The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
The attached material is from the U.S. Chamber of Commerce for small business owners. U.S. Chamber Report
We asked our strategic partners at Pacific Coast CPA’s to share their thoughts on this and here are the Highlights:
- SBA Forgivable Loans Up to $10,000,000*
- SBA Emergency Grant Up To $10,000*
- Withdraw Retirement Penalty Free Up to $100,000*
- SBA Disaster Loans Up To $2,000,000
- Defer Payroll Taxes Sec 2201 To 2021/2022*
- Recovery Rebates $2,400 MFJ/$1,200 Single*
- Get Cash For NOLs In ’18, ’19, ’20*
- Employee Retention Credit Up To $10,000/employee*
- Sick Employee Payroll Tax Credit Up To $2,000/employee/qtr.
There is SO MUCH more to consider.
If you want to know more about this recent relief, or what YOU need to do, reach out to us and our team.
Remember, we provide tax planning services and can model various outcomes in helping you make informed financial decisions, but we do not provide tax advice or tax preparation. We suggest you talk with your CPA for any tax questions. If you would like to talk with our strategic partners, let us know and we will arrange a connection to answer your questions.
Be Safe and we look forward to seeing you soon.