Phil Thompson & Associates has put together a list of links containing resources for both employees and employers that have been adversely impacted by the Coronavirus Pandemic. This pandemic has caused many changes to occur with new laws going into effect to help mitigate the adverse impact on individuals and businesses. Many of these webpages will be updated as more information and forms are released. The staff at Phil Thompson & Associates is committed to staying informed on these changes and helping our clients to the best of our ability.
The Minnesota shelter in place impacts many businesses. Check the list of critical sectors in MN to see if your business is impacted.
Minnesota DEED has emergency loans available for small businesses that have been adversely impacted by the coronavirus pandemic.
The Department of Labor has a poster for employers regarding the rights of employees for paid sick leave due to the coronavirus pandemic.
Legislature has passed the Families First Coronavirus Response Act (FFCRA) requiring certain employers to provide paid sick leave to employees under certain circumstances related to the coronavirus pandemic.
The IRS website has a page setup regarding the coronavirus paid sick leave as well as the payroll tax credits for small businesses. There is a small business exemption for businesses with less than 50 employees regarding paid leave due to school closings or unavailable childcare.
Due to the increase of applications for unemployment in Minnesota they are now asking that you apply for unemployment on certain days of the week depending on the last number of your social security number.
The Minnesota Unemployment Insurance website has information regarding who can apply and how to apply as well as a list of commonly asked questions with answers.
The North Dakota State Government website has a page setup regarding Coronavirus and the different programs available for those that have been impacted. Some of the topics that can be found include unemployment insurance, information regarding the CARES act, and information regarding the payroll tax credit employers are eligible for related to paid sick leave due to the coronavirus.
The Small Business Administration has a webpage with information regarding loans and guidance for small businesses that have been impacted by the coronavirus pandemic. Two of the different loans available are the Paycheck Protection Program and the Economic Injury Disaster Loans and Loan Advance.
Minnesota has a webpage with information regarding the protections of employees impacted by the coronavirus pandemic.
The IRS has a webpage regarding the Economic Impact Payments (stimulus payments) that certain individuals will receive. Individuals with AGI under $75,000 and married couples filing joint returns with AGI under $150,000 will be eligible for the full payment. For further information on this payment as well as commonly asked questions use this link.
Be aware of scams regarding the stimulus payments.
The federal filing and payment deadline have been extended to July 15,2020 for the 2019 tax returns. Minnesota and North Dakota have also extended their filing deadlines to July 15, 2020.
The full text of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) can be found by clicking on this link.