This chaotic tax payment schedule may have created undue confusion and burden on taxpayers, but fortunately, lawmakers made this correction. Prior to this update, the second-quarter estimated tax payment would have been due beforethe first quarter payment. In addition to the already extended first-quarter payments, second-quarter payments have also been extended to July 15, 2020. The main takeaway from this is that most tax filings and payments due between Apand Jhave been extended to July 15, 2020. The Treasury and IRS issued some much-needed guidance on 2020 estimated tax payments as well as extending additional tax deadlines for taxpayers. Additional Tax Filing and Payment Deadlines Extended State and local governments can obtain these funds by selling municipal notes directly to the MLF. This initiative will provide up to $500 Billion in direct financing to state and local governments to help with the delay of tax receipts due to the extensions of various tax filing and payment deadlines. The Treasury also announced an additional $35 Billion investment in the Municipal Liquidity Facility (MLF). The Treasury announced an additional $75 billion investment in this program bringing the total funds available to $600 billion. Lenders for the Main Street program will be financial institutions, such as large banks, although details of the application process and a list of participating lenders have not been provided at this time. Main Street Business Lending Programīusinesses with up to 10,000 employees or $2.5 Billion in 2019 annual revenue will be eligible for the low-interest loans offered under this program. The Department of the Treasury and the Federal Reserve hope to offer these businesses, as well as state and local governments, some assistance by establishing two initiatives: Main Street Lending Program and a Municipal Liquidity Facility. It’s no secret that small and medium-sized businesses have been some of the hardest hit by the widespread closures resulting from the COVID-19 pandemic.
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If you are a healthcare organization, check out our COVID-19 Emergency Federal Funding Opportunities for Healthcare Providers resource library. Additionally, the Treasury and the IRS issued expanded guidance for tax payment and tax filing deadline extensions.
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Last week, the Treasury and Federal Reserve Board announced the establishment of new lending programs to help businesses and state and local governments affected by the COVID-19 pandemic. Department of the Treasury is no exception.
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