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Covid Resources

Stimulus Check

This IRS application will give you information about:

·       Your payment status

·       Your payment type

·       Whether we need more information from you, including bank account information

https://www.irs.gov/coronavirus/get-my-payment

Stimulus Check Calculator:

https://www.kiplinger.com/tool/taxes/T023-S001-stimulus-check-calculator-2020/index.php

If receiving a paper check, your check will be received in this timeframe based on your Adjusted Gross Income:

 

  • April 24: Less than $10,000
  • May 1: $10,0001 - $20,000
  • May 8: $20,001 - $30,000
  • May 15: $30,001 - $40,000
  • May - September: checks sent in order from lowest income to highest income based on 2018 or 2019 tax information
  • September 4: remaining checks sent
  • September 11: checks sent to those who didn’t provide information to IRS

Below are a few of the most common questions you may have and the answers on the Stimulus Check.

How do I receive my payment? The majority of people don’t need to take any action. The IRS will calculate and send the economic impact payment automatically to those eligible. It will be sent to the bank account on the last tax return filed OR as a check to your mailbox if no bank account was on record.

When will I receive my payment? The IRS has indicated recently that taxpayers will begin to receive payments as early as the week of April 13th (third week of April). However this is subject to change and it could take longer for someone to receive their check as opposed to receiving a dd.

Will this check be taxed? It will not be taxed as taxable income, it’s an advance on a credit you will get in your 2020 taxes.

Do I have to be a citizen? Unfortunately you must have a social security number to bet a stimulus check.

What if I owe the IRS money? Even if you owe the IRS you will still get a check, unless it’s money you owe for child support then they might take it.

Is this just a single check they are sending? It’s a one time payment for now. There’s been talk about another bill with a stimulus check coming down the road if the economy worsens because of the Coronavirus but let’s hope it doesn’t come to that.

I am normally not required to file a tax return, what do I do? The IRS just launched a tool to help non-filers register for Economic Impact Payments IRS.gov feature helps people who normally don’t file get payments. To help millions of people, the Treasury Department and the Internal Revenue Service today launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return. This is for people who normally don’t have an obligation to file a tax return only.

 

Small Business Loans (Paycheck Protection Program)

Are you self employed or own a small business? There's good news! 

The (CARES) Act allocated money to help small businesses keep workers employed due to the Coronavirus pandemic and economic downturn. This is known as the Paycheck Protection Program, which provides 100% federally guaranteed loans to small businesses.

Here are a few key takeaways about this program:

·       Some of the loan may be forgivable

·       Sole proprietorship and self-employed individuals may qualify under this program. 

·       The maximum amount of the loan is up to  $10 million.

·       You may not have more than 500 employees or the maximum number of employees specified in the current SBA size standards, whichever is greater; or

o   If the business has more than one location and has more than 500 employees, does not have more than 500 employees at any one location and the business' primary NAICS code starts with "72" (Accommodation and Food Service); or

o   Is a franchisee holding a franchise listed on the SBA's registry of approved franchise agreements; or

o   Has received financing from a Small Business Investment Corporation.

Some more information about these loans:

·       The maximum interest rate of 4 percent percent

·       The lender has to evaluate whether the borrower was in business on(or before) February 15, 2020.

·       Guarantee fees are waived

·       Payments are deferred for six to 12 months.

·       Loans are non-recourse to the borrower (you aren't personally liable) 

·       No "credit elsewhere test." That is, the borrower does not have to demonstrate it was unable to secure financing elsewhere before qualifying for SBA financing.

·       No collateral requirement.

·       No prepayment penalties.


Here's a few of the things you'll need to prove/provide:

·       Current economic hardship due to Coronavirus makes these loans necessary to continue your business and these funds will be used to keep workers and make payroll, mortgage payments, lease payments and utility payments.

·       You must not already have an application pending for other payroll assistance under the CARES Act. 

Here is where to Apply:

You can apply for the Paycheck Protection Program at any bank that is approved to participate in the program through the existing U.S. Small Business Administration lending program and additional lenders approved by the Department of Treasury. you can find more information about this program here: https://www.sba.gov/funding-programs/loans/paycheck-protection-program

More guidance was just given by the Treasury on PPP loans for Sole Proprietors, Partnerships, and Independent Contractors. Click here for the guidance.

 

 

Emergency Injury Disaster Loan Program

Here's another helpful program for those of you who have a small business and are going through a hard time. 

Its called the Emergency Injury Disaster Loan, and when the CARES Act passed recently it made several changes to that Program. Here are some of the key points about those loans. 

·       Loans are available to small businesses in a declared disaster area to cover economic injury resulting from the disaster (for example loss of revenue due to Coronavirus pandemic).

·       Loans are processed directly through the SBA, although the SBA may determine to enlist the assistance of lenders for the processing and making of loans.

·       Loans are available in a maximum amount of $2 million, carry an interest rate of 3.75 percent and have a maximum term of 30 years.

·       The CARES Act passing removed standard EIDL Program requirements that the borrower not be able to secure credit elsewhere or that the borrower have been in business for at least one year, as long as it was in operation on January 31, 2020.

·       Loans are now also available to Tribal businesses, cooperatives, and ESOPs with fewer than 500 employees. 

·       They are also available to all non-profit organizations, and to individuals operating as sole proprietors or independent contractors.

·       They can be approved by the SBA based solely on an applicant’s credit score.

·       Loans that are smaller than $200,000 can be approved without a personal guarantee.

·       You (the applicant) may request an expedited disbursement that is to be paid to them within three days of the request. This advance may not exceed $10,000 and must be used for authorized costs but is otherwise not repayable if the EIDL Loan is not approved. 

o   This means even if you don't qualify you can receive a up to a $10,000 emergency grant that can be forgiven if spent on paid leave, maintaining payroll, increased costs due to supply chain disruption, mortgage or lease payments or repaying obligations that cannot be met due to revenue losses.    

Here's something that you can use to your advantage: An applicant may receive an EIDL Loan and loans under other programs (like the Paycheck Protection Program see above) as long as they don't pay for the same expenses. 

To apply for these EIDL loans click the link below:

https://covid19relief.sba.gov/#/

  *Keep in mind that SBA is trying as fast as they can to implement these new changes so be patient if they aren't already up.   

 

 

Apply For Unemployment Insurance in New York State

The best way to file a new claim for unemployment insurance is through our improved online filing system. File a new claim here. This is only for new claims. If you already have a claim, please go to labor.ny.gov/signin to make weekly certifications or to view your claim information.

If you are self-employed, you may now file for Unemployment Insurance benefits online. See the Guidance for Self-Employed Individuals.

Click here for a step-by-step process to enter online services to file a claim. This is the best way to file a claim.

If you have to call the telephone claims center regarding your claim, call 1-888-209-8124 during the hours of operation:
Monday through Friday, 8 am to 7:30 pm, Saturday and Sunday, 7:30 am to 8:00 pm.
Please note that the telephone claims center cannot help you with issues related to your NY.gov account, such as difficulty logging in, changing your personal information or resetting your password.
For NY.gov assistance, please call 800-833-3000.

 

Retirement Account Penalty Waiver

The New Cares Act. now waives the 10 percent early withdrawal penalty on retirement account distributions for taxpayers facing virus-related challenges. Meaning if you really need the money and are in financial hardship you can withdraw up to 100,00 from your retirement accounts without being penalized for withdrawing early. Keep in mind that the withdrawn amounts are taxable over three years, but you can also recontribute into their retirement account for three years without affecting retirement account caps (meaning you can contribute back the money without any caps). 

The eligible retirement accounts include (IRAs), 401Ks and other qualified trusts, certain deferred compensation plans, and qualified annuities.

To qualify as a coronavirus-related distribution the distribution must be for an individual: (1) who is diagnosed with COVID-19, (2) whose spouse or dependent is diagnosed with COVID-19, or (3) who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, having work hours reduced, being unable to work due to lack of child care due to COVID-19, closing or reducing hours of a business owned or operated by the individual due to COVID-19, or other factors as determined by the Treasury Secretary.

 


Deduction For Charitable Contributions

These new provisions encourage Americans to contribute to churches and other charitable organizations in 2020 by permitting them to deduct up to $300 of cash contributions, whether they itemize their deductions or not. What is an above the line deduction? An above-the-line deduction is a deduction that the Internal Revenue Service allows a taxpayer to subtract from his or her gross income.

This also increases the limitations on deductions for charitable contributions by individuals who DO itemize, as well as corporations. For individuals, the 50-percent of adjusted gross income limitation is suspended for 2020. For corporations, the 10-percent limitation is increased to 25 percent of taxable income.


Extension Of The April 15th Filing And Payment Date To July 15th

This gives individuals more time to file their tax returns given the limitations caused by the COVID-19 emergency. The provision also allows all individuals to postpone estimated tax payments due from the date of enactment until October 15, 2020. There is no cap on the amount of tax payments postponed, and any individual required to make estimated tax payments can take advantage of the postponement.This delay should increase the available cash flow, think about it as a temporary interest free loan.

 

Click here for a complete Small Business Survival Guide To Combat COVID-19