We wanted to share a good summary for you to review as well as links from our friends at Clark Rasmussen Taylor CPAs

SBA Loans

  • SBA 7(b) Emergency loans (known as EIDL)
    • $10,000 grant with 72 hours of receipt of your application.  Must qualify by having economic damages to your business.  This is a grant, not a loan and does not need to be paid back.
    • Disaster loans up to $2M
      • First phase of loans up to $500,000, 3.75 fixed rate, 10-30 yr loan
    • Processed through the SBA website, https://www.sba.gov/funding-programs/loans
  • SBA 7(a) Paycheck Protection Plan loans

Tax Provisions

  • Dependent care and sick employee payroll tax credit
    • If over 50 employees, you must pay employees for sick leave or dependent care time off for up to 10 days.
    • The payroll tax credit is up to $2,000 per employee for taking care of a child, $5,110 for caring for a sick relative or if employee is sick.
  • Rebate checks
    • The IRS estimates the checks will be sent about three weeks after the bill is passed, so they should start arriving around the middle of April.
    • The check amount will be $1,200 for adults (so married couples will get $2,400) plus $500 per child.
    • The rebate amounts phase out at $75,000 for single filers or $150,000 for married filers.
    • The rebate check is based on your 2019 tax return. If you have not filed a 2019 tax return yet, the check will be based on your 2018 tax return.
    • The bill itself does not have much detail on the specifics of how the checks will be disbursed, so Google will be a good resource as more details are known. Here is a good article from a reliable resource that answers some questions about the checks: https://www.kiplinger.com/article/spending/T063-C000-S001-stimulus-checks-2020-how-much-when-and-other-faqs.html
  • Suspension of 10% penalty for early withdrawal from retirement plans

Unemployment Benefits

  • Unemployment benefits to those not traditionally eligible for unemployment benefits (self-employed, independent contractors, seeking part-time employment, those with limited work history, and others) who are unable to work as a direct result of the coronavirus public health emergency. The bill provides an additional $600 per week payment to each recipient on top of the normal benefits.
  • Here is a good article with more information: https://www.cnbc.com/2020/03/26/coronavirus-relief-bill-what-to-know-about-unemployment-benefits.html

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