COVID-19 Daily Communications

(Accu­rate infor­ma­tion as of 03/25/20)

High­lights:

  • Sen­ate pass­es $2 tril­lion Coro­n­avirus Aid, Relief and Eco­nom­ic Secu­ri­ty (“CARES”) Act. In the ear­ly morn­ing hours.  Wednes­day the Sen­ate pass­es the most sweep­ing stim­u­lus pack­age in Amer­i­can his­to­ry.  Pro­vi­sions under the Sen­ate Bill, that now moves to the House and will then need Pres­i­den­tial approval includes the fol­low:

 

  • $367 bil­lion of direct fund­ing sup­port to small com­pa­nies to deal with pay­roll prob­lems and pro­vide up to six months of loan for­bear­ance for all small busi­ness­es.

 

  • Unem­ploy­ment insur­ance would also be extend­ed to those who typ­i­cal­ly do not qual­i­fy, such as gig econ­o­my work­ers, fur­loughed employ­ees and free­lancers.

 

  • $600-per-week across-the-board increase in unem­ploy­ment ben­e­fits for all work­ers claim­ing them. Giv­en that as of Jan­u­ary the aver­age UI check is about $385 per week, this is a mas­sive increase.  The pack­age promis­es these high­er ben­e­fits for unem­ployed recip­i­ents for up to four months.

 

  • Direct pay­ments of $1,200 to most Amer­i­can adults and $500 to most chil­dren. Under the plan, peo­ple mak­ing up to $75,000 a year are expect­ed to receive checks for $1,200.  Cou­ples mak­ing up to $150,000 would receive $2,400, with an addi­tion­al $500 per child.  The pay­ments would decrease for those mak­ing more than $75,000, with an income cap of $99,000 per indi­vid­ual or $198,000 for cou­ples.

 

  • The bill cre­ates a new pro­gram, Pan­dem­ic Unem­ploy­ment Assis­tance, for self-employed and con­tract work­ers who are typ­i­cal­ly inel­i­gi­ble for UI. It pro­vides some incen­tives for work-shar­ing, a pro­gram where­by the gov­ern­ment cov­ers a por­tion of lost wages for work­ers whose hours have been reduced. The inten­tion here is to incen­tivize com­pa­nies to retain work­ers by just employ­ing them for less time.

Client Inquiry respons­es:

  • Tax Fil­ing Dates

OHIO

  • The Exec­u­tive Branch in Ohio has asked the leg­is­la­ture to include mov­ing the tax dead­line back in the leg­is­la­tion they are cur­rent­ly work­ing on.

KENTUCKY

  • In KY the fil­ing date was moved to July 15 by exec­u­tive order as they are not in ses­sion. One caveat for KY tax­es is that the gov­er­nor does not have the author­i­ty to for­give inter­est on late tax pay­ments so for KY tax­es paid after April 15th the client will still be charged inter­est.

 

Cor­po­rate Small Busi­ness COVID-19 relief efforts:

Busi­ness­es of all sizes and sec­tors are step­ping up to address this cri­sis.  The US Cham­ber of Com­merce has pub­lished a list of Cor­po­ra­tions that are offer­ing relief assis­tance in var­i­ous forms.

  • View our cor­po­rate aid track­erfor details on how busi­ness­es of all sizes and sec­tors are step­ping up to com­bat the coro­n­avirus. Cor­po­rate dona­tions, both cash and in-kind, to sup­port med­ical pro­fes­sion­als and non-prof­its cur­rent­ly exceed $418 mil­lion.

 

NKY Cham­ber Dai­ly Update: http://www.nkychamber.com/news/covid-19/