Updates for Hull & Chandler Business Clients Dealing With COVID-19 (3/25/2020)
On Tuesday March 24, 2020, the United States Department of Labor (DOL) released its first round of guidance regarding the new Families First Coronavirus Response Act signed on March 18, 2020. The Act expands both Family Medical Leave Act (FMLA) and Paid Sick Leave benefits. Here is a link to the Department of Labor’s FAQ sheet, noting the Act’s effective date is April 1, 2020.
For clients in the construction industry, the U.S. Army Corp of Engineers released adraft request for proposals (RFP) for companies to submit bids with capabilities to convert hotel space to an acute alternate care facility to support treatment for COVID-19 patients.
In a joint statement, the federal financial institution regulatory agencies and state banking regulators encouraged financial institutions to work constructively with borrowers affected by COVID-19 and provided additional information regarding loan modifications.
On March 18, 2020, the U.S. Alcohol and Tobacco Tax and Trade Bureau (TTB) issuedtax exemption for production of hand sanitizers by distilled spirit permittees.
Internal Revenue Service (IRS) issued Notice 2020-17. The Notice extends the time for income tax payments: The Treasury Department and IRS have extended the due date for federal income tax payments due April 15, 2020, to July 15, 2020, for payments due up to $10 million for corporations and up to $1 million for individuals—regardless of filing status—and other unincorporated entities. Associated interest, additions to tax, and penalties for late payment are also suspended until July 15, 2020.
The Federal Emergency Management Agency (FEMA) provided guidance to companies seeking to import or manufacture medical products to the COVID-19 response.