The Lewis Thomason Guide to
Everything Regarding Coronavirus Relief*
Michael Goode, Kati Sanford Goodner and Davidson Lentz
*Okay - not everything, but a good overview. Be forewarned that many regulations are still forthcoming, and more legislation is likely.
As this is a fast moving topic, please note that this article is current as of 4/13/20. For contact information, please click here.
This Guide is divided into four sections: the Families First Coronavirus Response Act; the CARES Act; Tax Extensions and Miscellaneous; and Tennessee Tax Extensions and Issues. Each section provides select information on key points regarding COVID-19 relief but does not cover all issues due to the complexity of each provision and the fact that regulations are still being issued and more legislation is likely.
I. THE FAMILIES FIRST CORONAVIRUS RESPONSE ACT
The Families First Coronavirus Response Act (FFCRA) is effective from April 1, 2020, through December 31, 2020. FFCRA has two major parts: the Emergency Paid Sick Leave Act (EPSL) and the Emergency Family and Medical Leave Expansion Act (EFMLEA). Interestingly, the Department of Labor (DOL) has issued guidelines that allow for an employer who acts in good faith to avoid enforcement actions for non-willful violations, but only for 30 days from April 1st. Read more here.
III. TAX EXTENSIONS AND SELECTED MISCELLANEOUS.
Below is a selection of other provisions related to COVID-19 relief. It is not exhaustive. Read more here.
II. CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT
The Coronavirus Aid, Relief, and Economic Security (CARES) Act has opened the door to broadscale government-backed lending options for small businesses needing assistance during the COVID-19 pandemic. In response to the extreme hardships facing small businesses during this pandemic, the CARES Act increases availability and accessibility to two main types of loans for small businesses, self-employed individuals, and sole proprietorships. Read more here.
IV. TENNESSEE TAX EXTENSIONS AND ISSUES
Franchise and Excise taxes extended to July 15, 2020.B. Business tax filings, originally due April 15, 2020, now due June 15, 2020.C. Tax filing and payment extension for Hall Income Tax extended to July 15, 2020. Read more here.