Our Business Manager, Chuck Rigsbee, has outlined the latest financial options for individuals and businesses. Thank you, Chuck!
COVID-19 has impacted each of our businesses in very different ways. We will all be affected in some way or in many ways before the dust finally settles. We are thinking about you and your families and friends…please reach out to me if I can be helpful in any way.
As you all know, our federal government is in the process of finalizing a stimulus package and there is a lot to unpack. I have been studying what is available to us out there and found this summary below that I feel is very well done. Although this is preliminary public information and may continue to evolve, there is good information here I thought you might find valuable.
$2 Trillion Stimulus Package
What's in it for you? An historic bill has been passed by the Senate to provide much needed assistance to individuals, families, and businesses. The COVID-19 crisis has burdened the lives of many as a result of business closures, layoffs, and the scarcity of supplies and resources. Hospitals and clinics have been overwhelmed with COVID-19 testing and hospitalization of those infected by COVID-19. Circumstance such as these and many more has necessitated the need for government assistance.
What's in it for you? Payments to individuals
Payments are based on your most recent return filed for either 2018 or 2019. Follow this link Click here for a detailed FAQ regarding the individual payments and unemployment benefits.
Unemployment Benefits
Unemployment benefits have been wildly increased not only in the amount and length of time, but also who is eligible. As a result of the bill gig workers and self-employed individuals now are eligible for these benefits. The amount of benefits has increase to an additional $600 per week in addition to the state weekly benefit payout. Also, the benefits may not be received for an additional 13 weeks beyond the state limit.
The following link is to the North Carolina Employment Security Commission and can be used to initial claims and find more information concerning employment separation due to COVID-19. Click here
Foreclosure and Eviction
Individuals facing foreclosure or eviction may have expanded protections during this crisis. Extended time for forbearance and delayed action to start eviction process. As of now, foreclosures would not be allowed until 60 days from March 18. 2020.
Student loan payments
Small Business Loans, Grants, and Credits
Small Business Administration (SBA) has loans and grants available. In some cases, loans that are provided to meet payroll and rehire employees will be forgiven after a certain period of time. In essence these loans become grants. Your banker will be able to help you apply for the loans related to payroll and possible forgiveness. The low interest disaster loans are to be applied for directly through the SBA (These are longer term loans that will be repaid). To find out if you qualify or to get started with a loan or grant request click here.
What's Next
This situation is evolving and more information will be available after the bill has been formally passed. Please take care of yourselves and your families. This will pass and together we will come out on the other side.
-Chuck Rigsbee, CPA
