GREAT STIMULUS NEWS FOR BOTH INDIVIDUALS AND BUSINESS OWNERS

Good News: ANYONE MAY QUALIFY ~ Individuals can receive between 1,200 to 2,500 dollars as part of the stimulus

Business owners may get an advance of 10,000 dollars on a loan directly deposited to their account.

 My friend’s accountant just sent me some very valuable information that might be of great benefit to you, friends, family and associates.

I have included the stimulus information for both individuals and business owners below # 1 is for individuals and # 2 for business owners below.

All needed and necessary information to take advantage of this stimulus is explained below I suggest you move on this fast.

# 1  FOR INDIVIDUALS

You are probably aware that most people will be getting a payment from the Federal government. See this online calculator to see if you qualify and how much you can expect to receive:Stimulus Check Calculator 2020

I believe most of you received my earlier email on the subject. Here's an update:

• If you have already filed your 2019 tax return AND you had your refund direct deposited you will automatically have the stimulus payment direct deposited into the same account. No need to do anything.
• If you haven't filed your 2019 return but you did file 2018 with a direct deposit refund you also will get the stimulus payment automatically. You are not required to file the 2019 return right away.
• If you have filed your 2019 or your 2018 tax return and you did not have a direct deposit there are 2 options: 1) the IRS will send a check or 2) the IRS indicates that in the next few weeks they will put up a page on their website where you can enter in your bank details and get a direct deposit of the stimulus payment.
• If you or someone you know has not filed either a 2018 or 2019 tax return filing will be required in order to get the stimulus check. There is word that a simplified filing option will be coming forward soon.
• Finally, this payment is characterized as a credit for the 2020 tax year. So if you somehow miss out on your check now the word is that you will receive the credit when you file the 2020 tax return.

If you have moved since you filed your last Federal income tax return it might be wise to file a Form 8822 with the IRS. It is a simple form. You can search and download it from the web.

# 2 FOR BUSINESS OWNERS

It is likely that you have heard about the small business programs that have just been established by the CARES Act. The Federal government has instituted these loans and grants to assist the small business community which is vital to the economic health of the country. So if you could use some assistance in getting through the current tough times I urge you to apply.

The loans may not need to be repaid if the proceeds are used for qualifying expenditures. This is a temporary and limited program so if you intend to apply I recommend you begin as soon as feasible.

EIDL Loan Advance
Many business will meet the qualifications for this program. It is possible to get a quick loan of up to $10,000 depending on various factors which will be worked out later. Note that this is a quick turnaround loan and the I believe the amount will be based on what is needed to keep your business afloat during for the next short period of time to a maximum of $10,000. You can read some of the details on the following link. 

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
Click on the "EIDL Loan Advance" link for details and start your application there. The programs is managed by the Small Business Administration and will be processed by your bank, credit union or other qualifying lender. You can start the application online here and the information will be transferred to your bank or credit union to process the loan. Note not all banks and credit unions participate in this program.

The link to the application is here:  https://covid19relief.sba.gov/#/

Paycheck Protection Program

This program will apply to specific business types including:

1. A sole proprietorship - This is a self-owned business or independent contractor who has filed a Schedule C on the individual income tax return. 
2. S Corporation or C corporation - this type of entity will generally only qualify if it has payroll.

The basic idea here is to make it easier for business to keep workers employed but it does cover other aspects as well.

It is not likely that a corporation or S corporation without employees would qualify but you can apply for this in addition to the EIDL program above.

Note that employees are not required if you are a sole proprietor or independent contractor.

Use the same link above for details about this program.

There are additional programs and California has its own programs. But there appears to be a flurry of activity so quick action on this might prove fruitful.

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