Great stuff RE government stimulus plan

Individuals Small Business Benefits How To Qualify Timing / Delivery

Stimulus Support X “$2,400 Check to Married Couples,
$1,200 Check to Single Couples,
$500 Per Child” “
If Married, Have $150,000 or less of income on 1040
If Single, Have $75,000 or less of income on 1040
Credit is Reduced 5% for every dollar over these limits”
By Mail Around Second or Third Week of April

“Early Retirement
Withdrawal” X
For 2020, can withdrawal $100,000 early from retirement with no penalty. Can be paid back over next three years to avoid tax.
Inquire With Financial Advisor & Accountant
As Needed

“Increased Borrowing
From 401k’s” X
“Can now borrow lesser of $100,000 or 100%
of value of your 401k (up from $50,000 or 50%)”
Inquire with Custodian / HR
Needed

“Employee Retention
Credit for Employers” X
“Employers can receive a credit against the 6.2% Social Security
Tax owed on 50% of certain wages. Employers must show 50%
reduction in quarterly receipts. Credit is maxed at $5,000 per employee.
Credit is for wages paid between 3/12 and 12/31″
Inquire with Payroll Provider
As Needed

“Deferment of Employer
Payroll Taxes” X
“Employer portion of 6.2%
Social Security can be deferred until 2021/2022.
Employers who receive SBA debt forgiveness do not quality.”
Inquire with Payroll Provider
As Needed

“SBA Economic Injury
Disaster Loan” X
“Up to $10,000 advance in 3 days of applying.
If conditions are met, this becomes a forgiveable loan (grant). Above $10,000, SBA may offer business sustainability loan at 3.5%.
Sustainability Loan is Not Forgiveable after $10,000 advance. ”
Inquire with Accountant / SBA
$10,000 Grant in 3 Days. Loan may be 14-21

“Payroll Protection Plan
Loan” X
“Forgivable Loan equal to 2.5 Times Average Monthly Payroll as long as loan is used to pay for payroll, business debt, rent, utilities. Employer must also hire back/retain employees at levels that existed in year prior to crisis.”
Inquire with Local Lender (Likely Major Banks)
We are likely 1-2 weeks away for lenders to be ready.

“Deferred Deadline to Pay
Income Taxes” X X
Deadline to Pay Income Taxes has been extended from April 15, 2020 to July 15, 2020. Inquire with Accountant
As Needed

“Enhanced Unemployment
For Workers” X
Unemployed/Furloughed Works can receive an additional $600 per week from the government “
https://www.careeronestop.org/WorkerReEmployment/UnemploymentBenefits/how-do-i-apply.aspx” As Needed

“Unemployment For
Independent Contractors”
1099 & Independent Contractors Now qualify for unemployment “
https://www.careeronestop.org/WorkerReEmployment/UnemploymentBenefits/how-do-i-apply.aspx” As Needed

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