There have been several new announcements made by both the Internal Revenue Service (IRS) and the Treasury Department in recent days in response to the COVID-19 outbreak. To help keep our clients updated on the latest developments, we are creating a special COVID-19 section for our website, which should be live early next week. This section will provide you with the most recent updates, video and other information regarding the IRS and Treasury Department responses to COVID-19 as this information becomes available.
This information is a broad summary of what the CARES Act provides. No definitive action should be taken by a client until the various benefits and programs have an ability to be "sorted out" and become more transparent in their scope, benefits, and burdens. Information is constantly changing as this unprecedented situation continues to evolve.
Please feel free to reach out to my staff or me with any questions you may have on this information and how it pertains to your specific situation.
INFORMATION FOR INDIVIDUALS
For INDIVIDUAL taxpayers, the Treasury Department and the Internal Revenue Service announced on March 30, 2020, that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people.
INFORMATION FOR BUSINESSES
For SMALL BUSINESS owners, on March 27th, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This stimulus bill includes a loan program to keep small businesses afloat during mandated COVID-19-related closures. The CARES Act includes a Paycheck Protection Program (PPP), which authorizes up to $349 billion of federally guaranteed loans to qualify small businesses.
- Businesses, nonprofits, veterans' organizations and tribunal concerns with less than 500 employees
- Certain businesses (food services and accommodation) with more than 500 employees are eligible if they have no more than 500 employees at each physical location
- The loan program is even available to sole proprietors, independent contractors, and self-employed individuals.