CORONA VIRUS ECONOMIC STIMULUS GUIDE. SMALL BUSINESSES, EMPLOYEES, TAXPAYERS.
UPDATE April 7, 2020 11:00 PM
*URGENT BULLETIN*
UNEMPLOYMENT INSURANCE APPLICATIONS
If you are unable to submit the unemployment insurance application online (state website is very busy due to hugh volume), you may
submit a paper application through Fedex, free of charge. No envelope is needed.
*PRINT PAPER APPLICATIONS FOR FILING UNEMPLOYMENT BENEFITS CLAIMS*
http://www.floridajobs.org/docs/default-source/reemployment-assistance-center/paper-applications/reemployment-assistance-application-eng.pdf?sfvrsn=9f1d47b0_6
*FEDEX STORES PROVIDING FREE PRINTING AND MAILING OF REEMPLOYMENT ASSISTANCE APPLICATIONS*
UPDATE April 7, 2020 1:00 PM
*AUTO INSURANCE PREMIUM REDUCTION*
You can call your Auto insurance Company and try to get partial refund of your premium payments for driving less. ALL State is currently refunding 15%.
UPDATE April 6, 2020 1:00 AM
MOSQUES CAN APPLY FOR EIDL & PPP LOANS UNDER THE CORONA STIMULUS PACKAGE
Following is an excerpt from the latest advisory from SBA. Click the link below for full details.
“………..Churches (including temples, mosques, synagogues, and other houses of worship), integrated auxiliaries of churches, and conventions or associations of churches qualify for PPP and EIDL loans as long as they meet the requirements of Section 501(c)(3) of the Internal Revenue Code, and all other PPP and EIDL requirements………….”
https://www.sba.gov/document/support–faq-regarding-participation-faith-based-organizations-ppp-eidl
UPDATE April 5, 2020 8:30 PM
How Can *501 (C) 3 & Religious Institutions* in the US Benefit
*Tuesday, April 7, 2020 @ 11 AM Eastern*, 10 AM Central, 8 AM Pacific
Presenter(s): Joe Murray (President, First Principles Strategies), Terry Allen (President, Fidelis Government Relations), Thabraize Ahmed (Principle, CA Financial) & Shaikh Hatem Al Hajj
Description:
How can your charity, not-for-profit, or Masjid benefit?
How can you turn this loan into a free grant?
Is it halal from an Islamic perspective?
Both Joe and Terry are veterans of the political and legislative strategists with expertise on a broad range of issues ranging from technology, energy, judiciary, and telecommunications, to tax, trade, health care and nutrition policy.
Free but Registration required:
https://zoom.us/webinar/register/WN_juB0KAhDRjOzW9LX1Egc-Q
UPDATE April 5, 2020 7:00 PM
CORONA STIMULUS – PPP
Most of the banks have activated accepting Paycheck Protection Programs (PPP) applications, you need to log-in with your banking credentials to submit the application, please submit as soon as possible – see below link for some banks. Update Courtesy of Altaf Sattar, CPA
Bank of America:
Chase:
https://recovery.chase.com/cares1
Wells Fargo:
https://www.wellsfargo.com/biz/
SunTrust & BB&T – NOT YET ACTIVATED
https://www.truist.com/coronavirus-response/banking-solutions/business
PNC:
https://www.pnc.com/en/customer-service/paycheck-protection-program.html
Regions:
https://www.regions.com/small-business/small-business-financing/paycheck-protection-program
Bank United: NOT YET ACTIVATED
https://www.bankunited.com/business
Banesco USA:
https://www.banescousa.com/business/
UPDATE April 4, 2020 11 PM
WEBINAR FOLLOW UP
Economic Injury Disaster Loan Emergency Advance (EIDL)
(Updates as of 04-03-29. Subject to change without notice. Visit sba.gov for latest advisories)
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
Overview
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.
Paycheck Protection Program (PPP)
An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
Loan Information
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
COMMUNITY RESOURCES
Yasir Billoo
International Law Partners LLP
2122 Hollywood Blvd
Hollywood, FL 33020
Cell: 954-374-7722
SERVICES
COVID-19 Related Services: Business Interruption Policy Claims; Landlord/Tenant disputes; Employer/Employee Disputes and Policies
______________________________________________________________________________
Frank Gutta CPA
Gutta, Sharfi & Co. CPAs
490 Sawgrass Corp Pkwy suite 310
Sunrise, FL 33325
954 452 8813 Fgutta@gscpaus.com Www.gscpaus.com
SERVICES
Accounting, tax and financial planning services
______________________________________________________________________________
Shahab Kalam
Bridge Mortgage Bankers
998 NE 167 St
Miami, FL 33162
Office: 305-354-3800 Cell: 786-223-2773
Ahsan Kalam Back Officer Support 786-702-8883 Sk@bmbakers.com Www.bmbankers.com
SERVICES
Mortage Bankers. Regular loans ( 500k and above), SBA Economic Injury Loans, SBA regular business loans $10k ( grant money )
____________________________________________________________________________
Altaf Sattar
Softbooks Inc – CPA Firm
5737 N Nob Hill
Sunrise, FL 33351
Office – 954-874-6230
Fax – 954-656-1092 email: info@softbooksinc.com
SERVICES
Accounting, Taxes, Payroll, Tax Planning & Consulting, CFO Services COVID-19 Relief related Consultation and Services.
UPDATE April 3, 2020 11 AM
STIMULUS WEBINAR
Alhamdo Lillah, the webinar held on Wednesday April 1, 2020 at 8:00 pm on the topic of Corona Virus Stimulus package and the benefits available to individuals and small business owners, was attended by 160+ participants.
The speakers included CPAs Br. Altaf Sattar, Br. Frank Goutta, Attorney Br. Yasir Billoo, Mortgage broker Br. Shahab Kalam, and SBA specialist Br. Amir Ali from Bank United.
The event was jointly hosted by *COSMOS & South Florida Muslim Federation*.
Thanks to the speakers, COSMOS and Federation teams, who made it all happen. We will do a follow up webinar soon in sha Allah.
A video recording of the webinar will be posted on www.soflomuslims.com/coronastimulus shortly.
UPDATE April 2, 2020 4:00 PM
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
Yes, senior citizens, Social Security recipients and some other retirees are eligible for stimulus checks
The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.
Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time.
UPDATE March 28, 2020 1:23 PM
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill ever, includes provisions for taxpayers, employees and help for small businesses. Here are the highlights.
Relief for Taxpayers
- up to $1,200 to Americans in the form of a one-time direct deposit with individual income up to $75K per year – complete phase out above $99K
- $2,400 for couples earning up to $150,000 per year – complete phase out above $199K
- $3,000 or $3,400 to family of four
- $500 per child under the age of 17 years
- Qualifying income levels will be based on 2019 tax returns if already filed or else based on 2018 returns
- For SSA-1099 – if both 2019 and 2018 returns have not been filed than the IRS will determine your eligibility based on your Form SSA-1099, Social Security Benefit Statement.
- Another voucher will be sent if the virus continues into the next quarter .
- Early withdrawal from IRA 401(k) s – anyone impacted financially by the virus can withdraw up to $100,000 from their tax-advantaged retirement accounts like 401(k)s without penalty. 3 year window will be given to repay the money if the individual wishes to avoid the income recognition
o Income tax still has to be paid on this amount that can be spread over a 3-year period beginning with 2020
- Mortgages payments may be waived for 90 days – check with your lender.
- Federal student loan payments will be suspended through September 30.
Relief for Employees – Unemployment
$600 per week added to normal state benefits for up to 4 months
- 1099 & self employed and gig workers as of right now may also apply.
- Benefits will last longer too. Regular state unemployment eligibility of 26 weeks has been expanded by an additional 13 weeks, for a total of 39 weeks.
- Workers who are furloughed, but haven’t been fully laid off, are eligible
- The 7-day waiting period before an unemployed worker can get benefits, which is a standard feature of most states’ unemployment systems, is being waived to help individuals receive cash as quickly as possible.
You can file unemployment claim in Florida: https://connect.myflorida.com/Claimant/Core/Login.ASPX
Relief for Small Business
- $367 billion set aside for small businesses but unsure how to apply for this yet
- Delay in employer-side payroll taxes for Social Security until 2021 and 2022
- Paycheck protection loan – amount could be 2.5 times the average payroll for past 12 weeks between(Feb 15th, 2019 till June 30th, 2019). For employer who were in business in 2019. For new businesses 2020 payroll data will be used. Click for Fact Sheet, Application Form.
- A loan can be forgiven of the paycheck protection loan- the small business loan taken out and based on what the loan goes towards including- payroll costs, mortgage interest, rent, and utility payments the loan will be forgiven and it will not create taxable income
o Some exclusions are reducing the salary or wage of the employee who earns less than $100,000 and reduced the workforce during the 8 week covered period compared to 2019 or 2020
- The Emergency Government Disaster Loan and Grants gives an immediate advance up to $10,000 after the business has applied and is not required to pay it back even if the borrower’s request is denied.
- Sole proprietors and ESOPs (employee stock ownership plan) are also able to access Economic Injury Disaster Loans
- Charitable contribution are itemized deductions and the standard deduction is $12,400 for a single taxpayer and $24,800 for married filing jointly in 2019
o The Act allows an individual to make a cash contribution of up to $300 and deduct the contribution “above the line” when computing adjusted gross income. This allows the taxpayer to receive the deduction in addition to the standard deduction but only to a taxpayer that does not itemize their deductions
o For taxpayers who do itemize their deductions, the new law temporarily lifts the limits on charitable giving for 2020
- An employer can pay up to $5250 in 2020 for an employee’s student loan obligation on a tax-free basis
- One year credit against the employer’s 6.2% share of Social Security payroll taxes for any business that is forced to suspend or close operations due to the virus but is still paying the employees during the shutdown. A business is eligible for the credit:
o Operation of the business was fully or partially suspended during the calendar quarter during 2020 due to the virus
o Business remained opened during the quarter of 2020; gross receipts were less than 50% of what they were for the same quarter in 2019. The business will be entitled to a credit for each quarter until the business has a recovered quarter where the receipts exceed 80% of what they were for the same quarter in the previous year
- For each eligible quarter, the business will receive a credit against the 6.2% share of social security payroll taxes with equal to 50% of the qualified wages paid to each employee during that quarter.
- Companies will be able to deter payment of 6.2% social security payroll tax (unsure of how long)
- Enable individuals to defer payment of their 2020 payroll taxes until 2021 and 2022.
- 50% refundable payroll tax credit on worker wages to retain workers
- The size of the business is also taken into consideration- more than 100 employees during 2019, the wagers will be limited to only those wages the employer paid during the shutdown; less than 100 employees, qualified wages include what was paid to employees during the shutdown but also wages paid for each quarter that the business has suffered
- Mortgages payments may be waived for 90 days – check with your lender.
Copy of the text of the bill: https://www.congress.gov/bill/116th-congress/senate-bill/3548/text
SBA web link to apply for the loan: https://www.sba.gov/disaster/apply-for-disaster-loan/index.html
Local banks are also working with SBA to disburse the loans – please check with your local bank as well.
Also attached is a checklist for small business loan.
UPDATE March 20, 2020 7:37 PM
The Florida Small Business Emergency Bridge Loan Program
- Available to Florida for-profit businesses with 2 to 100 employees.
- Offers loans to businesses for amounts up to $50,000 at no interest for up to a one year term.
- Application: https://floridadisasterloan.org/.
- Find your local SBDC by visiting http://floridasbdc.org/. SBA’s Small Business Development Center (SBDC) consultants are available to assist you with the Emergency Bridge loan application.
SBA Economic Injury Loan Program
- Available to small businesses and private, non-profit organizations in the state to help alleviate economic injury caused by the Coronavirus (COVID-19).
- Provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.
- Application: https://disasterloan.sba.gov/ela/.
- Contact Information for the SBA:
- Website: www.sba.gov/disaster.
- Customer Service Center: 800-659-2955 or email disastercustomerservice@sba.gov.
For complete details on other programs you can visit the link: https://www.fortlauderdale.gov/Home/Components/News/News/4122/16
Regarding business insurance coverage:
https://www.floridatrend.com/article/28942/does-my-business-insurance-cover-the-coronavirus
Coronavirus Emergency Loans
Small Business Guide and Checklist (Prepared by U.S. Chamber of Commerce)
Your bank officer is the key in identifying and processing incentives you qualify for.
For more information, visit: http://disasterloan.sba.gov/
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