COVID-19 Economic Impact

COVID-19 Economic Impact

Following is a non-exhaustive list of links with information and resources available to assist our clients who are struggling economically during the COVID-19 outbreak.

Department of Labor COVID-19 and Families First Coronavirus (FFCRA):
The FFCRA will give American businesses with fewer than 500 employees funds to provide employees with paid leave to care for either themselves or their families for health reasons related to COVID-19.  

Small businesses with fewer than 50 employees may qualify for exemption from the requirement to provide leave due to school closings or child care unavailability if the leave requirements would jeopardize the viability of the business as a going concern.

For the Department of Labor’s first round of specific guidance on the FFCRA that will take effect on April 1, 2020, click here:

For IRS summary of FFCRA click here:

SBA Economic Injury Disaster Loan (EDIL):  

For more information about, and to apply for, SBA’s EDIL, click here.  (Note, when you apply, you will need to submit IRS Form 4506T, which provides the SBA with access to your business tax return.)

Maryland Small Business COVID-19 Emergency Relief Grant Fund:
For more information about, and to apply for, Maryland’s short-term working capital grants, click here:

Maryland Small Business COVID-19 Emergency Relief Loan Fund:
For more information about, and to apply for, Maryland’s working capital loans, click here:

Maryland Department of Labor Layoff Aversion Fund:
For more information about, and to apply for, the Maryland Department of Labor’s layoff aversion grant, click here:

State of Maryland FAQ for Business Planning and Responding to the Coronavirus:
For a list of FAQ from the State of Maryland, click here:

Coronavirus Actions by County in Maryland:
For a list of County by County Coronavirus actions, click here:

State Tax Filing Guidance for Coronavirus Pandemic:
For regularly updated information from the American Institute of Certified Public Accountants (AICPA) for state by state tax filing information, click here:

New Tax Filing and Payment Deadline:
For the IRS’s frequently asked questions (FAQ) page, click here:

Frequently Asked Questions about COVID-19 and Maryland Unemployment Insurance Benefits:
For unemployment information from Maryland Department of Labor for both employees and employers, click here: 

Maryland Business Registrations and Filings:
The Maryland State Department of Assessments and Taxation (SDAT) is automatically extending the due date of the Annual Report Filing and/or the Personal Property Return from April 15 to July 15.  Click here for more information:

Order of the Governor of the State of Maryland Closing All Non-Essential Businesses and Other Establishments: 
For a listing of businesses, organizations, and facilities that are included in the federal critical infrastructure sectors that may remain open while Governor Hogan’s order prohibiting large gatherings and closing of non-essential business remains in effect, click here:

Maryland Tax Alert: Impact of COVID-19 on Maryland Tax Filing:
For a summary of tax action taken by the State of Maryland in response to the COVID-19 outbreak, click here:

Restaurant Employee Relief Fund:
Relief for restaurant workers. 
Apply now starting April 2, 2020

Check on the status of your Economic Stimulus Payment:
Anyone who qualifies for the stimulus payment but who generally owes taxes can add their banking information and receive a direct deposit instead of waiting for a paper check from the IRS.

REVISED PPP Loan Forgiveness calculator 
(The link downloads the Excel Spreadsheet automatically)
PPP Loan Forgiveness calculator