Dear Clients and Friends,
We hope you are all healthy and safe.
In efforts to minimize exposure to at-risk individuals, we are requesting that any meetings over the next few weeks be handled remotely by phone or zoom with documents either being uploaded or mailed to our office.
Here are some things of which you should be aware:
Tax Deadline Relief
- The federal tax filing deadline has been extended to July 15th.
- The Hawaii state tax filing and payment deadline is now extended to July 20th. We will continue to work hard on client returns through April 15th, but there will be significant relief for anyone filing/paying after April and before July 15th.
Unemployment or decrease in available work
- If you get laid off, the one-week waiting period has been waived for most workers.
- If you are unable to work, you may still be eligible for benefits under these emergency provisions.
- Evictions for nonpayment of rent may be halted. There are not many details on this yet, so pay your rent on 4/1 if you can.
Many of you are concerned about the impact of the coronavirus on your business. While it may be tempting to worry or to bury heads in the sand, we strongly advise you to look at your numbers and develop a plan.
The SBA Economic Injury Disaster Loan program should be available for application starting the week of the 23rd. If this is a program you are thinking of pursuing, you need to begin preparing to submit your application as there will likely be a very long line of people pursuing this program. I have the pdf forms ready for anyone who would like them. You may also apply online at https://disasterloan.sba.gov/ela/, but be advised that your application may be rejected if you apply before Hawaii is certified for “Economic Injury Disaster Loan Assistance.” Your tax returns will be required in this process as well. If you need electronic copies of your returns for this purpose, please let us know as soon as possible.
A government stimulus package should be in the works, but I would not count on this to save anyone from hardship. Hawaii business owners face tremendous challenges. Sound financial management, creativity, and prompt action will be critical for the days to come.
We stand by to assist.
Jacob Burrill, CPA