COVID-19 update for clients, business owners and independent contractors
Financial assistance is available for business owners and self-employed individuals
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 our office if you have any questions or need additional information. Our monthly newsletter contains important tax information for our clients as well.
ZIPBIZ Personal Updates
We have created a database of information here https://tinyurl.com/ZIPCARES
You can schedule a free 30 minute consultation here: https://calendly.com/zipbiz/corona
Coronavirus Preparedness and Response Supplemental Appropriations Act (CARES Act)
2.2 Trillion Dollar billed signed into law on March 27, 2020
The largest economic relief bill in U.S. history
Purpose: To support to individuals and businesses affected by the Covid -19 pandemic and economic downturn
Paycheck protection program ( Section 1102)
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees
Emergency EIDL Grants ( Section 1106)
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
Small business with less than 500 employees
Available within days of a successful application
Loan advance will not have to be repaid
Loan Forgiveness (section 1110)
The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months until September 27, 2020.
- 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
- IRS: Coronavirus Tax Relief