The Cares Act SBA Provisions

Maintaining Your Mental Health During the Coronavirus Pandemic

There is a lot of scary stuff happening right now. Many are struggling to maintain good mental health in light of the Coronavirus pandemic. For some, the mental strain is exacerbated by the fact that so many are practicing social distancing.

So how can you maintain or strengthen your mental health in the midst of these dire circumstances? A recent article from BBC News offers the following tips:

1. Take a step back from the news – While staying informed is important, it is just as vital to take some time away from the anxiety-inducing newsfeed. Consider limiting the daily amount of time that you spend reading about Coronavirus developments. Additionally, be sure that when you do turn to the news, you are only consulting reputable sources-there is a lot of misinformation being shared online.

2. Take a break from social media – Once again, be careful about what you are allowing headspace for. Consider stepping away from social media or taking steps to reduce any triggers that you have by unfriending or unfollowing.

3. Be cautious about germs, but not overly cautious – You should follow the guidelines of the CDC and the President in washing your hands regularly. That said, do not wash your hands excessively.

4. Maintain connections – Social distancing and self-quarantining make it more difficult to connect with your loved ones. However, technology offers many avenues for maintaining closeness despite physical distance. Consider setting up regular phone calls or video chats, or even writing letters.

5. Set yourself up for long-term success – Unfortunately, this pandemic is not projected to come to a quick end. In order to avoid getting burnt out, remember to think about the long term. Strive to stick to a routine that includes getting sleep, eating well, and exercising regularly.

To view this article, click HERE to access the original content.

States Extend Deadlines

As of March 25, 2020, North Dakota, Minnesota and Montana have provided relief to file returns and make payments by July 15, 2020 for 2019 returns originally due April 15, 2020, without assessing penalties and interest.

Tips for Filing a Business Interruption Insurance Claim

As businesses seek to cope with the impact of coronavirus (COVID-19), Brady Martz is here to help. One potential resource for your business during this time of disruption is business interruption insurance.

Key Takeaways from the Families First Coronavirus Response Act

There are essentially three scenarios that trigger the required sick pay to employees and the resulting credit to employers:

Superseded Extended Income Tax Payment and Filing Relief due to COVID-19

On March 20, 2020, the IRS released Notice 2020-18. This notice officially provides relief to taxpayers during the COVID-19 pandemic by extending the original April 15, 2020, income tax payment deadline to July 15, 2020.

On March 18, 2020, the Department of the Treasury and the Internal Revenue Service issued Notice 2020-17 providing relief under section 7508A(a) of the Code, which postponed the due date for certain Federal income tax payments from April 15, 2020 until July 15, 2020.  Notice 2020-18 restates and expands upon the relief provided in Notice 2020-17.

Any person (individual, trust, estate, partnership, association, company or corporation) with a Federal income tax payment or Federal income tax return due April 15, 2020, is provided relief.

The due date for filing and making payments due April 15, 2020, is automatically postponed to July 15, 2020.  Affected Taxpayers do not have to file Form 4868 or 7004 to obtain this relief.  Also, there is no limitation on the amount of the payment that may be postponed.

Notice 2020-18 supersedes Notice 2020-17.

How Will COVID-19 Impact Your Cash Flow?

Due to the unprecedented challenges and uncertainty caused by the coronavirus (COVID-19), we are aware business owners and organizational leaders are facing hard decisions and extraordinary stress. 

North Dakota and Minnesota Small Businesses Now Eligible for SBA Disaster Loans

The COVID-19 pandemic has affected everyone in our economy, but we know small businesses have been particularly hard hit. Online applications for these loans are open to Minnesota and North Dakota businesses.

North Dakota Unemployment Update

The North Dakota Job Service has posted an updated frequently asked questions.