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At SobelCo we have one goal and that is to keep you well-informed by providing you with accurate, up-to-date information, details, and suggestions that will help you respond to, and recover from, the impact of the coronavirus on you, your business, your family, and your community.

To achieve this in the most efficient and meaningful manner, we have created this webpage for you, filling it with specific news for both the corporate and nonprofit communities. To ensure that you remain informed across a wide range of critical areas, we will continue to identify the most pertinent discussions - while also passing along the resources you most need, including articles, hotline numbers, press releases, websites, and more.

If you have any questions, or seek additional insights, please let us know. Based on your feedback we can continue to edit and reinforce our communications as necessity dictates. 

 

Have a question or need advice? The SobelCo COVID-19 team is here to help!

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Tax Information

In our ongoing effort to bring you the most current and accurate business and financial news, we are sharing this information with you. As changes occur, we will keep you informed!

 

Coronavirus Aid, Relief, and Economic Security Act (CARES Act) 

IRS Released Provisions of Relief

  • Federal income tax returns normally due on April 15, 2020 are not due until July 15, 2020. The July 15, 2020 due date can be extended to October 15, 2020 by filing Form 4868, Extension of time.
  • Individual or corporation quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, have been extended to July 15, 2020. 

Click here to visit the IRS website for more information 

Click here to visit the AICPA website for information on State filings deadlines

The Internal Revenue Service (IRS) has announced that it will not be processing paper tax returns until further notice. They are encouraging taxpayers to electronically file their returns.  If you have already submitted your return via paper, please do not resubmit a second copy or write to the IRS regarding the status. 
They will resume processing once the tax agencies have reopened.

New Jersey extends the April 15th deadline

The New Jersey Legislature passed a bill to extend the April 15, 2020 personal income tax and corporate business tax filing and payment deadlines to July 15, 2020.

What has been extended:

  • 2019 gross income tax returns and payments, including trusts
  • 2019 corporate business tax returns and payments
  • First quarter 2020 GIT/CBT estimated tax payments
  • First quarter 1041 estimates
  • Partnership returns and payments
  • Partnership filing fees and licensed professional fees
  • Penalties and interest will not be imposed on the balance of 2019 income tax due between the original due date and July 15.

What has NOT been extended:

  • Second quarter 2020 estimated tax payments, still due June 15
  • Sales and use tax filings and remittances
  • Payroll tax remittances (including those imposed by the New Jersey Department of Labor and Workforce Development)
  • Inheritance taxes 

Sales and Use Tax

  • New York has announced information regarding the abatement of penalties and interest for sales and use tax due to the Novel Coronavirus, COVID-19. We suggest you click to the link for details as they stand today: https://www.law360.com/tax-authority/articles/1256177/ny-offers-sales-tax-relief-in-response-to-covid-19
  • There has been no sales and use tax guidance issued as yet from New Jersey, in both Connecticut and Pennsylvania, the deadlines have been extended to July 15, 2020 for payments due for 2019 as well as for first and second quarter 2020 estimated payments.

 Understanding Section 139


Financial Business Support

Small Business Administration (SBA) 

In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan up to $2 million. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to coronavirus (COVID-19). These loans may be used to meet financial obligations and operating expenses that could have been met had the disaster not occurred (working capital and normal operating expenses). The interest rate is 3.75% APR (fixed) for small businesses. The interest rate for non-profits is 2.75%.

For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 or visit the Office of Disaster Assistance website for more information.

SBA Paycheck Protection Program (PPP) First Draw and Second Draw

The PPP provided $659 billion in loans to small business, nonprofits, sole proprietors and other eligible entities with fewer than 500 employees. Loans of up to $10 million, in the form of a First Draw loan, can be obtained to cover certain business costs including employee payroll, rent, insurance, paid sick or medical leave, interest on mortgage obligations and utilities.  As part of the Consolidated Appropriations Act, 2021, PPP has been provided with an additional $284 billion of loan funds to support small businesses and other eligible entities impacted by the COVID-19 pandemic under the Second Draw program:

      • PPP loans applications will be accepted until March 31, 2021, or earlier if funding is exhausted
      • Up to 24 weeks of eligible expenses may be forgiven
      • Loan repayments will be deferred until eligible expenses are approved (up to 10 months deferral)
      • Second Draw borrowers must have taken a First Draw loan, and have spent or will spend the funds before disbursement of their Second Draw loan
      • Borrowers must have a 25% decline in gross receipts, as defined, in any quarter of 2020 compared to the same quarter of 2019. Additional regulations apply. 

Click here for more informationon how to apply

New Jersey

The State of New Jersey has established a special website devoted to business concerns during the coronavirus emergency. The site, cv.business.nj.gov, will be updated as new information becomes available, including programs administered by the New Jersey Economic Development Authority (NJEDA), New Jersey Redevelopment Authority (NJRA), the New Jersey Department of Consumer Affairs (NJDCA), the New Jersey Housing and Mortgage Finance Agency (NJHMFA), and the New Jersey Department of Environmental Protection (NJDEP). To see which of these programs you are eligible for, use the NJ COVID-19 Business Support Eligibility Wizard.

New Jersey Business Action Center 

Business owners can also call the hotline for the New Jersey Business Action Center at 800-JERSEY-7 

New York

New York State is working to support small businesses throughout the COVID-19 crisis, by providing up-to-date resources and information about COVID-19-related loans, funding and business counseling. See their COVID-19 Loans and Assitance for Small Businesses page for details about the New York Forward Loan Fund, U and the New York Forward Small Business Lease Assistance Partnership.

 

New York City also has a webpage located here which contains resources and business relief options related to COVID-19.


Information for Nonprofits

The Center for Non-Profits is an excellent source for information regarding the impact of the coronavirus on the nonprofit community.  Click here for their blog. These are updated regularly and focus specifically on the effect for nonprofit organizations, their fundraising and friend raising initiatives, and the pressure to deliver critical community services in a time of crisis. Center for Non-Profits Going Forward: Best Practices and Considerations for Non-Profit Reopening

IRS Update for Additional Taxpayer Relief – Exempt Organizations

The IRS has issued an update, Notice 2020-23, to include Exempt Organizations in the definition of Taxpayers Affected by COVID-19 Emergency.

This means that the filing deadline for Exempt Organizations has been extended to July 15, 2020. The forms included are as follows:

  • Form 990 – Return of Exempt Organization
  • Form 990 EZ – Short Form Return of Exempt Organization
  • Form 990 T – Exempt Organization Business Income Tax Return
  • Form 990 PF – Private Foundations
  • Form 990-W for quarterly estimated payments

Exempt organizations who wish to file after the original due date of May 15, 2020 and before the extended date of July 15, 2020 do not need to take any action to extend their filing or payment to July 15, 2020.


Information Relating to Human Resources

  • NJ Department of Labor and Workforce Development -  Information about coronavirus and what employees and employers need to know.  
  • ADP -  This website specifically addresses many of the most critical Human Resource issues facing businesses today by providing practical suggestions that have evolved through interaction with local authorities and the World Health Organization. You can visit their website and check out their Business Resiliency Plan Fact Sheet.
  • Worker Adjustment & Retaining Notifications (WARN) Act 

Client Letters

Communication is key during a time of crisis. Therefore it is important for us to continue providing our clients with up-to-the-minute information, ideas, and resources that they can draw on to weather this storm.

We Are Here to Help


Frequently Asked Questions

As the situation around the coronavirus outbreak continues to escalate, we have had several questions posed to us. Each day we will select one or two of the most common queries and share them with you. In addition, you can email us directly at covid-19@sobelcollc.com and we will answer you as quickly as we can.

 


Directory of Phone Numbers, Hotlines & Websites

NJ COVID-19 hotline
1-800-222-1222. If using an out-of-state phone line, call 1-800-962-1253

NJ Economic Development Authority (NJEDA) 

Small Business Administration (SBA)  
Disaster Assistance customer service center: 1-800-659-2955 or email disastercustomerservice@sba.gov

Center for Disease Control and Prevention (CDC) 

NJ Department of Labor and Workforce Development (DOL) 

NJ State Chamber of Commerce  

Meadowlands Regional Chamber of Commerce 

NJ Business Action Center 

New Jersey Business and Industry Association (NJBIA) 

Commerce and Industry Association of NJ (CIANJ) 

NJ Small Business Development Centers (SBDC) 

Morris County Chamber of Commerce

Center for Non-Profits 

New Jersey Manufacturing Extension Program, Inc.  
email hotline: takeaction@njmep.orgCrisis Management / Business Continuity Planning   

Somerset County Business Partnership 

New Jersey Pandemic Relief Fund

South Jersey COVID-19 Response Fund from the Community Foundation of South Jersey

COVID-19 Rapid Response Fund from the Northern New Jersey Community Foundation for non-profit services and programs in Bergen County

Princeton Area Community Foundation COVID-19 Relief & Recovery Fund

OceanFirst Foundation Rapid Response Grants and Good Neighbor Grants, in addition to loosening restrictions of some previously awarded funding

PHL COVID-19 Fund from the United Way of Greater Philadelphia and Southern New Jersey

United Way of Greater Newark Community COVID-19 Fund is taking donations, funding application to be announced

 


Resources

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Blogs

January 13, 2021
For those nonprofit organizations that participated in the CARES Act-sponsored Paycheck Protection Program which was passed in March 2020, and for...