COVID-19 Update and Resources

COVID-19 Update as of January 4, 2021:  Like many of you, our firm has been monitoring the COVID-19 developments closely.  We are working to balance the health and safety of our clients and staff while managing our workload and our dedication to tireless client service in our busy season.   We understand that many of you have questions about both your taxes and what relief is available to you related to COVID-19.

At this time our offices will remain open and we will all be working either in the office or remotely to be able to answer any questions you have.  We will be limiting any face to face interaction, but we will have the availability for you to drop off or pick documents up at both of our offices.   Please reach out to your accountant regarding and potential in person meetings.

Please refer to the below topics for COVID-19 updates and resources

Feel free to give us a call with any questions you have or email info@odlcpas.com.

COVID Relief Bill - December 2020

On December 21, 2020, Congress passed an additional COVID releif bill as part of the Bipartisan-Bicameral Omnibus COVID Relief Deal.  This bill provides much needed stimulus to both businesses and individuals. 

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

On March 25, 2020, the Senate approved the largest economic relief package in US History.  The broad ranging Act is a massive stimulus bill that will help address the financial and health ramifications of the COVID-19 Virus.  

COVID-19 Loan Options for Small Businesses

*Paycheck Protection Program

*SBA Loans including Disaster Loans and Express Bridge Loans

*PIDA Loans 

*Additional options from the CARES Act.

Payroll Tax Credits Available to Employers

The Family First Coronavirus Response Act and the CARES Act have provided employers tax credit incentives for employers who were forced to close or suspend operations due the COVID-19 pandemic, or for sick leave for employees displaying symptoms or who are required to care for a child due to school or child care closures.

Unemployment Updates for Employers and Employees

The latest updates on COVID related unemployment change and options for employers and employees

Families First Coronavirus Response Act

On March 18, 2020, the Families First Coronavirus Response Act was signed into law.  The Act addresses domestic assistance including unemployment benefits, paid sick leave, insurance coverage of Coronavirus testings and other assistance. 

General Business Recommendations

Some general business recommendations during this time along with steps you can take to prevent the spread of Coronavirus if/when you are allowed to open

Relief for Individuals

Numerous relief efforts have been instituted by employers, banks and government agencies amidst the Corona Virus pandemic, including financial aid checks to be sent from the US Treasury. If you are being affected by the virus directly or indirectly, through financial hardship, it is imperative that you reach out to the parties listed herein to determine your eligibility to receive aid or other relief. There are several avenues of support available to individuals experiencing financial difficulty.