January 15, 2021

Coronavirus: Tax, Business, & Other Legal Resources

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Find information on relief programs and other help for legal, financial, and business problems related to COVID-19.

Federal Loan Program to Help Small Businesses

President Trump signed a $2 trillion relief measure, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. CARES creates a new Paycheck Protection Program (“PPP”) to permit small businesses to obtain loans via the 7(a) Loan Program. Read more about the options below and then contact our team if you have any tax, legal, or financial questions.

UPDATE: The government’s discriminatory rollout of the PPP Loans has failed minority and woman-owned businesses.

Our firm has filed a Class Action Lawsuit in the United States District Court for the District of Maryland against the Small Business Administration and Treasury Department, which you can read more about here.

If you’re a business owner whose PPP loan application was affected by this, you can use the form below to contact our firm about joining the class action.

Call us for a free consultation

PPP Loan Eligibility

PPP Loans are available through June 30, 2020 for any business, nonprofit, veterans organizations, or Tribal business with 500 or fewer employees. Read more here.

PPP Loan Terms

Generally, CARES provides that eligible recipients can borrow the lesser of $10 million or 250% of their average monthly payroll costs. Read more here.

PPP Loan Forgiveness

PPP Loan principal will be forgiven under certain circumstances. The amount of forgiveness will depend on maintaining the average size of its full-time work force. Read more here.

Other Small Business Coronavirus Relief Programs

Legal and tax relief for small businesses is available through a variety of state and federal programs. Read more about the options below and then contact our team if you have any tax, legal, or financial questions.

SBA Disaster Assistance Loans

Maryland employers may more easily find up to $2 million in assistance per affected small business, with provision for long-term repayment. Read more here.

Disaster Relief Payments

Employers may now be able eligible for qualified disaster relief payments via IRC §139 and President Trump’s National Emergency declaration. Read more here.

Coronavirus Relief Bill

New paid leave requirements, tax credit opportunities, and other forms of relief for businesses and families are being discussed by Congress as of writing. Read more here.

Other Coronavirus Resources

We’ll continue updating this section with COVID-19 resources as they’re made available. There’s already countless great resources out there for help navigating this, so we hope that you find what you need by highlighting others efforts as we all work to get through this together.

Websites With Tax Information

IRS.gov Filing and Payment Deadlines

In Notice 2020-18, the Treasury Department and the IRS announced special Federal income tax return filing and payment relief. Below are answers to frequently asked questions related to the relief provided in the Notice.

AICPA State Tax Filing Guidance

U.S. states are providing tax filing and payment due date relief for individuals and businesses. The AICPA has compiled the below latest developments on state tax filings related
to coronavirus.

Websites With General Information

Center for Disease Control

As the nation’s health protection agency, CDC saves lives and protects people from health, safety, and security threats.

Maryland.gov Coronavirus website

Visit the Maryland Department of Health’s official resource for the Coronavirus Disease 2019 (COVID-19) outbreak.

Johns Hopkins Coronavirus website

A resource to help advance understanding of the virus, inform the public, and brief policymakers to improve care and save lives.

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