Keep up with all SCACPA updates specific to the Coronavirus/COVID-19 situation at www.scacpa.org/covid-19-response-and-resources

In This Edition: Gov. McMaster declares tornado damage as state’s second emergency … SC small businesses claim $2.7B in Paycheck Protection Program emergency loans … Spartanburg City Council to postpone hospitality grants … Business owners fend off fraud attempts of threats to shut off power … Feds: Economic Impact Payments will not have to be repaid … Check the status of your Economic Impact Payment on IRS website … Nine overlooked resources for tax season

McMaster Declares Tornado Damage as State’s Second Emergency

Gov. Henry McMaster signed an executive order Wednesday to declare a state of emergency due to destruction from tornadoes that swept South Carolina earlier in the week that killed nine people, including five in Hampton County, and at its peak left 300,000 people without electricity. Officials are assessing the damage and will put a price tag on the damage, after which the governor will request a federal disaster declaration. McMaster emphasized that the new order will not interfere with the state’s response to Coronavirus, and that all executive orders responding to the pandemic remain in effect. As of Wednesday, 16,000 residents are without power, and the American Red Cross has helped 236 displaced residents find hotels. (The State)

SC Small Businesses Claim $2.7B in Paycheck Protection Program Emergency Loans

According to data from the U.S. Small Business Administration, South Carolina small businesses and nonprofits will receive more than $2.7 billion in federal emergency loans the Paycheck Protection Program, thanks to financing approvals for more than 14,000 state employers granted from April 3 to 14. South Carolina companies and nonprofits make up 1.1% of SBA-approved money and 1.3% of processed loans for the the $349 billion emergency package passed by Congress that aims to keep U.S. employees drawing paychecks during the pandemic. (Post and Courier)

Spartanburg City Council to Postpone Hospitality Grants

Spartanburg City Manager Chris Story told the City Council during its Monday meeting this his staff agreed with the Hospitality Tax Grants Advisory committee’s decision to postpone the tax granting process for awarding grants for entertainment and events. City spokesman Christopher George said estimates are being made for expected hospitality tax losses covering the rest of fiscal year associated with the Coronavirus pandemic. (Spartanburg Herald-Journal)

Business Owners Fend Off Fraud Attempts of Threats to Shut off Power

A Dominion Energy spokesman said the company is aware of a scam where a phone caller demands immediate payment from a business owner to avoid power getting disconnected, with payment usually requested in the form of buying a gift card for a large amount of money and reading off the card’s numbers. “What we’ve been telling people right now is that we’re not going to be turning off power. That’s absolutely a scam,” said Dominion’s Matt Long, who also warned that scammers will use technology to disguise the source of the phone call. “If you get a call and you are suspicious, just hang up and call the number on your bill.”  A Charleston restaurant owner who endured a scam phone call attempt before cutting off the conversation said entrepreneurs can feel vulnerable to these attempts because they are under pressure to keep their businesses afloat during the economic turmoil. (Charleston Business Journal)

Feds: Economic Impact Payments Will Not Have to be Repaid

The U.S. Treasury Department and IRS confirmed to The Associated Press that recipients of Economic Impact Payments will not have to repay the funds in next year’s tax filing. Confusion on social media – where videos claiming that millions of taxpayers must repay the Economic Impact Payments under the $2.2 trillion Coronavirus economic recovery bill – appears to stem from wording in the economic rescue bill that calls the payments an “advance refund.” “This is not an advance and there is absolutely no obligation to pay it back,” a Treasury spokeswoman wrote in an email. Relief money will not affect your income deductions next year, IRS spokesman Eric Smith said. (Associated Press)

Check the Status of your Economic Impact Payment on IRS Website

The IRS has unveiled a “Get My Payment” website at www.irs.gov/coronavirus/get-my-payment where taxpayers can find out their payment status, payment type, and if the IRS requires more details from you, such as bank account information. (IRS)

Nine Overlooked Resources for Tax Season

Don’t take for granted the components that support your success: family, quality of clients, suppliers, partners, family, friends, referrers of business, your office and the decorations for your workspaces. (CPA Trendlines)