The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security
(CARES) Act that was just passed by Congress are intended to assist business
owners with whatever needs they have right now. When implemented, there will
be many new resources available for small businesses, as well as certain nonprofits and other employers. This guide provides information about the major
programs and initiatives that will soon be available from the Small Business
Administration (SBA) to address these needs, as well as some additional tax
provisions that are outside the scope of SBA.
To keep up to date on when these programs become available, please stay in
contact with your local Small Business Administration (SBA) District Office, which
you can locate here.
Struggling to get started? The following questions might help point you in the
right direction.
Do you need:
• Capital to cover the cost of retaining employees? Then the Paycheck
Protection Program might be right for you.
• A quick infusion of a smaller amount of cash to cover you right now? You
might want to look into an Emergency Economic Injury Grant.
• To ease your fears about keeping up with payments on your current or
potential SBA loan? The Small Business Debt Relief Program could help.
• Just some quality, free counseling to help you navigate this uncertain
economic time? The resource partners might be your best bet.
Click here to get links to each program and a more comprehensive guide.
Tuesday, March 31, 2020
Assistance for Small Business - Paycheck Protection Loans
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
- For a top-line overview of the program CLICK HERE
- If you’re a lender, more information can be found HERE
- If you’re a borrower, more information can be found HERE
- The application for borrowers can be found HERE
https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses?fbclid=IwAR38y5OYdzS9S0Q70vkByRuxilP022smS5akmnK8wsbmKtKDTtNTBkq1zOE
Friday, March 27, 2020
Resources for Undocumented Workers
Here are several links to resources for Undocumented Workers during this crisis:
Relief Funds for Undocumented Workers in California:
Immigrant Assistance Hotline:
Medi-Cal / Health Coverage
Resource List from Immigrants Rising:
Another Long Resource List:
https://www.informedimmigrant.com/guides/coronavirus/?utm_source=partner_org&utm_medium=social&utm_campaign=covid-19&utm_term=&utm_content=ii_toolkit#
COVID-19 Loan and Relief Resources for Small Businesses
Gusto payroll has a great blog with a lot of resources. This spreadsheet they put together is fantastic and has links for federal and all available states resources:
https://docs.google.com/spreadsheets/d/1SRBZE2_6Nftwd02M6Oxj8MoeuZ7y93spXIgIPhkkp2w/edit#gid=0
Their blog is located here:
https://gusto.com/blog/business-finance/coronavirus-relief-resources
https://docs.google.com/spreadsheets/d/1SRBZE2_6Nftwd02M6Oxj8MoeuZ7y93spXIgIPhkkp2w/edit#gid=0
Their blog is located here:
https://gusto.com/blog/business-finance/coronavirus-relief-resources
Families First (H.R. 6201) - US Dept of Labor Guidance
Today, the U.S. Department of Labor’s Wage and Hour Division (WHD) announced its first round of published guidance to provide information to employees and employers about how each will be able to take advantage of the protections and relief offered by the Families First Coronavirus Response Act (FFCRA) when it takes effect on April 1, 2020.
FFCRA will help the United States combat and defeat COVID-19 by giving all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members. The legislation will ensure that workers are not forced to choose between their paychecks and the public health measures needed to combat the virus while at the same time reimbursing businesses.
The guidance – provided in a Fact Sheet for Employees, a Fact Sheet for Employers and a Questions and Answers document – addresses critical questions, such as how an employer must count the number of their employees to determine coverage; how small businesses can obtain an exemption; how to count hours for part-time employees; and how to calculate the wages employees are entitled to under this law.
https://www.dol.gov/newsroom/releases/whd/whd20200324Thursday, March 26, 2020
Stimulus Check Calculator
This
is a handy little calculator from the Washington Post to see if you might receive a stimulus check. It
is important to keep in mind that from the time you e-file your return to the
time IRS updates your file on their end can take a couple of weeks. That means
it may be difficult to know which year they’ll be using to determine your
payment if you are filing in the next few weeks before payments go out.
https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/
Stimulus Checks FAQ
Kelly Phillips Erb aka "Tax Girl" has a great article explaining stimulus checks. Here are some highlights:
When will I get my check? Checks are supposed to be produced “as rapidly as possible,” but it’s been suggested that could take up to two months. If you use direct deposit, it will be faster.
How big will my check be? Checks will be $1,200 per adult - or $2,400 for married couples filing jointly - and an additional $500 per child.
Are there income limits on checks? The amount of the checks would start to phaseout for those earning more than $75,000 ($150,000 for joint returns and $112,500 for heads of household). This is adjusted gross income (AGI), not taxable income - so before your standard or itemized deductions. You’ll see your number on line 8(b) of your form 1040:
What if I’ve moved? Under the law, the Treasury must send notice of the payment by mail to your last known address. The notice will include how the payment was made and the amount of the payment. The notice will also include a phone number for the appropriate point of contact at the Internal Revenue Service (IRS) if you didn’t receive the payment. You can help make sure that it goes to the right place by updating your address after a move. Usually, you’d do that on your tax return, but you can also submit a federal form 8822, Change of Address (downloads as a PDF). It generally takes four to six weeks to process a change of address.
More at the link:
https://www.forbes.com/sites/kellyphillipserb/2020/03/25/all-you-wanted-to-know-about-those-tax-stimulus-checks-but-were-afraid-to-ask/#724d89721f9c
Wednesday, March 25, 2020
Sac Metro Chamber - resources for you
Sacramento Metro Chamber has an excellent resource page for employers, employees, and residents of Sacramento and the surrounding areas.
IRS unveils new People First Initiative
IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance programs
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Here are several links to resources for Undocumented Workers during this crisis: Relief Funds for Undocumented Workers in California: h...
-
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job...
-
This is a handy little calculator from the Washington Post to see if you might receive a stimulus check. It is important to keep in mind t...