COVID-19 Resource Center

As COVID-19 continues to spread alarm and uncertainty, we assure you that our commitment to our clients and communities remains strong and focused. We are closely monitoring the rapidly changing developments to help address the myriad of questions presented by this global pandemic. We’ve curated the best information and resources to help you navigate any potential business disruptions and keep you informed. This page reflects the latest and ongoing COVID-19 situation and will continue to be updated regularly. Be sure to check back for updates.

Contact your BMF Advisor or any of our experts below to discuss any challenges or concerns you have navigating these uncertain times or the impact on your business.

“From the moment our lives were halted with the COVID-19 pandemic, the team at BMF has been phenomenal. They’ve kept me updated on the latest regulatory changes, ever-moving economic forecasts and answered the countless questions presented by this global challenge and helped identify opportunities to protect our cash flow. Alongside our leadership team, the BMF team has worked around the clock to keep our business needs front and center. I’m confident our organization will withstand this crisis and emerge stronger because we have partners like BMF by our side.”
– Ken Babby, Owner, Akron RubberDucks and Jacksonville Jumbo Shrimp AA Baseball Clubs

 

Tax Updates and Extensions

Thinking COVID-19 isn’t impacting your tax situation? Take a closer look and talk with your tax advisor. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, phase III of legislation aimed at fighting the pandemic and mitigating economic harm has something for every individual, family, worker, and businesses of all sizes; even those not currently stressed by the outbreak. (Top of page)


Tod Wagner discusses tax planning in the current environment, including tax law changes and extensions in response to COVID-19.

BMF Insight and Key Takeaways
  • Cash is king – and nothing is better than free cash. Start with reviewing the SBA’s Paycheck Protection Plan which aims to give business and self-employed 8-weeks of relief in the form a forgivable loan.
  • No loans for your business? No worry! The new tax provision will help you preserve your cash, with deferrals on payroll taxes, refundable payroll tax credits, deferral of defined benefit plan contributions, acceleration of corporate AMT credits refunds, NOL carryback opportunities, relaxation of loss limitation rules for flow-through entities and many opportunities to accelerate deductions.
  • Individuals and families are not left out. In addition to the well-publicized direct payments to individuals, new tax provisions offer relief on unexpected distributions from retirement plans, waiver of required minimum distribution, flexibility in terms of timing of making contributions and more.
   

Employment and Benefit Plans

There are significant changes in HR and benefits areas that have been impacted by the government’s response to the economic upheaval caused by the COVID-19 virus, and our team is well-positioned to help you through some of these issues.  Some of the areas that have been impacted are payroll taxes, FMLA, health insurance, sick leave, plan contributions, plan loan provisions and minimum distributions. BMF is here to help you through these issues.
(Top of page)

Jim Merklin discusses how business and individual benefit plans are being impacted by the SECURE Act AND CARES Act, which was put in place as a result of COVID-19.

 

BMF Insight and Key Takeaways
  • Cash is King – and some of the new law provisions will help you preserve your cash, such as deferrals on payroll taxes and health insurance payments.
  • COVID-19 government programs are making significant changes to some human resource programs such as sick leave and FMLA.
  • Employee benefit plans will be making changes to provide you and your employees enhanced flexibility in terms of timing of making contributions, loan provision enhancements and providing employees protection from defaulting on their loans, and minimum distributions.
 
Subject Matter Experts

Business Finance

In these trying times, businesses need to be proactive in seeking out opportunities to enhance their access to working capital. There are programs available through the small business administration for companies that qualify that can provide additional financial resources to help get through the issues caused by the COVID-19 virus. BMF is here to help you in finding which program might be right for you and helping you to access these programs. (Top of page)

Dale Ruther breaks down the Paycheck Protection Program into three parts: Where we’ve been, where we’re at now, and where we are going, and also discusses the Top 10 Questions we hear most regarding the PPP loan program.

BMF Insight and Key Takeaways
    • Cash is king – taking actions now to protect your cash flow and position yourself to use cash resources wisely;
    • Understanding the tax deferrals available to you is critical to the enhancement of cash flow in these challenging times;
    • The SBA’s disaster loan program might be worthy of consideration;
    • The Paycheck Protection Program might have significant benefits to your company.
BMF Articles
                 
Subject Matter Experts

Personal Finance

Regardless of whether or not you are personally impacted by the health aspects of COVID-19, it is a certainty that you or someone you know has been impacted from a financial aspect. Knowing what options are available to help ease the financial burden on you and your family is key. (Top of page)

BMF Insight and Key Takeaways
  • Extended filing and payment deadlines have eased the tax season "crunch." Most states are following suit, including Ohio.
  • Stimulus payments are coming….
  • Relaxed IRA distribution rules can help ease financial obligations.
  • Unemployment benefits have been ramped up to help mitigate the financial impact on families.
  • It is important to be aware of and watch out for scams.
Resources
Regulatory Guidance
Subject Matter Experts

Cybersecurity and Technology

Common cyber threats, network security and resources to leverage. (Top of page)


General Updates and Notices

We are staying engaged with our clients to address the challenges facing their business and ours. We’re letting you know how we’re adjusting our business to respond to these changes. (Top of page)

BMF Articles
Regulatory Guidance
 
BMF Contact