Cash Payments and Tax Relief for Individuals in New Law

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A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Individual cash payments Under the new law, an eligible individual will receive a …

The Family First Coronavirus Response Act (FFCRA) Has Taken Effect

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BFJ Financial Group recognizes that the COVID-19 pandemic has had an economic impact on all of our lives and we are committed to helping you work through these unprecedented times by providing you with timely information regarding economic topics. The Family First Coronavirus Response Act (FFCRA) requires certain employers to provide their employees with paid sick leave and expanded family …

Paycheck Protection Program

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Updated 4.2.2020 – BFJ Financial Group recognizes that the COVID-19 pandemic has had an economic impact on all of our lives and we are committed to helping you work through these unprecedented times by providing you with timely information regarding economic topics. The Paycheck Protection Program (PPP) provides relief to eligible small businesses by providing funds to pay up to …

US Chamber of Commerce Coronavirus Emergency Loans Summary

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BFJ Financial Group recognizes that the COVID-19 pandemic has had an economic impact on all of our lives and we are committed to helping you work through these unprecedented times by providing you with timely information regarding economic topics. As you probably know, the CARES Act has allocated $350 billion to the SBA to help small businesses keep workers employed …

Coronavirus Aid, Relief and Economic Security (CARES) Act

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Important Update RE: Legislation Impacting Your Business Earlier today, the Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act and President Trump is expected to sign it. This legislation has the potential to directly impact your business in a significant way. While there are many facets of this bill that seek to provide economic relief in response to …

Individuals Get Coronavirus (COVID-19) Tax and Other Relief

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Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer making federal income tax payments, which are due on April …

Income Tax Return Filing and Estimated Payment Deadline Changes due to COVID-19

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BFJ Financial Group recognizes that the COVID-19 pandemic has had an economic impact on all of our lives and we are committed to helping you work through these stressful times by providing you with timely information regarding economic topics. As you may know, many income tax return filing and payment deadlines have been extended due to the pandemic. These deadlines …

Maryland COVID-19 Layoff Aversion Fund

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BFJ Financial Group recognizes that the COVID-19 pandemic has had an economic impact on all of our lives and we are committed to helping you work through these stressful times. Our last email provided information regarding the Maryland Small Business COVID-19 Emergency Relief Loan Fund and the Maryland Small Business COVID-19 Emergency Relief Grant Fund. In addition to those two …

Coronavirus Economic Relief Loan Programs

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BFJ Financial Group recognizes that the coronavirus has had an economic impact on all of our lives and we are committed to helping you work through these stressful times. As a starting point we would like to make you aware of several economic relief programs available to business owners: Maryland Small Business COVID-19 Emergency Relief Loan Fund – Maryland has …

Update: Extended Filing Dates

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March 23, 2020 – The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest. This deferment generally applies to all taxpayers, including individuals, …