1-888-848-2346
COVID-19 Updates
Vitae Tax COVID-19 Business Toolkit
Location Updates
In compliance with Governer Newsom’s ‘Safer at Home’
executive order, all of our locations are currently closed but
we are still working remotely to support you and your business.
Until further notice, our hours of operation will be:
9:30am – 6:00pm Monday – Friday
You can call us on our main line at: 1-888-848-2346
or
Visit the bottom of this page for the direct numbers
to all of our locations.
We have restructured our company to offer you remote support; this includes offering virtual appointments and a new client portal where you will be able to securely exchange documents with our company.
As your trusted Tax Advisors, we are committed to helping you put the pieces together.
Assistance for Businesses
Work Share Program
Employers experiencing a slowdown in their businesses or services as a result of the COVID-19 impact on the economy may apply for the UI Work Sharing Program.
This program allows employers to seek an alternative to layoffs – retaining their trained employees by reducing their hours and wages that can be partially offset with UI benefits. Workers of employers who are approved to participate in the Work Sharing Program receive the percentage of their weekly Unemployment Insurance benefit amount based on the percentage of hours and wages reduced, not to exceed 60 percent.
For more information, visit the Work Sharing Program by clicking HERE to learn more about its benefits for employers and employees, and how to apply.
CDFTA Extension of Tax Returns & Payments
Currently the California Department of Tax and Fee Administration (CDFTA) is offering an extension of tax returns and payments. In most cases you should be able to request this assistance through your CDTFA online account (https://onlineservices.cdtfa.ca.gov/Directory/). This does take a two- step process to receive the extension for both the tax return and the payments. There is some cases in which the option does not appear, in these cases please reach out directly to the CDTFA’s customer service line at 1-800-400-7115. Please make sure to have your account number ready to receive quicker service, if you have a local office contact, you may reach out to them as well.
To file for an extension for the tax return:
- Log in to the account
- Select ‘Request a filling extension’
- Select ‘A disaster occurred, such as a fire, storm, tidal, wave, earthquake, or similar public calamity’
To file for an extension for the pre-payment:
- Select ‘NEXT’
- Then select the prepayment you want to get an extension for.
U.S. Small Business Administration (SBA)
SBA Express Bridge Loans (EBL) – Try to apply with this first- Up to $25K, can be paid in full/part EIDL
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
To find a local lender that offers SBA loans: https://www.sba.gov/funding-programs/loans/lender-match
Economic Injury Disaster Loan Program (EIDL) – low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). https://disasterloan.sba.gov/ela/
The sole prop/ individual loan process only has two forms SBA Form 5C & IRS form 4506-T.
The business loan process needs approximately 6 forms SBA Form 5C, SBA Form 159D, SBA Form 1368, SBA Form 413D, SBA form 220, IRS Form 4506- T. Along with latest tax returns and schedules. Some may be asked for year-end P&L if 2019 return has not been filed, and current YTD P&L.
- SBA Form 5C (2 pgs) – General information, could be filed out mostly by the client info sheet
- SBA Form 1368 (2 pgs) – Monthly Sales Figures for 3 yrs prior & forecast during affected period, about a 1 hr
- SBA Form 413D (3 pgs) – Personal Fin Stmt (A/L/Personal Prop/Real Estate) About 1.5 hours
- SBA form 2202 – Schedule of Liabilities (they have a template we can use or I am sure we have something similar)
- IRS Form 4506 T – Transcript Request Form – No longer than 5 minutes to complete
Assistance for your Employees
In addition to the Work Share program available for employers, there are a couple of relief programs available for your employees through the California Employee Development Department (EDD), in the case that the work share program is not an option.
The California Employee Development Department has announced support services to those affected by COVID-19 in California.
Individuals who are unable to work due to having or being exposed to COVID-19 (certified by a medical professional) can file a Disability Insurance (DI) claim (https://edd.ca.gov/Disability/How_to_File_a_DI_Claim_in_SDI_Online.htm)
Disability Insurance provides short-term benefit payments to eligible workers who have full or partial loss of wages due to a non-work-related illness, injury, or pregnancy. Benefit amounts are approximately 60-70 percent of wages (depending on income) and range from $50 – $1,300 a week.
Californians who are unable to work because they are caring for an ill or quarantined family member with COVID-19 (certified by a medical professional) can file a Paid Family Leave (PFL) claim (https://edd.ca.gov/Disability/How_to_File_a_PFL_Claim_in_SDI_Online.htm)
Paid Family Leave provides up to six weeks of benefit payments to eligible workers who have a full or partial loss of wages because they need time off work to care for a seriously ill family member or to bond with a new child. Benefit amounts are approximately 60-70 percent of wages (depending on income) and range from $50 – $1,300 a week.
Additional Links
Videos
Our video covers how to receive funding for your business and the requirements and process to apply for the Small Business Disasters Relief Program offered by U.S. Small Business Administration during the COVID-19 crisis.
HR news and updates that impacts employers, employees, and independent contractors during COVID-19 crisis.
In this video we present what tax documents you need to start preparing, why forming an LLC could be an asset to your business and more.
For Small Business Owners if you received funds for EIDL & PPP and are unsure how to use and record these loans then check out this video. We go over what each loan is, how they work, and what it means for your business today!
Video rundown:
02:30 Intro to Our Company
03:55 Overview of SBA Loans
17:00 PPPFA Loan
21:40 EIDL Loan
25:40 FAQs
