By Linda Worton Jackson
Author’s note: Last week, I collaborated with Overproof to present a webinar about how businesses in the hospitality and beverage alcohol industry could better prepare for the legal and economic impacts of COVID-19. The information below was included in that webinar as well as additional insights. You can view a recorded version of the presentation here.
While there is a lot of uncertainty surrounding COVID-19 and its subsequent impacts on individuals and businesses, what we do know is that the federal government, along with state and local governments, and charities, are all stepping up to help provide relief to those in need. Here is what you need to know about relief for businesses.
Immediate Relief Measures
The federal government has already taken some actions to provide immediate relief. For example, tax day has been moved from April 15 to July 15th, so businesses do not have to file an extension. There are also tax credits available for small to midsize employers. Be sure to talk to your accountant about these credits and other potential ways to save on or put off taxes. Additionally, your business may have changed since last year and you may now be eligible for new opportunities.
Be sure to ask about how these items may affect your taxes:
- Work Opportunity Credit
- Tip Credit
- Charitable contribution of food credit
- Accelerated depreciation
- Cost segregation studies
State and Local Relief Measures
States are also ramping up small business loans and organizations are specifically working to help bartenders, restaurant workers and other employees in the food and beverage industry. You may be able to receive cash donations, food donations or loans from private and trade organizations.
Alternative Employment Opportunities
Finally, if you are looking to make money for yourself during this period of upheaval, look for temporary work in industries that are seeing an increase in business. There is a growing need for delivery drivers and you may be able to work part-time and still collect unemployment.
Where to Find Additional Information
- To find the latest information, you should contact your insurance company, lawyer and/or accountant with questions about your options. Things are changing quickly, but they should be able to answer your questions.
- Trade associations are hard at work advocating for small businesses, especially in the food and hospitality industries. Keep up with their efforts and offer support in any way you can.
While we don’t know when this pandemic will be over, there are already relief options available to businesses. Be sure to stay up-to-dateas the federal government continues to roll out new stimulus packages and aid and contact your local government, trade associations and charities for help.
Editor’s note: To watch Overproof’s webinar, How to Prepare for the Economic & Legal Impact of COVID-19, with a presentation by Linda, click here. After this webinar aired, the U.S. passed a $2 trillion coronavirus relief bill, for more information on this stimulus package, click here. For more information contact Linda Worton Jackson at [email protected] or visit pardojackson.com.
Disclaimer: The information provided below does not, and is not intended to, constitute legal advice; and is intended for general informational purposes only. All readers should contact their attorney to obtain advice with respect to any particular legal matter. Only your individual attorney can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation and location and that it is current as of the date that you watch it.