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COVID-19 Relief: Financial Resources Update
With the passing of the Coronavirus Aid, Relief, and Economic Security Act (CARES), there are several new opportunities for individuals and small businesses seeking financial help during the pandemic. We know how much confusion and misinformation there is surrounding these issues, so below you will find concise explanations and links for each.
Resources for Small Business Owners:
Small Business Paycheck Protection Program
- The maximum interest rate will be 4%
- Loan amounts are based on average monthly payroll costs
- Businesses are eligible for loan forgiveness if they maintain payroll through the end of June.
- Businesses who qualify can receive an emergency grant up to $10,000
Funds have been allocated to cover six months of payments for business that were paying back an existing loan to the Small Business Administration (SBA).0% loans up to 100k are available to assist in lost revenue.Many businesses are eligible for tax credits for employee paid sick leave due to COVID-19.
Resources for Individuals:
to learn more about applying for Worker’s Compensation and unemployment benefits.Stimulus checks will begin being issued this month. You will not need to apply for or request this check. $1,200 will be sent to individuals who qualify, and $500 for each child. Below you will find the IRS income limits for the $1,200 check. Individuals with incomes exceeding these may still receive a reduced amount. Those on social security will also receive the check.
- $75,000 for individuals
- $112,500 for head of household filers and
- $150,000 for married couples filing joint returns
Discuss with your employer whether you are eligible to receive COVID-19 related leave under EFMLA.The federal income tax deadline has been delayed to July 15th, but the IRS is accepting filings and issuing returns.For help with food, education, and mental support, visit our recent blog post.
Rachel D. Olszewski, an attorney at Scartelli Olszewski, P.C., is a dedicated advocate for clients who have suffered unjust harm. Following the legacy of her esteemed family members, Rachel specializes in personal injury, medical malpractice, and criminal defense. She is actively involved in professional associations and serves on the board of the Luzerne County Bar Association Charitable Foundation. Rachel is admitted to practice in Pennsylvania state courts and the U.S. District Court for the Middle District of Pennsylvania.
Linked In - https://www.linkedin.com/in/olszewskirachel/