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COVID-19 Individual and Business Support

Posted by Admin Posted on Apr 02 2020

 
 

As the Coronavirus (COVID-19) continues to spread globally, our main objective is to support you and your business, and to navigate this complicated and ever-changing environment together. With the fast changing information, here is the latest summary of changes:
 

  1. Individual Stimulus Checks
    1. IRS latest goal is within 3 weeks to start issuing checks
      1. $1,200 ($2,400 married) plus $500 per eligible child
      2. Adjusted Gross Income up to $75,000 ($150,000 married) for full payments
        1. Phased out by $5 for each $100 up to $99,000 ($198,000 married)
    2. If you have not filed your 2018 return yet, contact us immediately as you will not be eligible for the stimulus
      1. Unless you are only on social security for 2019, then you will get a check automatically
    3. Payments will be calculated by the IRS and automatically sent to the banking information on your 2019 (or 2018) return, if you do not have banking information on your return the IRS is developing a portal to enter your banking information
  2. Paycheck Protection Plan “PPP”
    1. Contact your banker ASAP as the loan applications open Friday and the funds are anticipated to go quickly
    2. https://www.cpapartnersllc.com/index.jsp?page=blog&postId=25043
  3. SBA Economic Injury Disaster Loan “EIDL”
    1. Get in line ASAP and there is a $10,000 advance grant available as part of the process
    2. https://covid19relief.sba.gov/#/
    3. Application is now streamlined
  4. Unemployment
    1. Has been expanded, additional $600 per week on top of each state’s unemployment and expanded to include subcontractors.
    2. each state is still working on putting out the additional guidance
  5. Families First Coronavirus Act “FFCRA”
    1. Is in effect as of today April 1, 2020
    2. https://www.cpapartnersllc.com/index.jsp?page=blog&postId=24857
  6. Payroll
    1. Payroll deposits and returns are currently still due timely and no extensions have been given, however there will be payroll credits starting in 2nd quarter (some refundable) and we will keep you posted on changes
    2. Payroll Retention Credit Release by the IRS: https://www.irs.gov/newsroom/irs-employee-retention-credit-available-for-many-businesses-financially-impacted-by-covid-19

 
We are keeping up with the changes on our website with the following tab, please check here for changes: https://www.cpapartnersllc.com/coronavirus-resource-center
 
We are here and working hard to keep you up-to-date with accurate and timely information. 
 
Stay Healthy!

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