis

Within weeks, several new laws and programs offering Coronavirus relief have gone into effect. While these measures to protect those hit hardest by the pandemic are important, it can be a somewhat confusing process for individuals and businesses to decide which route is best for their situation, and for what they qualify. Information is updated […]

SBA Paycheck Protection Program Offers Coronavirus Relief

The Paycheck Protection Program (PPP) is part of “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) that was recently passed.  The PPP provides short-term cash flow assistance to small businesses to support their employees during this time of economic distress.  The PPP loans are provided by the SBA through their certified lenders guaranteed […]

President Trump Signs the CARES Act, Sending $2.2 Trillion for Coronavirus Relief

On March 27th, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19. We have summarized the top provisions in the new legislation below, with more […]

SBA Disaster Assistance in Response to the Coronavirus

In response to the coronavirus (COVID-19) pandemic affecting the small business community across the country, the U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury. Substantial economic injury means the business is unable to meet its obligations and pay its ordinary and necessary […]

State of Illinois Extends Income Tax Filing & Payment Deadline

Governor Pritzker announced today, March 25th, that the State of Illinois income tax filing and balance due payment deadline has been extended for 2019 returns to July 15th, 2020. However, for Illinois, 1st quarter estimates are still due on April 15th, 2020, and 2nd quarter estimates are still due on June 15th, 2020. This decision […]

Illinois Has Not Announced Any Extended Due Dates; Federal, Missouri and Other States Have Extended Tax Deadlines

State Updates In a press release dated March 21st, 2020, Missouri Governor Parson announced the extended payment and filing deadlines for Missouri state income tax. The decision mirrors that of the Internal Revenue Service. The City of St. Louis earnings tax has also been extended for both filing and payment. It’s important to note that, […]

Missouri Announces Payment and Filing Relief Amidst COVID-19 Pandemic

In a press release dated March 21st, 2020, Missouri Governor Parson announced the extended payment and filing deadlines for Missouri state income tax. The decision mirrors that of the Internal Revenue Service in response to the evolving issues surrounding COVID-19 (coronavirus). Key takeaways surrounding the Governor’s announcement are as follows: the Missouri state income tax […]

How to Provide COVID-19 Tax-Free Disaster Payments to Your Employees

Employers are scrambling to find ways to help their employees who are impacted by the coronavirus (COVID-19) pandemic. It would surprise some to know that help already exists in a little-known provision of our tax law. Now that the COVID-19 has been declared a national emergency, Internal Revenue Code Section 139 can be used to […]