The IRS has two types of "late" penalties. The higher penalty applies for filing your return late. If you have filed an extension, or if you file your return on July 15th but simply delay paying the tax, then you will not be subject to the 5% late filing penalty.
In addition to the late filing penalty, there is a late payment penalty that applies to any payment made after the due date, even if the tax return is extended. Here, I am referring to the typical October 15th extension and not this year's extension to July 15th.
As long as you either file your 2019 return or your extension on or before July 15, 2020 you will only be subject to the lesser penalty, the late payment penalty, of about $5 plus the interest.
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