Financial Crisis – Legal Resources for COVID -19

Moskowitz LLP is a full-service law firm whose members have practiced in the San Francisco Bay Area for over 30 years. During this time, the health and safety of you, your loved ones, and the community are first and foremost.

Given we work with financially distressed individuals and businesses as well as those keenly aware of their finances, the fallout from the health and financial impact of the drastic measures taken during this time is unquantifiable. The anxiety caused by finances is not good for your health generally, and especially now.

At Moskowitz LLP, we are committed to helping the families and communities we serve in good times and bad. We will continue to do all we can to help navigate these uncertain times. We have put together some financial resources for individuals and businesses and are happy to discuss any of them with you should you have questions or concerns or need assistance.


1. SBA Loans

Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.

The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the coronavirus crisis.

The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020.

Submit a completed loan application and a signed and dated IRS form 4506-T giving permission for the IRS to provide SBA your tax return information. Businesses in addition to the application and the IRS Form 4506-T will also need current information such as a personal financial statement, a schedule of liabilities and a copy of your most recently filed Federal income tax return. Additional information may be required depending on individual circumstances.

2. State of California Employment Development Department

A resource page for both employers and employees for those affected by COVID-19.

3. Relief from Lenders

A list of financial institutions already instituting relief programs for their customers. We expect expanded relief to be ongoing.

4. Taxes

IRS – The Deadline to file your 2020 tax return is July 15, 2020. The deadline to pay your 2019 taxes and first quarter of 2020 is July 15, 2020.

California Franchise Tax Board, the deadline to file and pay your taxes has been extended to July 15, 2020.

Are you due a tax refund?

You must file a tax return to claim your tax refund. There are finite dates that must be met, or you lose your tax refund, forever.

IRS: Claim must be filed within 3 years from the time the return was filed or 2 years from the time the tax was paid, whichever of such periods expires the later, or if no return was filed by the taxpayer, within 2 years from the time the tax was paid. This means that if you are due a tax refund for tax year 2016, your tax return must be filed (received by the IRS) on or before April 15, 2020. This is only applicable if the two year statute does not apply.

FTB: Generally, you can file a claim for refund:

  • 4 years after the original return due date, or
  • 1 year from the date of overpayment

This means that if you are due a tax refund for tax year 2015, your tax return must be filed (received by the FTB) on or before April 15, 2020. This is only applicable if the one year statute does not apply.