Tax Day in April is one of the few constants in life — but in 2020, nothing is certain. With the coronavirus upending life for every American, the U.S. government said today it is moving the tax deadline to July 15 from April 15.
That means individuals and businesses will have three extra months to file their taxes without interest or penalties, Treasury Secretary Steve Mnuchin said.
The moves comes as the Trump administration and Congress continue to discuss stimulus packages for Americans, with the focus on delivering checks directly to residents.
On Wednesday, Trump signed a multibillion-dollar emergency package that boosts unemployment insurance and guarantees free testing for COVID-19.
Following House approval last weekend, the Senate voted 90-8 on the bill, which eliminates insurance copayments for coronavirus testing and provides billions of dollars to state and local governments for food assistance and unemployment benefits.The agreement — negotiated by House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin — also includes 10 days of sick pay for some workers, including all federal government employees as well as gig economy and self-employed workers, according to multiple reports. Millions of workers, however, may not be covered by such paid provisions since the measure does not apply to companies with more than 500 employees.
The retail industry, already facing deep challenges, is in crisis mode as the coronavirus outbreak worsens. With most fashion and footwear stores across America now closed, many small retailers could go out of business in a matter of weeks. This week, FDRA, AAFA, CFDA as well as the Travel Goods Association and U.S. Fashion Industry Association all called on the U.S. government to accelerate aid efforts for millions of footwear, apparel and travel workers and retailers.
In a letter sent to Treasury Steven Mnuchin, leaders from the five groups called on the administration to push forward measures that include immediate tariff relief and access to capital and other monetary resources to assist in challenges with liquidity.
“Many apparel, footwear, and travel goods stores are now significantly limiting operations to follow the administration’s recommendations to slow the spread of the coronavirus. While we recognize this is critical to the efforts to combat this deadly virus, and we are proud to play our part, we are concerned that prolonged store closures could have a devastating and lasting impact on our employees and our industry, including our small and family-owned businesses,” the letter stated.