As of March 17, 2022, the U.S. has provided funding and in-kind support for the global COVID-19 response, including delivering half a billion donated COVID-19 vaccine doses to more than 110 countries, with more donated doses to come. These efforts have been part of the Biden administrations plan to usher in an end to the pandemic emergency, reduce the impact of COVID globally, and help reduce the chance of new, more-transmissible variants from emerging. In November 2021, polling from the KFF COVID-19 Vaccine Monitor found the public was generally supportive of the U.S. helping to provide vaccines to other countries, especially when people were informed that the U.S. has enough of its own vaccine supply.
The latest KFF COVID-19 Vaccine Monitor (conducted February 9-21, 2022) continues to find that the public is largely supportive of the U.S. role in global vaccine distribution, as well as other response efforts including the distribution of masks and COVID-19 rapid tests. A plurality of adults think the U.S. is doing about the right amount to make sure people in other countries have access to COVID-19 vaccines (42%) or control the spread of COVID-19 in other countries by providing masks by providing masks or rapid tests (42%). Smaller shares say the U.S. is doing too much or not enough on both of these efforts. Around a quarter say the U.S. isnt doing enough to make sure people in other countries have access to vaccines (28%) or to control the spread of COVID-19 in other countries (27%). About one in five say the U.S. is doing too much on both of these fronts.
Overall, the public thinks the Biden administration could do more to combat COVID-19 misinformation in other countries. A previous KFF report found widespread belief in COVID-19 misinformation in the U.S. and the WHO has said COVID misinformation was a major factor fueling the pandemic throughout the world. Around four in ten (41%) say the U.S. isnt doing enough to combat misinformation about COVID-19 in other countries, while 28% of adults say the U.S. is doing about the right amount and 18% say were doing too much.
There are strong partisan differences in views of U.S. efforts to combat COVID-19 overseas. Overall, Democrats are more likely than Republicans to say the U.S. isnt doing enough on any of the global COVID-19 response areas asked about in the survey, while Republicans are more likely to say the U.S. is doing too much. More than one-third of Democrats (37%) say the U.S. is not doing enough to make sure people in other countries have access to COVID-19 vaccines, while a similar share of Republicans (36%) say the U.S. is doing too much on this effort. Similarly, a majority of Democrats say the U.S. is doing about the right amount to control the spread of COVID-19 in other countries by providing masks or rapid tests (55%), while another third say the country isnt doing enough (32%). Less than one in ten Democrats say the U.S. is doing too much (7%). This is compared to nearly half of Republicans (45%) who say the U.S. is doing too much while one-third of Republicans (32%) think the U.S. is doing the right amount, and 16% say were not doing enough.
The partisan divide is somewhat smaller when it comes to the U.S. role in combatting misinformation worldwide. Around half of Democrats say the U.S. isnt doing enough to combat the spread of COVID-19 misinformation in other countries (46%), as do 47% of independents and 30% of Republicans. Yet, one-third of Republicans say the U.S. is doing too much to combat misinformation.
GAITHERSBURG, Md., March 25, 2022 /PRNewswire/ --Novavax Inc. (Nasdaq: NVAX), a biotechnology company dedicated to developing and commercializing next-generation vaccines for serious infectious diseases, today announced that NVX-CoV2373, its protein-based COVID-19 vaccine, is included in two trials now underway to evaluate its vaccine's safety, immunogenicity, and reactogenicity as a booster amidst the ongoing COVID-19 pandemic. Both studies have initiated participant enrollment and will help to extend knowledge of how a range of vaccines, including Novavax' COVID-19 vaccine, can be used as boosters following primary immunization.
"Additional COVID-19 booster studies are important to support vaccine choice for individuals, healthcare providers, and public health authorities," said Filip Dubovsky, M.D., Chief Medical Officer, Novavax. "Our COVID-19 vaccine has already been recommended by multiple national policy bodies for both primary vaccination and booster settings in individuals 18 years of age and older. We look forward to adding to this body of evidence to support the expanded use of our protein-based vaccine."
Novavax is participating in an ongoing Phase 1/2 trial sponsored by the National Institute of Allergy and Infectious Diseases (NIAID) to assess homologous and heterologous boosting regimens in participants who received a primary series of a COVID-19 vaccine which has received full approval or Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA). Participants will be given a third dose (> 12 weeks later) of either NVX-CoV2373 or one of the three COVID-19 vaccines that have already received EUA or full authorization from the FDA. The study is enrolling approximately 1,130 healthy individuals aged 18 years or older, about 180 of whom will receive NVX-CoV2373 as a heterologous booster. The trial is being conducted at approximately 10 clinical research sites and its primary objectives are to evaluate safety, reactogenicity, and immunogenicity of delayed heterologous or homologous vaccine doses after EUA dosed vaccines. Participants will be followed for 12 months, with topline results expected later this year and full results expected in 2023.
Novavax' COVID-19 vaccine is also being evaluated in an observer-blinded Phase 3 study in the United Arab Emirates (UAE) to assess homologous versus heterologous boosting of participants who have already been immunized with Sinopharm's COVID-19 vaccine. The safety and immunogenicity of a single booster dose of Novavax' COVID-19 vaccine in adults previously vaccinated with Sinopharm's COVID-19 vaccine will be evaluated. The study is enrolling approximately 1,000 participants aged 18 years or older at two centers in Abu Dhabi with the goal of providing data to support boosting with NVX-CoV2373 in the large number of individuals who have been vaccinated with inactivated vaccines globally. Participants will be followed for six months, with full results expected during the fourth quarter of 2022. The Ministry of Health and Prevention approved NVX-CoV2373 for emergency use in the UAE in December.
For more information about the NIAID-sponsored study, readhereonclinicaltrials.gov. For more information about the study in the UAE, read here onclinicaltrials.gov. NVX-CoV2373 has not yet been authorized for use by the FDA, nor has it received heterologous or homologous booster approval in all the countries where it's been authorized.
Important Safety Information
About NVX-CoV2373
NVX-CoV2373 is a protein-based vaccine engineered from the genetic sequence of the first strain of SARS-CoV-2, the virus that causes COVID-19 disease. NVX-CoV2373 was created using Novavax' recombinant nanoparticle technology to generate antigen derived from the coronavirus spike (S) protein and is formulated with Novavax' patented saponin-based Matrix-M adjuvant to enhance the immune response and stimulate high levels of neutralizing antibodies. NVX-CoV2373 contains purified protein antigen and can neither replicate, nor can it cause COVID-19.
Novavax' COVID-19 vaccine is packaged as a ready-to-use liquid formulation in a vial containing ten doses. The vaccination regimen calls for two 0.5 ml doses (5 mcg antigen and 50 mcg Matrix-M adjuvant) given intramuscularly 21 days apart. The vaccine is stored at 2- 8 Celsius, enabling the use of existing vaccine supply and cold chain channels. Use of the vaccine should be in accordance with official recommendations.
Novavax has established partnerships for the manufacture, commercialization and distribution of NVX-CoV2373 worldwide. Existing authorizations leverage Novavax' manufacturing partnership with Serum Institute of India (SII), the world's largest vaccine manufacturer by volume. They will later be supplemented with data from additional manufacturing sites throughout Novavax' global supply chain.
About the NVX-CoV2373 Phase 3 trials
NVX-CoV2373 is being evaluated in two pivotal Phase 3 trials.
PREVENT-19, a trial in the U.S. andMexicothat enrolled almost 30,000 participants aged 18 years and older, achieved 90.4% efficacy overall. It was designed as a 2:1 randomized, placebo-controlled, observer-blinded study to evaluate the efficacy, safety and immunogenicity of NVX-CoV2373. The primary endpoint for PREVENT-19 was the first occurrence of PCR-confirmed symptomatic (mild, moderate or severe) COVID-19 with onset at least 7 days after the second dose in serologically negative (to SARS-CoV-2) adult participants at baseline. The statistical success criterion included a lower bound of 95% CI >30%. A secondary endpoint was the prevention of PCR-confirmed, symptomatic moderate or severe COVID-19. Both endpoints were assessed at least seven days after the second study vaccination in volunteers who had not been previously infected with SARS-CoV-2. It was generally well-tolerated and elicited a robust antibody response after the second dose in both studies. Full results of the trial were published in theNew England Journal of Medicine(NEJM).
A trial conducted in the U.K. with 14,039 participants aged 18 years and older was designed as a randomized, placebo-controlled, observer-blinded study and achieved overall efficacy of 89.7%. The primary endpoint was based on the first occurrence of PCR-confirmed symptomatic (mild, moderate or severe) COVID-19 with onset at least 7 days after the second study vaccination in serologically negative (to SARS-CoV-2) adult participants at baseline. Full results of the trial were published inNEJM.
About Matrix-M Adjuvant
Novavax' patented saponin-based Matrix-M adjuvant has demonstrated a potent and well-tolerated effect by stimulating the entry of antigen-presenting cells into the injection site and enhancing antigen presentation in local lymph nodes, boosting immune response.
About Novavax
Novavax, Inc. (Nasdaq: NVAX) is a biotechnology company that promotes improved health globally through the discovery, development and commercialization of innovative vaccines to prevent serious infectious diseases. The company's proprietary recombinant technology platform harnesses the power and speed of genetic engineering to efficiently produce highly immunogenic nanoparticles designed to address urgent global health needs. NVX-CoV2373, the company's COVID-19 vaccine, has received conditional authorization from multiple regulatory authorities globally, including the European Commission and the World Health Organization. The vaccine is also under review by multiple regulatory agencies worldwide. In addition to its COVID-19 vaccine, Novavax is also currently evaluating a COVID-seasonal influenza combination vaccine in a Phase 1/2 clinical trial, which combines NVX-CoV2373 and NanoFlu, its quadrivalent influenza investigational vaccine candidate. These vaccine candidates incorporate Novavax' proprietary saponin-based Matrix-M adjuvant to enhance the immune response and stimulate high levels of neutralizing antibodies.
For more information, visitwww.novavax.com and connect with us on Twitter, LinkedIn, Instagram and Facebook.
Forward-Looking Statements
Statements herein relating to the future of Novavax, its operating plans and prospects, its partnerships, the timing of clinical trial results, the ongoing development of NVX-CoV2373 and NanoFlu, its COVID-seasonal influenza investigational vaccine candidate, the scope, timing and outcome of future regulatory filings and actions, including Novavax' plans to supplement existing authorizations with data from the additional manufacturing sites in Novavax' global supply chain, the potential impact and reach of Novavax and NVX-CoV2373 in addressing vaccine access, controlling the pandemic and protecting populations, and the efficacy, safety and intended utilization of NVX-CoV2373 are forward-looking statements. Novavax cautions that these forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, challenges satisfying, alone or together with partners, various safety, efficacy, and product characterization requirements, including those related to process qualification and assay validation, necessary to satisfy applicable regulatory authorities; difficulty obtaining scarce raw materials and supplies; resource constraints, including human capital and manufacturing capacity, on the ability of Novavax to pursue planned regulatory pathways; challenges meeting contractual requirements under agreements with multiple commercial, governmental, and other entities; and those other risk factors identified in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Novavax' Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission (SEC). We caution investors not to place considerable reliance on forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov and www.novavax.com, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of the statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
Contacts:
InvestorsNovavax, Inc.Erika Schultz | 240-268-2022ir@novavax.com
Solebury TroutAlexandra Roy | 617-221-9197aroy@soleburytrout.com
MediaAli Chartan | 240-720-7804Laura Keenan Lindsey | 202-709-7521media@novavax.com
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SOURCE Novavax, Inc.
BOISE, Idaho Treefort 10 organizers will not require the COVID-19 vaccine or proof of a negative test to attend, but people looking to get the vaccine will be to do so through the event's Rock the Shot program.
Treefort attendees can get the vaccine for free through a partnership with Idaho's largest private ambulance company Injury Care Emergency Medical Services (ICEMS).
"We bring medicine to people to can't get to the hospital, right, and so it was kinda a natural fit for us to try to bring vaccines out to people who can't get in," said Dr. Richard Radnovich, director of vaccine and screening for ICEMS. "It's really important, I'm really glad to be here. I'm glad to be partnering with TreeFort and I think we have a lot of good that we can do for folks."
Related: Treefort 10 to drop vaccination, negative COVID-19 requirement
For additional incentives to get vaccinated on site, Treefort 10 will offer free drink vouchers and a $25 voucher for event merchandise or tickets at the box office, as well as free Rock the Shot merchandise.
The clinic will operate at 12th Street and Main Street during the following time slots:
Mar 23, 2022
Adrian Wojnarowski
Jeff Passan
New York Mayor Eric Adams will lift the city's COVID-19 vaccine mandate on athletes Thursday, paving the way for Brooklyn Nets star Kyrie Irving to play at the Barclays Center on Sunday and for unvaccinated New York Yankees and Mets players to play in their April home openers, sources familiar with the situation told ESPN on Wednesday.
The rollback of the mandate that has applied to all private businesses in the city would cover professional athletes and performers. It would come on the heels of discussions that had given hope to NBA and MLB teams that the long-awaited move would come to fruition.
Adams, who was sworn in Jan. 1 and has eased the city's COVID-19 policies since, said Tuesday: "Baseball, basketball, businesses -- they have to wait until that layer [of progress] comes."
The wait is not expected to be much longer. The Nets, currently in eighth place in the Eastern Conference and subject to the play-in tournament that begins April 12, would get back Irving, who has been kept out of their 35 home games this season. Irving turned 30 on Wednesday and is averaging 27.7 points in 19 games this season.
His absence has dominated headlines about the mandate, though the approach of Opening Day -- the Yankees' home opener is April 7 and the Mets' April 15 -- ratcheted up pressure, with multiple unvaccinated players on both teams.
Because MLB has the lowest vaccination rate of the four major men's professional sports, baseball officials were working with the mayor's office, according to sources, to push for updates to the mandate. Unvaccinated players on road teams have been allowed to play against the Nets and New York Knicks, and would have been eligible to participate against the Yankees and Mets as well.
Adams' announcement Thursday will take place at 11:30 a.m. ET at Citi Field.
Unvaccinated baseball players are expected to miss their teams' games against the Toronto Blue Jays -- and the salary and service time that come with them -- after the league and union agreed that Canadian entry rules would preclude them from playing there. The Yankees play 10 games in Toronto this season.
Before the expected update to the mandate, unvaccinated Yankees and Mets were not "permitted to enter NYC Club facilities," which include "the clubhouse, training rooms, weight rooms, hitting cages, and outdoor playing field areas," according to a memo from the MLB Players Association earlier this week that was obtained by ESPN.
During a COVID-19 outbreak on the Nets in January, Irving stood firm in his decision not to receive the vaccine, telling reporters: "In terms of where I am with my life outside of this, I stay rooted in my decision. And that's just what it is."
The rollback of former Mayor Bill de Blasio's policies by Adams has included an April 4 lifting of the mask mandate for children in day care. While he did not commit to further changes, Adams hinted Tuesday at amendments to the policy that would soon come.
"We're going to do it in the right way," Adams said Tuesday. "We're going to follow the science ... we're going to make the right decision. And in New York, no matter what you do, this is 8.8 million people and 30 million opinions, so you're never going to satisfy New Yorkers, so you must go with the logic, your heart and the science."
Australians over the age of 65 and other vulnerable individuals are set to begin rolling up their sleeves for another COVID-19 vaccine dose in just a couple of weeks.
In a bid to increase vaccine protection ahead of winter, the nation's top vaccine advisory group has recommended an additional booster dose for those who are at greatest risk of severe illness from COVID-19.
The rollout of "winter boosters" is set to begin on April 4, coinciding with the rollout of this year's influenza vaccination program.
Here's what you need to know.
The Australian Technical Advisory Group on Immunisation (ATAGI) recommends an additional COVID-19 booster dose for:
For most people, this will be their fourth COVID-19 vaccine since the rollout began.
For severely immunocompromised people, it may be their fifth (having received three doses as part of their primary vaccination series, followed by a booster).
According to ATAGI, additional booster doses can be given from four months after a person has received their first booster dose.
If a person was infected with COVID-19 following their first booster, their additional booster may be given four months after infection.
(In special circumstances, ATAGI notes that some people may receive their winter booster sooner, but that it shouldn't be administered less than threemonths from a previous dose or infection.)
The flu vaccine can be administered alongside your COVID-19 winter booster, but if you're not yet eligible for your additional booster, you can receive your flu vaccine first.
Winter booster shots will be available at GP clinics, pharmacies, Indigenous health services and mass vaccination hubs.
Either of the available mRNA COVID-19 vaccines Pfizer or Moderna are preferred for booster doses, including the additional winter booster dose.
Either brand can be used, regardless of which vaccine brand was used for the primary course or first booster dose.
AstraZeneca, while not recommended, can be used when a person cannot receive an mRNA vaccine.
Similarly, Novavax can be used "if no other COVID-19 vaccine is considered suitable for that person".
The effectiveness of COVID-19 vaccines including booster vaccines gradually wanes over time, most notably against infection and symptomatic disease.
Early evidence suggests protection against hospitalisation is relatively well maintained following a booster, especially in young, healthy people.
But this protection drops to about 75-80 per cent after roughly three to four months.
According to ATAGI, around 160,000 people over the age of 65 will be four months from their first booster dose as of April 1.
"These recommendations for an additional booster dose focus on protecting the most vulnerable groups against severe disease," ATAGI says.
In recent weeks, Australia has seen an increase in COVID-19 cases due to the arrival of the highly-transmissible BA.2 subvariant.
Health authorities have expressed concern about what rising cases could mean as we head into flu season, with Australians "a little more vulnerable" to flu given reduced exposure in recent years.
"Reducing the burden of COVID-19 in high-risk populations during winter may reduce the strain on the healthcare system," ATAGI says.
"A four-month interval aligns with the evidence of waning [immunity] after the first booster dose, and will allow a large proportion of the eligible population to receive the additional dose before winter."
When it comes to the potential benefit of a fourth dose, preliminary data from Israel suggests that among higher-risk individuals, a second booster dose at four months resulted in a two-fold lower rate of infection, and four-fold lower rate of severe illness.
For the time being, ATAGI says there is "insufficient evidence" of the benefits of an additional booster for other groups to make broader recommendations.
That includes people under the age of 65 with medical conditions that may increase their risk of COVID-19, and workers in health care, aged or residential care facilities.
"This is based on evidence suggesting that protection from booster doses against transmission of the Omicron variant may be limited and short-lived," ATAGI says.
"ATAGI considers there to be more evidence to support direct protection from an additional booster dose to those at highest risk of severe disease."
In February, Australia changed its definition of "fully vaccinated" against COVID-19 to require three doses of a COVID-19 vaccine.
According to ATAGI, most healthy or low-risk adults who have received a two-dose primary course and a single booster dose will have a "low likelihood of severe illness", and are therefore not recommended for an additional booster dose.
"ATAGI will continue to monitor emerging evidence and may recommend an additional dose for these groups in the future."
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Half of Cancer Patients Lost Neutralizing Antibodies 6 Months After COVID-19 Vaccination Cancer Therapy Advisor
Cameron County on Friday reported one new coronavirus-related death and 12 positive cases of COVID-19.
An unvaccinated Brownsville man died as a result of the virus, according to the Cameron County Public Health department. Since the pandemic began, 2,223 people have died due to the virus in Cameron County,
Of the 12 positive cases reported in the county on Friday, nine were confirmed reports based on PCR testing and three were probable reports based on antigen testing.
The people who tested positive are in the following age groups:
Vaccination efforts continue across Cameron County; currently, 85.79% of the population five years and older is fully vaccinated.
The number of coronavirus infections across the UK rose by an estimated 1m compared with the previous week, with figures in Scotland at a record high, data from the Office for National Statistics has revealed.
According to the latest information from the ONS, based on swabs collected from randomly selected households, an estimated 9% of the population in Scotland had Covid in the week ending 20 March, about one in 11 people. The figure is the highest recorded by the survey since it began looking at the situation in Scotland in October 2020.
Infection levels also increased in England and Wales, although they decreased slightly in Northern Ireland, with data revealing that about one in 16 people in England had Covid in the most recent week, compared with one in 20 the week before, a rise from about 2,653,200 to 3,485,700 people.
The figure is just shy of the all-time high for England, when about 1 in 15 were estimated to have Covid in the week between Christmas and New Years Eve last year, at the height of the Omicron wave.
Experts have suggested that the recent surge in infection levels in the UK is owing to a number of factors, including the lifting of Covid restrictions to various degrees across the UK, changes in behaviour, waning immunity after the booster programme and crucially the rise of the BA.2 variant, which appears to be more transmissible than the earlier form of Omicron.
The percentage of people with infections compatible with the Omicron BA.2 variant increased in England, Wales and Scotland and decreased in Northern Ireland, the ONS report states.
Previous ONS figures have suggested that Northern Ireland experienced a rise in BA.2 before other parts of the UK.
On Friday, the UK Health Security Agency reported that cases of the BA.2 Omicron variant were increasing 75% faster than the original variant, BA.1, and now made up almost 89% of Covid infections sequenced in England. There is no evidence that BA.2 causes a greater risk of hospitalisation.
The agency is also monitoring three recombinant forms of the coronavirus that can occur when a person is infected with two Covid variants at once. The first, a mix of Delta and BA.1, known as XF, caused a small cluster in the UK but has not been spotted since mid-February. The second, XE, is a combination of BA.1 and BA.2 and is spreading about 10% faster than BA.2 in the UK, with 637 cases identified as of 22 March.
The third, XD, is another blend of Delta and BA.1. While it has not yet reached the UK, it has surfaced in France, Belgium and Denmark, and scientists are watching it closely because it is essentially the Delta variant with the Omicron spike protein.
The ONS figures also show that infection levels rose in all age groups in England. While the percentage of people testing positive was highest in children between two years old and school year 6, infection levels reached unprecedented levels in older adults: among those who are 70 or over, the figure hit an estimated 5.7% on 19 March.
While all regions of England experienced a rise, the highest levels of infection were in the south-east, with about 7.5% of people or one in 13 estimated to have had Covid during the week.
Sarah Crofts, the head of analytical outputs for the Covid-19 Infection Survey, said: Our latest data show infection levels have continued to increase in England, Wales and Scotland, driven by the rise of the Omicron BA.2 variant.
Northern Ireland was a few weeks ahead of the rest of the UK in this rising variant, where we now see a welcome decrease. Meanwhile, Scotland has now reached the highest level of any UK country seen in our survey.
Across England, infections have increased in all regions and age groups, notably the over-50s, who are at their highest levels since our survey began.
The figures come the week before free community testing ends for most people. After 1 April, most people in England will have to pay to take a Covid test, while advice to stay at home if someone has Covid symptoms is also set to be scrapped.
While vaccinations, improved treatments and a shift in variant severity have all helped to weaken the link between infections, hospitalisations and deaths, the recent surge in the number of people with Covid has nonetheless affected the NHS, with an uptick in hospitalisations including an increase in those primarily being treated for Covid increasing concerns about infections in vulnerable people and posing logistical challenges. Some hospitals have suspended visiting because of rising infection levels.
COVID-19 hospitalizations in Oregon could climb to around 300 this spring due to a particularly infectious coronavirus subvariant and the states decision to lift mask requirements, a new Oregon Health & Science University forecast predicted Friday.
The projected bump in hospitalizations is minuscule compared to the peaks reached during the delta and omicron waves. About half of those in the hospital would be there to get treatment for a different condition but would test positive for COVID-19, according to the universitys estimates. Hospitalizations would then fall by around mid-June, according to the forecast.
Cases and hospitalizations have been dropping precipitously since the omicron surge peaked in January. Daily average cases are now as low as they were before the delta wave. Hospitalizations Friday were down to 157 occupied beds, 86% lower than the omicron peak.
Forecasting for the unpredictable coronavirus has been challenging throughout the pandemic, sometimes underestimating the likelihood of surges until they are in full swing and other times projecting dire situations that dont materialize.
Experts have previously said that the BA.2 omicron subvariant is unlikely to drive a major surge in cases, given existing levels of immunity. But officials have said they do expect some rise in cases from the subvariant, which is estimated to be about 50% to 60% more contagious than the original omicron.
Fedor Zarkhin
NEW YORK >> Small businesses that have been buffeted by the pandemic, inflation and shipping woes have another challenge to add to their plate: taxes.
Tax season can be complicated for everyone, but as the April 18 filing deadline looms, small-business owners, contractors, entrepreneurs and others face a raft of ever-changing rules and regulations.
Plus, many are dealing with delayed returns and refunds from prior tax periods. The Internal Revenue Service has warned of a backlog and says more delays are to be expected.
Its worse this year than last year, said Gene Marks, owner of The Marks Group, a small business consulting firm in Bala Cynwyd, Pennsylvania. It seems to get worse every year, and this year definitely worse than its been in prior years.
The IRS said earlier this month it was hiring 10,000 workers to deal with a backlog of 23 million items triggered by limiting operations during the coronavirus pandemic. But with understaffing at both the federal and state government levels, CPAs have found it difficult to reach anyone if problems or questions arise.
Ive never seen this in my career, theyre all understaffed and all behind, said Scott Orn, chief operating officer for the human resources and accounting startup Kruze Consulting.
But he urged companies to be patient with the IRS and state-level tax officials. The government programs provided during the pandemic, including the Paycheck Protection Program and Economic Injury Disaster Loans, helped countless small businesses.
So many companies were saved, but that additional administrative burden was really rough on the IRS and state tax agencies, Orn said. The unintended consequences of good deeds have been tough to handle.
Orn and other tax experts recommend filing for a tax extension this year, like most years.
We file an extension for every single client, although they should pay estimated taxes throughout the year, Orn said. It gives us more time do the tax return properly. You just get way more leeway and there is not as much time pressure.
There are other things to keep in mind too. Its not too late to claim the employee-retention credit. The program, established in 2020 to help businesses during COVID, was subject to changing eligibility rules several times during the pandemic, so not all businesses realized they qualified. In its final form, the program offered a maximum $7,000 credit per employee, designed to encourage employers to keep workers on their payroll. The credit ended on Oct. 1, 2021, but businesses can still apply retroactively by filing an amended payroll tax return.
Also, many companies that struggled through 2020 actually had a better year in 2021 as the economy rebounded. That might affect the estimated tax payments companies pay throughout the year.
So companies should keep an eye on their cash flow and make sure they have enough on hand to make more tax payments, if necessary, to avoid penalties.
This year, there will be some surprise profitability, with companies ending up with bigger tax bills than they thought, Orn said. Thats actually a good thing. The thing to worry about for small business owners is making sure they have the cash-flow support to estimated tax payments it could surprise you.
Finally, small businesses should keep in mind any money received via the Paycheck Protection Program or other COVID-related programs does not count toward gross income at the federal level. Unlike other types of loans, PPP loans are tax-exempt whether or not they were forgiven. Businesses may have to report some information about the loan if it was forgiven and if they are deducting related expenses.
