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In the face of the growing COVID-19 pandemic, Congress has passed the Paycheck Protection Program, a $349 billion effort to support small businesses and facilitate their ability to continue paying their employees through the crisis period. The law authorizes the granting of forgivable loans, all of which will carry the same terms. In order for …
There are two different types of government business loans available to help small businesses stay afloat during the coronavirus emergency that are quite different in nature. The Paycheck Protection Program loans provide funding to continue paying employees during the crisis and the Economic Injury Disaster Loans provide vital economic support to help overcome the temporary …
To help businesses retain employees and keep them employed during the COVID-19 crisis, Congress has provided a refundable employer retention credit available to all qualifying employers regardless of size, including tax-exempt organizations. Do you quality for the credit? To qualify for the credit, employers must fall into one of two categories: Business Operations Curtailed: Eligible employers …
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27th by President Trump, includes an unemployment assistance program for individuals who under normal circumstances would not qualify for unemployment benefits, which traditionally have only applied to employees. Under the CARES Act, unemployment benefits are now available for self-employed individuals, independent …
Need to know how to file for unemployment in Washington state or Oregon state? We’ve listed contact information and details about unemployment insurance below. In these times of uncertainty, governments all over the world are taking unprecedented action to support people who have been adversely affected by the COVID-19 pandemic. On March 12th, the U.S. …
If you are struggling financially due to the COVID-19 epidemic, you will be happy to know Congress, as part of the CARES Act enacted on March 27, has made it easier for you to access your retirement savings during this emergency. Normally, withdrawals from traditional IRAs and qualified plans such as 401(k)s, self-employed pension plans (SEPs), tax …
Even if you always hire a tax preparer to do your taxes for you, you probably know that the most effective way of reducing your tax liability is through deductions and tax credits. Since one of the biggest deductions available is the one taken for home office space, in this strange and disorienting period of …
Among the hardest hit during the coronavirus epidemic are the small businesses that have lost their revenue sources and do not have the financial resources to weather the storm. In this case, the federal government’s SBA (Small Business Administration) Economic Injury Disaster Loan (EIDL) can help a business make it through these trying times with …
The “Coronavirus Aid, Relief, and Economic Security Act” (Cares Act) includes many tax and financial breaks for both individuals and businesses. We broke down many of the essential elements and how they can assist you and your business during this troubling time. Cares Act Recovery Rebate The most talked about provision is the “recovery rebates” …
