Nesteggg Accounting

  • Home
  • Services
    • Nesteggg Accounting
      • Payroll Services
      • Cannabis Accounting
    • Egggsact Tax, Inc.
    • Forms
      • Free Accounting Analysis
      • Business Services Agreement
      • New Corporation/LLC Request
      • New Account Setup
  • Contact Us

CARES Act – Now What to Do

No doubt you have heard about the resources that Federal, State and local governments are making available to individuals and small business in this time of cornonavirus. So, now what? Go to the source. It may not be one stop for all resources but you may be able to avail yourself of many of the aid programs at this time.

There may be help

Check the IRS site on coronavirus help to find out about what tax relief might be available to you.

The U.S. Small Business Administration is facilitating the aid offered in the CARES Act for small businesses who have experienced the negative affect of the coronavirus pandemic. There are a couple of options including the Paycheck Protection Program, Loans to pay employees and Disaster Relief Loans.

The CARES Act has also extended unemployment benefits for employees who have been laid off or furloughed from their jobs during this crisis. Contact your state’s unemployment office to apply for benefits.

The Families First Coronavirus Response Act allows those who become ill or have to care for an ill family member to received extended sick leave benefits.

There are even creative ideas circulating like the Small Business Relief Fund that small businesses may be able to avail themselves of.

And don’t forget to reach out to your local government. They may have programs in place that could help you at this time.

Contact your accountant or tax professional for help navigating the many programs and services.

Social Security Recipients Will Receive Relief

The U.S. Department of the Treasury and the Internal Revenue Service announced that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts. 

Seniors and other social security recipients do not have to do anything to receive economic relief payment

Even if you have not filed a tax return you may still be eligible for a relief payment if you receive a Form SSA-1099 or Form RRB-1099. If you are delinquent in your filing then you can file now and be eligible to receive the relief payment.

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.

The criteria for payments remains the same:

  • Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment.
  • For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds.
  • Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.  

“Social Security recipients who are not typically required to file a tax return do not need to take any action, and will receive their payment directly to their bank account,” said Secretary Steven T. Mnuchin. 

The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.

Help from the U.S. Small Business Administration

The U.S. Small Business Administration is committed to helping during this health crisis. The CARES Act signed into law on March 27, 2020 will help small businesses and non-profits who are suffering because of the COVID-19 pandemic.
SBA loans now available.

Get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.

If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.

Also, subscribe to email updates via www.SBA.gov/Updates and follow the SBA on Twitter at @SBAgov for the latest news on available SBA resources and services. If you need additional assistance, you can find your local SBA office and resource partners at www.SBA.gov/LocalAssistance. If you have questions, you may also call 1-800-659-2955.

Recent Posts

  • Economy Opening… Stop… Start…
  • Road Map to Opening
  • Tried Calling?
  • Free Credit Reports
  • CA License Extensions for Cannabis Business
  • What Are Libraries Doing Now
  • Cannabis Markup to Remain the 80%
  • Time to Retire?

Archives

  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018

Categories

  • Cannabis Compliant Accounting + Tax
  • NestEggg's Small Business HELP
  • News
  • Uncategorized

Stay Connected

Nesteggg Facebook

The Nesteggg Group ©2019
All Rights Reserved

Get in Touch

1127 St. Paul Ave
Tacoma WA 98421

1-(888) 987-NEST

accounting@nesteggg.com

Web Design & Maintenance by AquaZebra

constant contact

Copyright © 2023 · Executive Pro Theme on Genesis Framework · WordPress · Log in