US Senator Mike Lee
As always if you have any questions please reach out so that we can help.
1: For those who are located in Salt Lake City, Mayor Mendenhall and the Salt Lake City Economic Development team just announced their SLC Emergency Loan Program (ELP). This is designed to be used in addition to the SBA’s loan program. Since funds are limited, if businesses are interested in applying, they are encouraged to do so ASAP. https://www.slc.gov/ed/covid19/
2: Yesterday, Congress passed the Families First Coronavirus Response Act. Our Legislative Team has created one-pagers on how this bill will affect small and medium-sized businesses. Please find those attached and feel free to reach out to me with any specific questions, comments or concerns.
3: Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak
“Washington – Following President Donald J. Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest. This guidance does not change the April 15 filing deadline.
“Americans should file their tax returns by April 15 because many will receive a refund. Those filing will be able to take advantage of their refunds sooner,” said Treasury Secretary Steven T. Mnuchin. “This deferment allows those who owe a payment to the IRS to defer the payment until July 15 without interest or penalties. Treasury and IRS are ensuring that hardworking Americans and businesses have additional liquidity for the next several months.”
Today’s guidance will result in about $300 billion of additional liquidity in the economy in the near term. Treasury and IRS will issue additional guidance as needed and continue working with Congress, on a bipartisan basis, on legislation to provide further relief to the American people.”
4: The Utah Economic Response Task Force will host a “Facts & FAQs” virtual conference call on Thursday, March 19, 2020 at 4:00 p.m. MST to provide an update on the status of economic efforts to mitigate the coronavirus, including a discussion of available resources for employers, employees, and those who have already felt the consequences of COVID-19.
This task force was created by Governor Gary R. Herbert as a resource in dealing with the economic challenges associated with the pandemic, specifically its effect on the business community, families and individuals. This zoom video conference will focus on workforce stabilization strategies during the pandemic. Hear what you can do for your employees today.
Economic Response Task Force Facts & FAQs: Workforce Stabilization Strategies
Thursday, March 19, 2020
4:00 p.m. – 5:00 p.m. MST
- Governor Gary R. Herbert
- Overview of the COVID-19 Task Force – Lt. Governor Spencer Cox and Utah Economic Response Task Force Chair Derek Miller
- Innovative and Adaptive Business Practices During a Crisis – Steve Starks, Larry H. Miller Group of Companies and Clark Ivory, Ivory Homes
- Resources Available for Employees and Businesses – Jon Pierpont, Utah Department of Workforce Services
- Federal Stimulus Plans and Programs – Senator Mike Lee and Representative Ben McAdams
- Industry Community Update – Kate Bradshaw, Holland & Hart LLP
Please join us at: https://zoom.us/j/209073996
Due to the number of expected participants, audio functionality will be limited to agenda speakers. However, please use the chat function or email firstname.lastname@example.org to submit questions during the virtual conference.
If you would like to receive future communications on the Economic Response Task Force, click here.
I apologize for the length of this email, just want to be sure everyone has all the resources that are being sent our way! In addition, if anyone has additional resources they would like to have shared with the group, please let me know and I will send them out!
Stay safe and have a great day everyone!
Business Outreach Director
US Senator Mike Lee