Tuesday Morning Briefing, NJ and N.Y.S. Due Dates & H.R.7010 60%/40% Cliff is Gone!
I am glad to report that as of yesterday that in a joint statement by Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza those businesses electing to use the rules in H.R.7010: the Paycheck Protection Program Flexibility Act WILL be able to receive partial forgiveness if they properly follow the 60%-40% guidelines for spending for approved payroll costs and operating expenses.
Here is the link to that latest announcement by the U.S. Department of the Treasury
An update for those of you who were expecting that all taxes and estimated payment due dates were extended please note:
IRS estimate #1 and #2 due July 15, 2020
NYS estimate #1 due July 15, 2020
NYS estimate #2 due June 15, 2020
NJ estimate #1 due July 15, 2020
NJ estimate #2 due June 15, 2020
As this is for personal and corporation tax estimates we will be contacting you with reminders and coupons for the next due dates
Now onto the news in general via the NYT Morning Briefing
As always we will keep you posted on these and other developments as we learn of them. We are also available to support your loan forgiveness applications and to help you make these decisions.
Best wishes to you, your family and friends for health and safety through these trying times.