Coronavirus (COVID) Resource Center

As regulations are changing daily, we encourage you to contact the following resources directly for the latest and most up to date information. Please contact your Nisivoccia professional if you have additional questions.

Although we are working remotely, please know we are available to answer any questions you may have on your accounting, tax or audit matters. Do not hesitate to contact us via phone, video or email, if you need assistance navigating through the recent legislation, with your loan application or financial and budget process during these times.

Government Resources

News Items

Self-Employed May Be Eligible for COVID-Related Tax Breaks for 2020

April 6, 2021

If you’re self-employed as a sole proprietor, partner or limited liability company (LLC) member, COVID-relief legislation passed in 2020 included tax breaks that may affect your 2020 personal federal income…

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PPP Deadline Extension plus Other Program Updates

April 1, 2021

The PPP Extension Act of 2021 has been formally signed by President Biden, which extends the Paycheck Protection Program through May 31, 2021. The program, originally scheduled to expire on March…

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Covid-19 Relief Available for Qualifying Not-for-Profits

March 17, 2021

The not-for-profit sector, the nation’s third-largest industry, was especially hard hit by the Covid-19 pandemic. Fortunately, the federal government provided financial relief in the form of grants and loans to…

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PPP Application Deadline is March 31, 2021

March 16, 2021

For those who are still planning on applying for the second round funding of the PPP program, the deadline remains March 31, 2021. Although there is a bill currently in…

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The American Rescue Plan Act Tax Implications

March 12, 2021

President Joe Biden signed into law the American Rescue Plan Act (H.R. 1319) on March 11, 2021. Among the act’s many provisions are several tax items including the tax treatment…

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Biden-Harris Administration Announces Changes to PPP

March 8, 2021

In an effort to target smaller businesses, the Biden administration abruptly changed crucial rules to the Paycheck Protection Program (PPP). It is intended to help the smallest and neediest companies,…

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Resources for Small Businesses and Not-for-Profits.

Also refer to Navigating Your Business Through Coronavirus (COVID-19) above for additional information.

Resources for Small Businesses and Not-for-Profits.

The SBA’s Economic Injury Disaster Loan program provides small businesses with low interest loans of up to $2 million to help overcome the temporary loss of revenue they are experiencing due to the Coronavirus (COVID-19) pandemic. Refer to the links below for program information.

Resources for Small Businesses and Not-for-Profits.

The Families First Coronavirus Response Act expands the Family Medical and Leave Act (FMLA) and Paid Sick Leave requirements for most organizations under 500 employees.

Employers must provide eligible employees with up to 12 weeks of job-protected leave to care for their children.

  • Employees that have been on the payroll for at least 30 calendar days.
  • Employees that are unable to work, onsite or remote, because their child’s school or child care services is closed due to the public health emergency.
  • First 10 days of leave can be unpaid. Employees can use accrued time
  • For the other 10 weeks, employees must receive two-thirds of their regular rate of pay. This is capped at $200 a day.

Employers will have to provide up to 80 hours of paid-sick-leave to employees, regardless of the length of time that they have been employed. Paid sick-leave benefits will be available immediately.

Paid sick leave must be paid at the employee’s regular rate of pay, or minimum way, whichever is greater for any employee that:

  • Has been ordered to a federal, state, or local quarantine or isolation related to COVID-19
  • Has been advised by a health care provider to self-quarantine because of COVID-19
  • Has symptoms of COVID-19 and is seeking a medical diagnosis

Paid sick leave must be paid at two-thirds of the employee’s regular rate of pay, or minimum wage, whichever is greater for any employee that:

  • Is caring for someone who is subject to a government quarantine or isolation order or has been advised by a health care provider to quarantine or self-isolate.
  • Needs to care for their child whose school or child care services is closed due to COVID-19.
  • Is experiencing similar conditions as specified by the Secretary of Health and Human Services in consultation with the Secretary of the Treasury and the Secretary of Labor.

Paid sick leave is capped at $511 a day for an employee’s own care and $200 a day for employees caring for someone.

  • Organizations with less than 50 employees if providing paid family and medical leave and paid sick leave would “jeopardize the viability of the business”
  • Excludes health care providers and emergency responders. This is subject to change as smaller healthcare offices may qualify.
  • Organizations with less than 25 employees do not have to reinstate employees in the same or equivalent position if the position no longer exists.

Also under the Families First Coronavirus Response Act, employers who pay sick or family leave under the act, can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus (COVID-19) related leave to their employees.

Examples

If an eligible employer paid $5,000 in sick leave and is otherwise required to deposit $8,000 in payroll taxes, including taxes withheld from all its employees, the employer could use up to $5,000 of the $8,000 of taxes it was going to deposit for making qualified leave payments. The employer would only be required under the law to deposit the remaining $3,000 on its next regular deposit date.

If an eligible employer paid $10,000 in sick leave and was required to deposit $8,000 in taxes, the employer could use the entire $8,000 of taxes in order to make qualified leave payments and file a request for an accelerated credit for the remaining $2,000.

Equivalent child care leave and sick leave credit amounts are available to self-employed individuals under similar circumstances. These credits will be claimed on their income tax return and will reduce estimated tax payments.

Additional Government Resources