Bailey Scarano Blog

More Tax Updates and Valuable Information

During these uneasy times, all of us at Bailey Scarano wish you and your loved ones the best of health. We want to also remind you of our dedication to provide the highest level of service especially during these tumultuous times when you need us the most. Many of you have already reached out for clarification on all the recent legislation that has passed and the anticipation of more to come. We are closely monitoring the Coronavirus situation and are doing our best to stay abreast of the changes as they occur.  

Although our firm is still operating at full capacity, we want to let you know that we are no longer having face to face meetings with clients to join the effort in combating the spread of the Coronavirus. Thanks to technology, we can still operate and communicate effectively via electronic means. We apologize for any inconvenience this causes as we know it is not ideal for us or our clients. Everyone’s health is our greatest concern, and we strongly encourage clients to use our client portal which is a fast and secure way for us to transfer information. If you haven’t used the portal in the past, please contact us and we will be happy to set it up for you.

Hopefully, you received and read our newsletter sent out on March 18 discussing the recent IRS and Connecticut developments. We share in the pain that small businesses are facing and strongly encourage you reach out to us if you need help. In addition to using us as a resource, the Connecticut Department of Economic and Community Development (DECD) has a COVID-19 Emergency Response Unit dedicated to helping Connecticut businesses navigate the resources available to them during the crisis. Small businesses seeking guidance can reach them at 860-500-2333. 

In addition to us and CT DECD, we continue to strongly recommend that you reach out to the U.S. Small Business Administration for an Economic Injury Disaster Loan if your business has been impacted by COVID-19. CT was one of the first states to be declared eligible and more states are being added every day, so the sooner you get your application in the better. Companies can apply for loans of up to $2 million. It takes approximately 3-weeks from application to closing to obtain the funds. There are no costs associated with the application or closing of the loan, and the interest rate is (3.75% for business entities or 2.75% for nonprofit entities). To get more details, go here. You can also reach out to the SBA customer service center by phone (800-659-2955) and email (disastercustomerservcie@sba.gov). Remember our firm is here to help you through the process as well!

On Wednesday, March 19, President Trump signed into law the “Families First Coronavirus Response Act.” This bill provides relief to workers and businesses with fewer than 500 employees that are affected by the Coronavirus. This includes significant changes to paid sick leave and expands family and medical leave, including refundable payroll tax credits to claim against employer social security taxes to pay for these benefits. For more details visit https://www.congress.gov/bill/116th-congress/house-bill/6201.

We will do our best to keep you informed as things change and encourage you to reach out to us with any questions about your specific situation. And most importantly, remain healthy and take care of each other.