66-70 Queens Midtown Expressway
Maspeth, New York 11378
M-F 9AM-7PM, Sat 9AM-3PM
Pace Accounting is not accepting New BUSINESS ACCOUNTS until after tax season, so we can focus on providing high-quality individual tax preparation services. However, we appreciate your inquiry and look forward to welcoming new business accounts starting in May of 2023.
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April 21 Update: The Senate passed a roughly $480 billion relief package today that includes hundreds of billions of dollars in new funding for small businesses hurt by the coronavirus outbreak. This includes a deal to authorize the Paycheck Protection Program to spend an additional $310 billion. The PPP loan program had recently ran out of money and was no longer accepting applications.
Update: April 3, 2020
We at Pace Accounting are here to help you. However, we are not experts on these programs. It is incumbent upon you to reach out to the SBA, your bank, and the various state and federal agencies for further assistance. We can only assist you with supporting documentation once you have begun the process.
Today, businesses are in uncharted territory, facing a pandemic with an unknown end date. The decision whether to fight for your business or close your doors is profoundly personal and determined by a myriad of factors, including your ability and willingness to take on risk.
As a business owner, we know you are doing your best to balance doing what is best for your business and taking care of the employees that make your business shine. Hopefully, the CARES Act can help.
CARES ACT - Business Provisions
Employee Retention Credit - Employers are provided a refundable payroll tax credit for 50% of wages paid to employees during the COVID-19 crisis. The credit is available to employers whose operations were fully or partially suspended due to a COVID-19-related shutdown order, or gross receipts declined by more than 50% when compared to the same quarter in the prior year. The credit is provided for the first $10,000 of compensation, including health benefits, paid to an eligible employee. The credit is provided for wages paid or incurred from March 13, 2020, through December 31, 2020. MORE INFO
Delay of Payment of Employer Payroll Taxes - Employers and self-employed individuals can defer payment of the employer share of the Social Security tax they otherwise are responsible for paying to the federal government with respect to their employees. Employers generally are responsible for paying a 6.2% Social Security tax on employee wages. MORE INFO
Small Business Loans - The SBA is providing low-interest working capital loans of up to $2 million to small businesses and nonprofits affected by the coronavirus to help cover accounts payable, debts, payroll, and other bills. These loans can be forgiven. Eligible small business owners can apply online and select "Economic Injury" as the reason for seeking assistance. Call the SBA Disaster Assistance Customer Service Center at 800.659.2955 for assistance or visit SBA.GOV.
Additional plans and details - MORE INFO
Update: March 26, 2020
US Federal Government
Corporate Tax Deadline - Extended to July 15, 2020. MORE INFO
Federal Tax Payments - Extended to July 15, 2020. MORE INFO
US Small Business Administration (SBA)
Economic Injury Disaster Loan Program - Loans of up to $2 million in assistance to help combat temporary revenue loss due to fixed debts, payroll, accounts payable, and other losses. MORE INFO
New York State
90-Day Mortgage Relief – A directive has been issued to New York State mortgage servicers to provide 90-Day mortgage relief to mortgage borrowers impacted by novel coronavirus—including waiving mortgage payments, no negative reporting to credit bureaus, grace period for loan modification, no late or online fees, and postponing or suspending foreclosures. Contact your mortgage provider for more details.
COVID-19 Paid Sick Leave – Employers with 10 or fewer employees and a net income less than $1 million must provide their employees with guaranteed job protection for the duration of the quarantine order and provide compensation for the duration of their quarantine through your existing Paid Family Leave (FPL) and Disability Benefits (DB) policy. If your employees can work from home, then they do not qualify for these benefits. If your business is closed due to COVID-19, your employees may immediately apply for unemployment insurance. Employers with 11 employees or more and a net income greater than $1 million must provide additional benefits. MORE INFO
Sales Tax Late Filing & Payment Penalty Abatement – NYS will abate interest on quarterly and annual sales and use tax filings and remittances with a due date of March 20, 2020 for qualifying companies. MORE INFO
New York City
NYC Employee Retention Grant Program – Available to NYC businesses with one to four employees that can demonstrate at least a 25% decrease in revenue. The grant will cover up to 40% of their payroll for two months. MORE INFO
NYC Small Business Continuity Load Fund – Zero-interest loans up to $75,000 to help retain employees and ensure business continuity. MORE INFO