The tax landscape has been in a constant state of flux since the onset of the COVID-19 Pandemic. The combination of restrictive stay at home orders and forced business closures have created immense financial stress on individuals and families.

This year has been challenging for New Jersey citizens. When state and local authorities issued stay at home orders and forced businesses to close, the economy ground to a halt. COVID-19 profoundly disturbed our financial systems.

Businesses continue to figure out new ways to drive revenue, manage expenses, and implement new measures to protect employees from COVID-19. The sudden shift to a business situation which months ago seemed impossible means there has been little time for much else.

The Paycheck Protection Program (PPP) has been a source of needed funding for many small businesses. The challenges presented by COVID-19 have resulted in drastically different business conditions that have left many on the brink of collapse.

The Treasury published a list of frequently asked questions (FAQs) to update applicants and borrowers when the program started. It is quite comprehensive, and most do not check it regularly, but there is important information outlined to consider.

Much of the news recently around the Paycheck Protection Program (PPP) has focused on the second round of funding outlined in the Paycheck Protection Program and Health Care Enhancement Act. 

All of this against the backdrop of an extended stay at home orders and forced business closures mean many will continue to face challenging circumstances. The good news is that today, April 24, 2020, President Trump signed legislation that provides a combined $370B in additional funds for both the PPP and EIDL.

The number of restrictions and changes created by the COVID-19 emergency has left many business owners and employees with more questions than answers. The effect of stay at home orders and forced business closures have resulted in a drastic reduction in demand for certain products and many services.

The COVID-19 emergency has left many Philadelphia and New Jersey companies without revenue or means to generate cash flow. The combination of forced business closures, shelter-in-place orders, and general concern about exposure to the virus has left businesses without customers and dwindling demand.

The COVID-19 health crisis has significantly reshaped the business landscape. The convergence of forced business closures and dwindling demand for services has forced many to make difficult business decisions.