COVID-19 Relief: Financial Resources Update

Scartelli Olszewski P.C.

With the passing of the Coronavirus Aid, Relief, and Economic Security Act (CARES), there are several new opportunities for individuals and small businesses seeking financial help during the pandemic. We know how much confusion and misinformation there is surrounding these issues, so below you will find concise explanations and links for each.

Resources for Small Business Owners:

Small Business Paycheck Protection Program

The maximum interest rate will be 4%
Loan amounts are based on average monthly payroll costs
Businesses are eligible for loan forgiveness if they maintain payroll through the end of June.
Businesses who qualify can receive an emergency grant up to $10,000

Funds have been allocated to cover six months of payments for business that were paying back an existing loan to the Small Business Administration (SBA).0% loans up to 100k are available to assist in lost revenue.Many businesses are eligible for tax credits for employee paid sick leave due to COVID-19.

Resources for Individuals:

Click here to learn more about applying for Worker’s Compensation and unemployment benefits.Stimulus checks will begin being issued this month. You will not need to apply for or request this check. $1,200 will be sent to individuals who qualify, and $500 for each child. Below you will find the IRS income limits for the $1,200 check. Individuals with incomes exceeding these may still receive a reduced amount. Those on social security will also receive the check.

$75,000 for individuals
$112,500 for head of household filers and
$150,000 for married couples filing joint returns

Discuss with your employer whether you are eligible to receive COVID-19 related leave under EFMLA.The federal income tax deadline has been delayed to July 15th, but the IRS is accepting filings and issuing returns.For help with food, education, and mental support, visit our recent blog post.