Block also noted the extension of the federal filing deadline until July 15 and extensions by states already implemented or being considered.

“In addition, small business owners are being impacted by the pandemic which will likely result in lower volume through Wave’s payments platform?", the company said in a prepared statement.

The company also drew on its full $2-billion revolving credit facility, which was previously undrawn on March 25, in order to strengthen liquidity. Combined with cash, Block’s cash position is now in excess of $2.6 billion“. Maintaining adequate liquidity has always been a top financial priority, which is why we have the credit facility in place, and regularly draw on the line to fund operations outside of the tax season,” CEO Jeff Jones said.

Block is also evaluating all discretionary expenditures, including capital spending, and has not purchased any shares during its current quarter.

Bob Scott

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Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind