COVID-19

Secretary Mnuchin Defers Tax Payments, Delivers Relief for Taxpayers and Small Businesses

Written on Tue, 03/31/2020 - 16:59
Image of worksheets, calculator, and tiles spelling out "taxes"

Because many families, businesses, and tax preparers may be unable to meet their tax obligations despite their best efforts, President Trump is allowing “the Treasury Department to defer tax payments, without interest or penalties, for certain individuals and businesses negatively impacted.”

IFA Letter to House Leadership on COVID-19 Relief

Written on Tue, 03/31/2020 - 16:05
WFN

Letter urging Speaker Pelosi and Republican Leader McCarthy to work closely with the Small Business Administration (SBA) to ensure the loans are rapidly administered to affected areas.

IFA specifically asks Congress to make clear that franchise owners affiliated with a brand are eligible for the same small business relief as non-franchised small businesses. This letter lays out detailed, recommended policies that can be followed to achieve this objective.

IFA Letter to Senate Leadership on COVID-19 Relief

Written on Tue, 03/31/2020 - 15:49
WFN

Request to improve the House-passed bill containing important provisions that benefit small businesses and employees. Specifically, Division C, “The Emergency Family and Medical Leave Act,” and Division E, “The Emergency Paid Sick Leave Act.”  

While H.R. 6201 includes a 100% retroactive tax credit, the construction of the paid leave mandate and refundable tax credit leaves small businesses with a significant and immediate cash flow crisis for the next six to eight critical weeks.

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