Dear Clients, friends, and colleagues:

As we’ve communicated in prior messages, RS&F is here for you in this difficult time. Keeping up with the deluge of news while continuing to operate our businesses, manage daily challenges, and, most importantly, keep our families and employees safe is stressful. The RS&F team is continuing to work from home and providing ongoing service to you, our valued clients.

We want to keep you apprised of some of the latest developments that may be helpful:

·     Earlier today, the U.S. Department of Treasury moved the national filing deadline for federal income tax returns to July 15, 2020. This follows their announcement earlier this week that Treasury pushed back the April 15, 2020 tax payment deadline to July 15, 2020. This is applicable to Federal tax payments due on this date for the 2019 tax year as well as Q1 estimated tax payments applicable to the 2020 tax year. The State of Maryland has followed suit in regards to these payment dates. Our team has been working diligently on tax returns and will continue to do so – please continue to remit your tax information electronically through our portal.
·     Late yesterday afternoon, Governor Larry Hogan “announced that Maryland announced that Maryland has received official designation from the U.S. Small Business Administration (SBA) for its Economic Injury Disaster Loan (EIDL) program, which provides low-interest federal disaster loans for small businesses impacted by the COVID-19 pandemic.  According to the SBA, the loans will help alleviate financial strain and allow businesses to pay bills, payroll, and accounts payable, with long-term payments stretching up to 30 years.”  To apply directly to the SBA for financial assistance, there is a three step process and an application is available on the SBA website.
·     The Families First Coronavirus Response Act became law on March 18, 2020.  The Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding. For additional information regarding this Act, please read this article from our peers through the BDO Alliance.

RS&F also has access to many resources that could be helpful as we manage through the COVID-19 crisis. We have a strong network of contacts, including attorneys, bankers, and financial advisors, who may be helpful resources in this time of need. Additionally, as members of the BDO Alliance we have access to their Business Resource Network comprised of many companies that can be off assistance in areas such as disaster recovery services, remote workplaces, online payment systems, and working capital during times of crisis. Please reach out to your client relationship contact at RS&F if you have any questions about getting access to these resources.

Finally, I would like to reiterate that RS&F is here for you should you need anything related to addressing immediate business challenges. We have spoken to many clients this week and are encouraged by your reactions to the events beyond your control. Please let us know if you require assistance with anything, whether it be workforce considerations, operations, finance and liquidity, or any other business matters. We’ve always been your partner and now more than ever do we take that responsibility seriously.

Be safe and well.

Warm regards,

Jeff Rosen
Co-Managing Partner