COVID-19 Quick Reference Guide
COVID-19 Resource Center
As COVID-19 continues to spread alarm and uncertainty, we assure you that our commitment to our clients and communities remains strong and focused. We are closely monitoring the rapidly changing developments to help address the myriad of questions presented by this global pandemic. We’ve curated the best information and resources to help you navigate any potential business disruptions and keep you informed. This page reflects the latest and ongoing COVID-19 situation and will continue to be updated regularly. Be sure to check back for updates.
Contact your BMF Advisor or any of our experts below to discuss any challenges or concerns you have navigating these uncertain times or the impact on your business.
Tax Updates
and Extensions
All tax related updates as it relates to business, individual and estates including extensions, modifications and corrections.
Employment and
Benefit Plans
Payroll tax, FMLA, Insurance Payment Deferrals, emergency paid sick leave, plan contributions and minimum distributions.
Business
Finance
Access to working capital, SBA loans, grant programs, financial forecasting, projections, modeling, business valuations and more.
Personal
Finance
Individual benefits, filing for unemployment, retirement account withdrawals, filing extensions and modifications.
Cybersecurity
and Technology
Common cyber threats, network security and resources to leverage.
General Updates
and Notices
Here’s how we’re adjusting our business to better serve your business.
“From the moment our lives were halted with the COVID-19 pandemic, the team at BMF has been phenomenal. They’ve kept me updated on the latest regulatory changes, ever-moving economic forecasts and answered the countless questions presented by this global challenge and helped identify opportunities to protect our cash flow. Alongside our leadership team, the BMF team has worked around the clock to keep our business needs front and center. I’m confident our organization will withstand this crisis and emerge stronger because we have partners like BMF by our side.”
– Ken Babby, Owner, Akron RubberDucks and Jacksonville Jumbo Shrimp AA Baseball Clubs
Tax Updates and Extensions
Thinking COVID-19 isn’t impacting your tax situation? Take a closer look and talk with your tax advisor. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, phase III of legislation aimed at fighting the pandemic and mitigating economic harm has something for every individual, family, worker, and businesses of all sizes; even those not currently stressed by the outbreak. (Top of page)
Opportunities and Implications of the Business Law and Tax Changes in Response to COVID-19
Tod Wagner discusses tax planning in the current environment, including tax law changes and extensions in response to COVID-19.
Tax Implications for Employers’ “Work From Home” Arrangements After COVID-19
Hear about the tax implications that employers need to know BEFORE considering permanent Work From Home or Remote Work arrangements post-pandemic.
Tax Webinar: PPP Impact, Tax Planning Considerations, State and Local Implications
2020 has turned out to be a year that no one could plan for. Join us as we walk through the tax impact of the Paycheck Protection Program, Federal tax planning considerations for 2020 and 2021 and the implications of state and local taxes in the remote environment.
BMF Insight and Key Takeaways
- Cash is king – and nothing is better than free cash. Start with reviewing the SBA’s Paycheck Protection Plan which aims to give business and self-employed 8-weeks of relief in the form a forgivable loan.
- No loans for your business? No worry! The new tax provision will help you preserve your cash, with deferrals on payroll taxes, refundable payroll tax credits, deferral of defined benefit plan contributions, acceleration of corporate AMT credits refunds, NOL carryback opportunities, relaxation of loss limitation rules for flow-through entities and many opportunities to accelerate deductions.
- Individuals and families are not left out. In addition to the well-publicized direct payments to individuals, new tax provisions offer relief on unexpected distributions from retirement plans, waiver of required minimum distribution, flexibility in terms of timing of making contributions and more.
BMF Articles
- Employee Retention Credit - More Guidance Issued for Q1 & Q2 Credits (BMF, April 6, 2021)
- IRS Issues Guidance Around Extended Tax Filing Deadline (BMF, March 30, 2021)
- Employee Retention Credit Modifications Under the American Rescue Plan (BMF, March 17, 2021)
- President Biden Signs American Rescue Plan Act (BMF, March 15, 2021)
- IRS Releases Additional Guidance for 2020 Employee Retention Credit (BMF, March 4, 2021)
- Employee Retention Credit: Claims, Advance Payments and Documentation (BMF, February 19, 2021)
- Consolidated Appropriations Act: Changes to the Employee Retention Tax Credit (BMF, January 11, 2021)
- Congress Passes Year End Spending Stimulus Bill with Tax Extenders (BMF, December 23, 2020)
- Preparing for the New Form 1099-NEC, Nonemployee Compensation (BMF, December 21, 2020)
- 2020 Year End Tax Planning for Businesses and Individuals (BMF, December 10, 2020)
- IRS Issues Additional Guidance on Taxability of PPP Loan Forgiveness (BMF, November 20, 2020)
- Final Rules Clarify Business Meals and Entertainment Deductions (BMF, November 6, 2020)
- 2021 Cost-of-Living Adjustments (COLAs) (BMF, October 29, 2020)
- Payroll Tax Holiday - Friend or Foe? (BMF, September 1, 2020)
- IRS Delays and Other Issues on 2019 Tax Filings (BMF, August 31, 2020)
- Ohio Issues CAT Guidance on PPP Loan Forgiveness (BMF, July 15, 2020)
- Opportunities and Implications of the Business Law & Tax Changes in Response to COVID-19 (VIDEO - BMF, May 22, 2020)
- Paycheck Protection Program: Taxabilities of Loan Forgiveness (BMF, May 1, 2020)
- IRS Broadens Tax Filing and Payment Relief, Refund Guidance Coming Soon (BMF, April 10, 2020)
- Coronavirus Aid, Relief and Economic Security Act; Business Loan Programs (BMF, March 27, 2020)
- CARES Act: Federal Coronavirus Emergency Relief Package (BMF, March 27, 2020)
- State Agencies Issue Financial Relief to Ohio Businesses and Workers (BMF, March 26, 2020)
- House & Senate Approve $2 Trillion Economic Rescue Package; Tax Extensions Clarified (BMF, March 25, 2020)
- Treasury Extends Tax Filing Deadline 90 Days (BMF, March 20, 2020)
- President Trump Signs Coronavirus Emergency Aid Package, IRS Issues Guidance on Tax Payment Extension (BMF, March 19, 2020)
- Treasury Delays Tax Payments by 90 Days, Filing Deadline Currently Unchanged (BMF, March 18, 2020)
Resources
- IRS
- COVID-19-Related Tax Credits for Required Paid Leave FAQs (IRS, April 21, 2020)
- Tax Filing FAQ (AICPA, April 7, 2020)
- FAQ: COVID-19 Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses (IRS, April 1, 2020)
- Filing and Payment Deadlines Q&A (IRS)
- Ohio Regional Income Tax Agency (RITA)
- AICPA Coronavirus (COVID-19) Resource Center
- OSCPA Coronavirus Resources & Information
- City of Cleveland Central Collection Agency
Regulatory Guidance
- Notice 2020-23 Expanded Tax Deadline Relief (IRS, April 10, 2020)
- IRS Guidance for NOLs Impacted by CARES Act, Rev. Proc. 2020-24 (IRS, April 9, 2020)
- State Tax Filing Guidance for Coronavirus Pandemic (AICPA, April 2, 2020)
- Treasury Delays Excise Tax Payments (U.S. Department of Treasury, April 1, 2020)
- H.R. 748 Coronavirus Aid, Relief and Economic Security Act (CARES Act) (U.S. Senate, 116th Congress, March 27, 2020)
- Notice 2020-20 Gift Tax Filing Relief (IRS, March 20, 2020)
- IR-2020-57 IRS News Release Regarding Paid Leave and Tax Credits (IRS, March 20, 2020) (PDF)
- Families First Coronavirus Response Act (U.S. Congress, March 18, 2020)
- Notice 2020-18 Income Tax Payment and Filing Relief (IRS, March 18, 2020)
Subject Matter Experts
Employment and Benefit Plans
There are significant changes in HR and benefits areas that have been impacted by the government’s response to the economic upheaval caused by the COVID-19 virus, and our team is well-positioned to help you through some of these issues. Some of the areas that have been impacted are payroll taxes, FMLA, health insurance, sick leave, plan contributions, plan loan provisions and minimum distributions. BMF is here to help you through these issues.
(Top of page)
Employee Benefits: The Implications of the New Laws in Response to COVID-19 / Coronavirus
Jim Merklin discusses how business and individual benefit plans are being impacted by the SECURE Act AND CARES Act, which was put in place as a result of COVID-19.
BMF Insight and Key Takeaways
- Cash is King – and some of the new law provisions will help you preserve your cash, such as deferrals on payroll taxes and health insurance payments.
- COVID-19 government programs are making significant changes to some human resource programs such as sick leave and FMLA.
- Employee benefit plans will be making changes to provide you and your employees enhanced flexibility in terms of timing of making contributions, loan provision enhancements and providing employees protection from defaulting on their loans, and minimum distributions.
BMF Articles
- Partial Plan Terminations: How Does This Affect My Business? (BMF, May 28, 2020)
- Implications of the New Laws in Response to COVID-19 (VIDEO - BMF, May 22, 2020)
- Benefit Plan Relief for Plan Sponsors and Participants (BMF, May 13, 2020)
- COVID-19 Webinar: Impact on Mergers & Acquisitions (April 21, 2020)
- Treasury & IRS Issue Guidance on CARES Act Payroll Tax Deferrals (BMF, April 14, 2020)
- Ohio Employers to Receive $1.6 Billion Dividend from Bureau of Workers' Compensation (BMF, April 10, 2020)
- CARES Act: Federal Coronavirus Emergency Relief Package (BMF, March 27, 2020)
- State Agencies Issue Financial Relief to Ohio Businesses and Workers (BMF, March 26, 2020)
- House & Senate Approve $2 Trillion Economic Rescue Package; Tax Extensions Clarified (BMF, March 25, 2020)
- President Trump Signs Coronavirus Emergency Aid Package, IRS Issues Guidance on Tax Payment Extension (BMF, March 19, 2020)
- Families First Coronavirus Response Act: Relief Benefits and Tax Deadlines (BMF, March 17, 2020)
Resources
- IRS
- Small Business Administration
- AICPA
- OSCPA
- FAQ: COVID-19 Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses (IRS, April 1, 2020)
- Families First Coronavirus Response Act: Q&A (U.S. Department of Labor, March 30, 2020)
- Coronavirus-Related Relief for Retirement Plans and IRAs Q&A (IRS, May 4, 2020)
- COVID-19 FAQ (Ohio Bureau of Workers’ Compensation, March 25, 2020)
- Filing for Unemployment (Ohio Department of Jobs and Family Services)
- Filing for Unemployment Insurance (U.S. Department of Labor)
- Unemployment Compensation for Ex-Servicemembers (U.S. Department of Labor)
- Families First Coronavirus Response Act: Q&A (U.S. Department of Labor)
- Fair Labor Standards Act Q&A (U.S. Department of Labor)
- Family and Medical Leave Act Q&A (U.S. Department of Labor)
- Families First Coronavirus Response Act Poster for Non-Federal Employees (U.S. Department of Labor)
- COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs (IRS, March 31, 2020)
- Paycheck Protection Program Loan Information (SBA)
- Paycheck Protection Program Information & Application (U.S. Department of Treasury)
Regulatory Guidance
- IRS News Update Regarding Paid Leave (IRS, March 20, 2020)
- Health Insurance Coverage Flexibility for Ohio Employees (Ohio Department of Insurance, March 20, 2020)
- Families First Coronavirus Response Act (U.S. Congress, March 18, 2020)
- Families First Coronavirus Response Act: Employee Paid Leave Rights (U.S. Department of Labor)
- Families First Coronavirus Response Act: Employer Paid Leave Requirements (U.S. Department of Labor)
Subject Matter Experts
Business Finance
In these trying times, businesses need to be proactive in seeking out opportunities to enhance their access to working capital. There are programs available through the small business administration for companies that qualify that can provide additional financial resources to help get through the issues caused by the COVID-19 virus. BMF is here to help you in finding which program might be right for you and helping you to access these programs. (Top of page)
Listen to Jim Merklin, Dale Ruther and Mindy Marsden for a moderated discussion that takes a deeper dive into the top issues resulting from the Paycheck Protection Program. This full-scoped moderated panel will discuss the impact with the new Paycheck Protection Program Flexibility Act, how borrowers can maximize loan forgiveness and timing on remaining loan funds and forgiveness.
Top Considerations for Navigating PPP Loan Application,
Spending and Forgiveness (PART 1)
Listen to Jim Merklin, Dale Ruther and Mindy Marsden for Part 1 of a moderated discussion that takes a deep dive into the top issues resulting from the Paycheck Protection Program.
Top Considerations for Navigating PPP Loan Application,
Spending and Forgiveness (PART 2)
Listen to Jim Merklin, Dale Ruther and Mindy Marsden for Part 2 of a moderated discussion that takes a deep dive into the top issues resulting from the Paycheck Protection Program.
Paycheck Protection Program:
Past, Present & Future
Dale Ruther breaks down the Paycheck Protection Program into three parts: Where we’ve been, where we’re at now, and where we are going.
Paycheck Protection Program:
Top Ten Questions (and answers!)
Dale Ruther covers the top 10 questions (and answers) we hear most with the Paycheck Protection Program loans.
BMF Insight and Key Takeaways
-
- Cash is king – taking actions now to protect your cash flow and position yourself to use cash resources wisely;
- Understanding the tax deferrals available to you is critical to the enhancement of cash flow in these challenging times;
- The SBA’s disaster loan program might be worthy of consideration;
- The Paycheck Protection Program might have significant benefits to your company.
BMF Articles
- Paycheck Protection Program Application Deadline Extended 60 Days (BMF, March 25, 2021)
- Schedule C Borrowers Can Use Gross Income for PPP Loan Calculations (BMF, March 4, 2021)
- Calculations Guidance Released for PPP Loans (BMF, January 21, 2021)
- SBA Issues Guidance on Second Draw PPP Loans; Reductions in Gross Receipts (BMF, January 19, 2021)
- SBA & Treasury Issue Guidance for Second Draw PPP Funding (BMF, January 8, 2021
- COVID-19 Relief Bill Passed, Key PPP Issues Addressed (BMF, December 22, 2020)
- Details of the Bipartisan COVID Relief Plan Proposal (BMF, December 11, 2020)
- AICPA Joins 80+ Organizations Concerned About PPP Loan Necessity Questionnaires (BMF, November 19, 2020)
- Tips for Supporting $2M+ Loan Necessity (BMF, November 11, 2020)
- SBA to Release New Forms to Validate PPP Loans in Excess of $2M (BMF, November 4, 2020)
- Forgiveness Simplified for PPP Loans of $50K or Less (BMF, October 12, 2020)
- SBA and Treasury Address Owner-Employee Compensation and Rental Expenses in Latest PPP Guidance (BMF, August 25, 2020)
- PPP Forgiveness Applications - Should You Act Now or Wait? (BMF, August 14, 2020)
- SBA Releases 23 New FAQs to Address PPP Loan Forgiveness (BMF, August 6, 2020)
- COVID-19 Checklist: Reassessing Your Risks and Internal Controls (BMF, July 28, 2020)
- Five-Week Extension to PPP Loan Applications (BMF, July 2, 2020)
- Top Considerations for Navigating PPP Loan Application, Spending and Forgiveness - PART 2 (VIDEO - BMF, June 30, 2020)
- SBA Issues Revised "Borrower-Friendly" PPP Forgiveness Applications (BMF, June 18, 2020)
- Top Considerations for Navigating PPP Loan Application, Spending and Forgiveness - PART 1 (VIDEO - BMF, June 16, 2020)
- FASB Grants One-Year Delay on Revenue Recognition and Lease Standards Implementation (BMF, June 6, 2020)
- Senate Passes House Bill to Loosen PPP Forgiveness (BMF, June 4, 2020)
- House Passes Bill to Ease PPP Loan Spending and Forgiveness Requirements (BMF, May 29, 2020)
- Paycheck Protection Program: SBA Issues Interim Final Rules on Loan Forgiveness (BMF, May 26, 2020
- Paycheck Protection Program: Past, Present & Future (VIDEO - BMF, May 22, 2020)
- Paycheck Protection Program: Top 10 Questions (VIDEO - BMF, May 22, 2020)
- SBA Releases PPP Loan Forgiveness Application and Instructions (BMF, May 18, 2020)
- SBA Issues Guidance and Safe Harbor on "Good Faith" Certification (BMF, May 14, 2020)
- Strategies During Economic Downturns: Managing Cash (It's Still King!) (BMF, April 30, 2020)
- Paycheck Protection Program: Loan Forgiveness Highlights (BMF, April 30, 2020)
- Paycheck Protection Program: Loan Forgiveness Q&A (BMF, April 30, 2020
- Paycheck Protection Program Loan Certification Updates (BMF, April 29, 2020)
- Paycheck Protection Program: Potentially Adding $300+ Billion to Support Small Businesses (BMF, April 21, 2020)
- Treasury & IRS Issue Guidance on CARES Act Payroll Tax Deferral (BMF, April 14, 2020)
- Paycheck Protection Program Loan Forgiveness: Timing is Everything (BMF, April 8, 2020)
- SBA Modifies Paycheck Protection Program Guidelines (BMF, April 3, 2020)
- U.S. Treasury Modifies SBA Loan Regulations (BMF, April 1, 2020)
- Coronavirus Aid, Relief and Economic Security Act; Business Loan Programs (BMF, March 27, 2020)
- CARES Act: Federal Coronavirus Emergency Relief Package (BMF, March 27, 2020)
- State Agencies Issue Financial Relief to Ohio Businesses and Workers (BMF, March 26, 2020)
- House & Senate Approve $2 Trillion Economic Rescue Package; Tax Extensions Clarified (BMF, March 25, 2020)
- Navigating Challenging Times: Protect Your Cash Flow (BMF, March 20, 2020)
- SBA Offering Ohio Businesses Low-Interest Federal Disaster Loans (BMF, March 19, 2020)
- President Trump Signs Coronavirus Emergency Aid Package, IRS Issues Guidance on Tax Payment Extension (BMF, March 19, 2020)
Resources
- EZ Forgiveness Application (U.S. Department of Treasury, June 17, 2020)
- EZ Forgiveness Instructions (U.S. Small Business Administration, June 16, 2020)
- Full Forgiveness Application (U.S. Department of Treasury, *Revised June 16, 2020)
- Paycheck Protection Program: Loan Forgiveness Q&A (BMF, April 30, 2020
- U.S. Small Business Administration
- FAQ: Employee Retention Credit under the CARES Act (IRS, April 1, 2020)
- About Disaster Loans (U.S. Small Business Administration, August, 2018)
- Disaster Loan Assistance (U.S. Small Business Administration)
- Amazon Neighborhood Small Business Relief Fund (Amazon)
- Facebook Small Business Grants (Facebook)
- SBA Disaster Loan Application (U.S. Small Business Administration)
- Modern Cash Forecasting – Keeping treasury ahead of the curve (Opus Capita, Whitepaper)
- COVID-19: Small Business Guidance & Loan Resources (SBA)
- Paycheck Protection Program Loan Information (SBA)
Regulatory Guidance
- IRS News Update Regarding Tax Credits for Small and Midsize Businesses (IRS, March 20, 2020)
Subject Matter Experts
Personal Finance
Regardless of whether or not you are personally impacted by the health aspects of COVID-19, it is a certainty that you or someone you know has been impacted from a financial aspect. Knowing what options are available to help ease the financial burden on you and your family is key. (Top of page)
BMF Insight and Key Takeaways
- Extended filing and payment deadlines have eased the tax season "crunch." Most states are following suit, including Ohio.
- Stimulus payments are coming….
- Relaxed IRA distribution rules can help ease financial obligations.
- Unemployment benefits have been ramped up to help mitigate the financial impact on families.
- It is important to be aware of and watch out for scams.
BMF Articles
- IRS Delays and Other Issues on 2019 Tax Filings (BMF, August 31, 2020)
- New Rules for Required Minimum Distributions (BMF, August 17, 2020)
- IRS Broadens Tax Filing and Payment Relief, Refund Guidance Coming Soon (BMF, April 10, 2020)
- CARES Act: Federal Coronavirus Emergency Relief Package (BMF, March 27, 2020)
- State Agencies Issue Financial Relief to Ohio Businesses and Workers (BMF, March 26, 2020)
- Treasury Extends Tax Filing Deadline 90 Days (BMF, March 20, 2020)
- President Trump Signs Coronavirus Emergency Aid Package, IRS Issues Guidance on Tax Payment Extension (BMF, March 19, 2020)
- Treasury Delays Tax Payments by 90 Days, Filing Deadline Currently Unchanged (BMF, March 18, 2020)
Resources
- Filing and Payment Deadlines Q&A (IRS)
- COVID-19 FAQ (Ohio Bureau of Workers’ Compensation, March 25, 2020)
- Filing for Unemployment (Ohio Department of Jobs and Family Services)
- Filing for Unemployment Insurance (U.S. Department of Labor)
- Unemployment Compensation for Ex-Servicemembers (U.S. Department of Labor)
- Families First Coronavirus Response Act: Q&A (U.S. Department of Labor)
- Fair Labor Standards Act Q&A (U.S. Department of Labor)
- Family and Medical Leave Act Q&A (U.S. Department of Labor)
Regulatory Guidance
- Health Insurance Coverage Flexibility for Ohio Employees (Ohio Department of Insurance, March 20, 2020)
- Families First Coronavirus Response Act (U.S. Congress, March 18, 2020)
- Families First Coronavirus Response Act: Employee Paid Leave Rights (U.S. Department of Labor)
- Families First Coronavirus Response Act: Employer Paid Leave Requirements (U.S. Department of Labor)
Subject Matter Experts
Cybersecurity and Technology
Common cyber threats, network security and resources to leverage. (Top of page)
BMF Articles
- Are Your Company's Credentials for Sale on the Dark Web? (BMF, April, 21, 2020)
- 5 Ways to Increase Conference Call Security in the Era of COVID-19 (BMF, April 10, 2020)
- Endpoint Security in the Age of COVID-19 (BMF, April 8, 2020)
- COVID-19 Means Being More Vigilant Online (BMF, April 3, 2020)
- How is Coronavirus Impacting Cybersecurity and Business Technology (BMF, March 16, 2020)
Resources
- Cybersecurity and coronavirus: keeping your business safe (peerlyst, March 20, 2020)
- Cybersecurity Best Practices Guide for Work from Home/Telecommuting (peerlyst, March 20, 2020)
- How to Improve Cybersecurity for Your Distributed Workforce (Forbes, November 21, 2018)
Subject Matter Experts
General Updates and Notices
We are staying engaged with our clients to address the challenges facing their business and ours. We’re letting you know how we’re adjusting our business to respond to these changes. (Top of page)
BMF Articles
- Navigating Uncertainty for Future Success Together (BMF, July 21, 2020)
- BMF COVID-19 Safety Guidelines (BMF, May 7, 2020)
- Coming Back Safe & Strong (BMF, May 7, 2020)
- In Response to COVID-19: We're Feeling It, Too (BMF, April 17, 2020)
- COVID-19 Webinar: Impact on Mergers & Acquisitions
- Checking In with Clients and Friends (BMF, March 31, 2020)
- Stay at Home Order (BMF, March 23, 2020)
- BMF Office Update Regarding COVID-19 (BMF, March 17, 2020)
- In Response to COVID-19 (BMF, March 16, 2020)
Resources
Regulatory Guidance
- Director’s Stay at Home Order (Ohio Department of Health, March 23, 2020)
BMF Contact
Accolades & Awards
