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COVID-19 Resources

Helping businesses & individuals stay resilient

YHB is committed to responding as quickly as possible to developments regarding COVID-19 (Coronavirus) and keeping you informed. We will continue to share helpful resources related to tax changes and other key issues as they develop to ensure you are prepared to navigate these unprecedented issues.

The Virginia individual income tax filing deadline has been extended to May 17

Virginia announced on Friday March 19th that it has decided to extend the filing deadline to match the change to the Federal filing deadline for individuals.  Tracking what we know now:…

Individual Federal Income Tax Deadline Extended

On March 17th the IRS issued a statement that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended to May 17, 2021.…

The American Rescue Plan Act of 2021

On March 10, 2021, the House passed the American Rescue Plan of 2021. The Bill is expected to be signed by President Biden in the coming days.   Join us for two webinars as we breakdown what the most recent stimulus means for businesses, not-for-profits and individuals.

Detailed Breakdown of the Consolidated Appropriations Act of 2021

Additional Articles

SBA Loan Considerations

PPP Loan Forgiveness Process Eased For Borrowers of $50,000 or Less

On October 8th, 2020 the U.S. Small Business Administration (SBA) released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. The SBA is hoping this simpler forgiveness process will help the countries smallest businesses who were impacted by COVID-19 by removing some of the red tape around forgiveness.

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Should I wait to Apply for Forgiveness?

Many loan recipients are anxious to submit an application for forgiveness, especially if it seems apparent on the surface that 100% forgiveness will be obtained. However, the decision to apply for forgiveness is not one to be done in haste. The consequences could include an unexpected reduction in the forgiveness amount as well as an administrative burden with the application that may be avoidable.

Paycheck Protection Program Flexibility Act of 2020

The new law follows the May 22, 2020, release of an interim final rule from the SBA on PPP loan forgiveness requirements. Among other areas, that guidance addresses the calculation of full-time employees and total salary or wages for purposes of loan forgiveness reductions.


PPP Loan Forgiveness Application

On Friday, May 15, 2020 the Small Business Administration (SBA) and the Department of the Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application and instructions for the application.

SBA Clarifies Good-Faith Certification

The Treasury Department and the SBA have been slowly providing additional clarity to the massive PPP via their FAQ PDF. On May 13, 2020 a new FAQ was added to help bring some insight concerning the good-faith certification.

SBA Loan Considerations

SBA Guidance & Loan Resources

The SBA has released several resources to assist small businesses impacted by the COVID-19 including low-interest disaster loans, among other business friendly programs. 

Financial Reporting Considerations

The AICPA’s Center for Plain English Accounting released a report addressing financial reporting matters that should be considered in light of the COVID-19 Pandemic. (External Link)

Employee Retention Tax Credit

The recently enacted CARES Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic.

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Industry Specific Resources

Community Banks

Our team works with community banks all over the region. We have compiled resources to help your financial institute during this time.

Construction Industry

Construction businesses, rightfully so, are concerned how COVID-19 will impact their business and operations. Here are some ideas and updates to help.

Not-For-Profits

No matter the status of your not-for-profit, it’s important to keep up with legislation responding to the COVID-19 crisis.

Healthcare Organizations

Over the past few days we have been in touch with hundreds of doctors and office managers to work together to help lead their business through this pandemic.


The Economic Impact Payment – Debit Card

If you have not yet received your Economic Stimulus Payment, you may want to open all envelopes right now, and be extra careful in deciding what to keep and what to toss. For those in this last wave of payments – be on the lookout for a very unassuming and unlabeled envelope arriving at your home.

Economic Impact Payment Resources

The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.


Committed to Community, Clients & Our Team Members

The safety and well-being of our clients and team members are always the highest priority at YHB. We have taken proactive steps to provide for the continuity of our services and care for our team members during this time. Our thoughts remain with everyone affected by the COVID-19 crisis as we navigate these unprecedented times. YHB is committed to walking alongside you and the communities we serve in the days ahead. It is a privilege to serve you during this time.


Questions?