COVID-19 Tax and Business-related Resources for Clients
The coronavirus pandemic has brought about many tax and business-related changes to assist individual taxpayers and businesses during this difficult time. We understand that the sheer amount of information may be overwhelming and difficult to navigate. As such, we’ve summarized below, a list of tax and business-related resources available to assist our clients during the coronavirus pandemic.
Help is just a phone call away.
Don’t hesitate to call the office if you have any questions or need additional information. Our monthly newsletter contains important tax information for our clients as well.
HELPFUL LINKS FOR BUSINESS COVID-19 RELIEF
PPP LOAN FORGIVENESS:
New PPP Loan Forgiveness app link:
CIty of St. Pete grants now available to home based businesses! They still have some funds as of 6/23/2020
GOOD NEWS! JUNE 3RD The congress has passed the new bill which will change the PPP Loan forgiveness criteria - many great changes. Throw out the old Application and instructions you'll be starting over (or at least don't submit it!)
PINELLAS COUNTY GRANTS STILL AVAILABLE AS OF JUNE 4. DEADLINE EXTENDED TO JUNE 30.
PPP LOAN INFO:
If your bank is not processing PPP Loans give us a call, we currently (currently as of 6/23/20) have a banking resource that is processing these loans for businesses.
You will need to apply for the forgiveness with the lender and they will REQUIRE up to date financial statements and payroll records.
- How to Apply for the SBA Economic Injury Disaster Loan
- Treasury Department: CARES Act - Assistance to Small Businesses
- Federal Reserve: The Main Street Lending Program
- Federal Reserve: Main Street New Loan Facility
- The Small Business Owner’s Guide to the CARES Act
- SBA: Coronavirus (COVID-19) - Small Business Guidance & Loan Resources
- SBA: Paycheck Protection Program Eligible Lenders
- SBA: Debt Relief for 7(a) Loans
- Treasury Department: FAQs - Paycheck Protection Loans
- US Chamber of Commerce Foundation: Small Business Resources for Coronavirus Assistance
State and Federal Tax Filing and Payment Updates
- IRS: Federal Filing and Payment Deadlines Questions and Answers
- AICPA: State Tax Filings Related to Coronavirus
- Tax Foundation: Tracking State Legislative Responses to COVID-19
- Treasury Department: CARES Act - Assistance to Workers and their Families
- IRS: Economic Impact Payments FAQs
- IRS: Get My Payment FAQs
Rebates/Stimulus Checks details:
- Direct payments – each American will receive a direct deposit of up to $1,200, with married couples receiving $2,400 plus $500 per child.
- Limits – Single taxpayers earning more than $75,000 (for married filing joint, $150,000) will begin a phase out until income reaches $99,000 for single taxpayers (or $198,000 for married taxpayers).
- Details – this will be an advanced credit for the 2020 income tax return. The IRS will use the 2019 income tax return to base the payments off of, or the 2018 tax return if the 2019 tax return has not yet been filed.
- IRS: Coronavirus Tax Relief
Enhanced Unemployment benefits include an additional "PUA" $600 benefit provided by the federal government. Both W2 employees AND Self employed people should apply if you are out of work fully or partially. Apply here first and once your application is processed the Federal PUA application should become available on your portal:http://www.floridajobs.org/
Do you need to take an early (under age 59.5) distribution of Retirement Funds?
- The bill waives the 10% penalty for distributions up to $100,000 for Coronavirus related purposes. Withdrawals are still taxable, but over a 3-year period, or the funds can be “rolled over” within a 3-year window.