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COVID-19 Resources

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

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.

Businesses

State and Federal Tax Filing and Payment Updates

Individuals

General Information

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