In the press conference held by Governor Northam today, March 19, 2020, the Governor announced a few things that will hopefully help our members. You can find the link to the full press release here, and a summary of the pertinent information is below.

 

 

UPDATE on SBA Disaster Loan program has been approved for Virginia and it’s online now w/ the SBA

Here’s the main website, and then go to red circle for “eligible disaster areas” – from there Virginia is the last one listed so far under COVID-19 on page 3.  This is the direct link to the Virginia page and lists all the localities eligible. 

 

SALES TAX PAYMENTS
(official Department of Taxation Bulletin found here)

    1. Feb sales tax payments that are due tomorrow, Mar 20, 2020, can be deferred until April payment. However, one must file a request for deferred paymentThe Tax Dept plans to be liberal in granting the deferments.
    2. The business will be charged interest – for now.  The administration must have General Assembly approval to suspend interest so they hope to address this when the General Assembly comes back for Reconvene Session

 

INCOME TAX PAYMENTS

    1. While filing deadline remains as of May 1st, Governor announced that they will allow you to defer individual and corporate income tax payment until June 1st.
    2. Again, you’ll be charged interest unless they get General Assembly approval but no late payment penalty will be assessed.