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APP: 060 SBA Emergency Loans, COVID-19, EIDL 10,000, PPP 2.5X, Unemployment, 2 Trillion Stimulus, 0 Percent Interest
04/05/2020
APP: 060 SBA Emergency Loans, COVID-19, EIDL 10,000, PPP 2.5X, Unemployment, 2 Trillion Stimulus, 0 Percent Interest
It Is April 4, 2020 on the Podcast. In rapid form we are going to cover major developments in the COVID-19 epidemic and the financial aid in process from the government. We are talking about $10,000 in small business grant money, new higher unemployment benefits, the Economic Injury Disaster Loans (EIDL), Paycheck Protection Program (PPP). I will try to explain in brief these programs as I would to a client. The next step is further research and tailing the advise to a person. For my listeners a CPA, labor law attorney, and even a benefits specialist may all be needed for bigger businesses. Welcome to the show this is John Gillingham, CPA. I work with small businesses tax and accounting, equity comp employees in San Francisco, and develop financial education apps – our latest is . Practical disclaimer is that this is education and not tax, legal, or investment advice. Also these programs are changing on an almost daily basis. The goal here is to give a time sensitive overview of what is happening and encourage our audience to get some financial relief. As a business owner and being in the business to help businesses, I am in the unique position of understanding of what is going on, or lack thereof. 30 Million USA small businesses with 10 to 15 Million sole proprietors. The demand is huge. By the way this episode is brought to you by my CPA firm in San Francisco, Gillingham CPA and the Write-Off the app that teaches small business savings, taxes, and structure with an App. Please download the iOS app Write-off and starting learning and applying your knowledge set in the boxing ring! Write-off. Individual employees or laid off workers: IRS provision Unemployment Stimulus checks $1,200 per person IRS Relief July 15th Due date for returns and to pay tax Can withdraw penalty free from IRAs Postponement of required minimum distributions Net operating loss (NOL) rule changes for 2020 and 2019 5 year carryback The Families First Coronavirus Response Act (FFCRA or Act) Sick time related Other Payroll Options: See benefits for retaining employees with certain tax credits Possible payroll tax deferrals Independent Contractors and Sole Proprietors Important Developments May get similar benefits of business owners with payroll Some may also claim unemployment SBA Economic Injury Disaster Loans (EIDL) 10,000 Generally preferential rate in excess February 1, 2019 income to January 31, 2020 revenue Need to state economic uncertainty Paycheck Protection Program (PPP) Program open with major issues Later to be open to sole proprietors 5X times prior year monthly qualified expenses in the calculation 8 Weeks of payroll So many details apply Health Insurance Changes Do keep posted 0% interest rates Still mortgages are not fully in-line We are in this together! Literally, if we all stay at home and chill out for a month, this thing could go away. Let us please work to heal the country and the world.
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