Coronavirus Government Response Update—IRS Extends More Tax Deadlines

April 10, 2020 Coronavirus Government Response Update—IRS Extends More Tax Deadlines

Welcome to the Coronavirus Government Response Update. This information is intended to keep ISSA members up to date on fast-moving government affairs related to the COVID-19 pandemic, as well as other public policy issues important to the cleaning industry. Today’s update touches on the Internal Revenue Service (IRS) extending more tax deadlines, the Federal Reserve announcing new lending plans, 6.6 million Americans filing for unemployment, and more.

IRS Extends More Tax Deadlines
To help taxpayers, the U.S. Department of Treasury and the Internal Revenue Service announced that Notice 2020-23 extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty, late-payment penalty or interest will be due. Yesterday’s notice expands this relief to additional returns, tax payments, and other actions.

Fed Announces New Lending Plans
The U.S. Federal Reserve set up new loan programs and bolstered existing ones in an effort to provide US$2.3 trillion in support for the economy essentially shut down due to the coronavirus. In a statement, Fed Chairman Jerome Powell said the central bank is trying to “provide as much relief and stability as we can” during this period where Americans are staying at home to stop the spread of the pandemic. The U.S. Treasury Department is providing critical support for the programs, set up using the central bank’s powers to fight emergencies.

6.6 Million More Americans File for Unemployment
An additional 6.6 million Americans filed for unemployment last week, according to data released Thursday by the U.S. Department of Labor. Thursday’s figure adds to some 10 million people that have already applied for unemployment insurance amid the COVID-19 pandemic that has forced non-essential businesses across the country to close. This means in just three weeks more than 16 million people have filed weekly jobless claims.

Trump Preparing to Unveil Second Coronavirus Task Force
U.S. President Donald Trump is preparing to announce a second, smaller coronavirus task force aimed specifically at combating the economic ramifications of the virus and focused on reopening the nation’s economy, according to four people familiar with the plans. The task force will be made up of a mix of private-sector and top administration officials, including chief of staff Mark Meadows—whose first official day on the job was last week—Treasury Secretary Steven Mnuchin, and national economic adviser Larry Kudlow, a senior administration official said. Meadows is likely to lead the task force, though no official decision has been made, two senior administration officials said.

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