Here is everything you need to know on how to get the assistance you need from the federal government now.
Payment Protection Program:
The Small Business Administration (SBA) will issue loans to protect cash flow assistance for small businesses, with loan forgiveness available to companies that maintain payroll. [Learn More]
SBA Loan Debt Relief:
The SBA will pay all principal, interest, and fees on existing SBA loans for six months. [Learn More]
Other SBA Loan Changes:
The SBA max expresses loan amount increased to $1M and advances on Economic Injury Disaster Loans are available. [Learn More]
Unemployment Benefits:
Employers are eligible for an additional thirteen weeks of federally funded unemployment insurance benefits. Each recipient will receive an additional $600 /week. [Learn More]
Sick Leave & Family Medical Leave:
Employers are eligible for a temporary tax credit against payroll tax. [Learn More]
Payroll: Taxes
Impacted employers are eligible for temporary relief, including the deferral of some payroll taxes through 2020. [link coming soon]
Cash Payments:
Direct cash payments of up to $1,200 / person or $2,400/ joint filer + $500/child. Payments decreased after income of over $75k/person or $150k/Joint. [link coming soon]
Retirement Plans:
Withdraw up to $100k without penalty [Learn More]
Federal Student Loans
Implement a 0% temporary interest rate with an option to defer payment through Sept. 30, 2020.
Federal Tax Filing:
Tax filings and payments deadline is now July 15, 2020
Have more information on the Emergency Relief Fund? Let us know down in the comments.
This article originally published on GREY Journal.
