Extension of State Tax Filing and Payment Deadlines:
Comptroller Franchot has announced that his agency has extended filing and payment deadlines for certain Maryland business taxes and quarterly estimated income tax returns and payments that would be due in January, February and March 2021 until April 15, 2021. No interest or penalties will be assessed and there is no need to file a request for extension.
These extensions apply only to tax filings under the authority of the Comptroller of Maryland. Taxpayers may need to consult other state agencies regarding the deadlines for other tax filings, such as personal property or unemployment insurance. For full details on the extensions, go here.
New SBA Guidance Released:
The U.S. Small Business Administration published guidance to begin rolling out the COVID-19 recovery package signed into law on December 27. Among the key takeaways in the new guidance:
The U.S. Small Business Administration published guidance to begin rolling out the COVID-19 recovery package signed into law on December 27. Among the key takeaways in the new guidance:
- Applicants can use 2019 or 2020 average monthly payroll for calculating PPP loan amount.
- Restaurant and hospitality businesses (NAICS 72) are eligible for 3.5x average monthly payroll in calculating their loan amount.
- New seasonal employee formula for calculating loan amount if applicable.
- Expands the list of qualified expenses for first- and second-draw PPP loans.
To review the new rules:
