Key Highlights
- Below are some key items for both individuals and businesses via the Coronavirus Relief, Aid and Economic Recovery Security Act (CARES) passed by both Houses of Congress and signed by the President last week
- The CARES Act was received $2.2T in funding within its legislative package
We’ve presented information on expanded Unemployment Insurance (UI) Benefits for individual workers in the piece entitled Key Aspects about Unemployment Benefits. We’re running this piece every other day for the next two weeks to ensure that you see it, read it and apply for these benefits NOW at your State Department of Labor. YOU ARE EIIGIBLE FOR THESE BENEFITS!!! In many states, these offices are closed due to COVID-19 so call or go online NOW!!!
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For those of you who are employers, here are important things to know and do…NOW!!!
Employers are eligible for 50% refundable payroll tax credit on wages paid up to $10,000 during the coronavirus crisis. This credit would be available for employers whose businesses have been disrupted due to shutdowns and to employers that have see a decrease in gross receipts of 50% or more when compared to the same quarter last year.
Small businesses (fewer than 500 employees) may apply for loans of up to $10M (limited to a formula tied to payroll costs) in order to make payroll and cover other business expenses from February 15 – June 30. Apply to the Small Business Administration’s Paycheck Protection Program NOW!!!
These above loans may be forgiven if the loan is used to for payroll (coving employees making up to but no more than $100,000/year), interest payments on mortgages rent and utilities. These loans would be reduced proportionally by any reduction in employees retained compared to the prior year and a 25% or more reduction in employee compensation.
There are also a variety of business tax provisions that relate to
- 50% refundable payroll tax credit on wages paid up to $10,000 during the crisis
- Employer –side Social Security payroll tax payments may be delayed until January 1, 2021, with 50% owed on December 31, 2021 and 50% owed on December 31, 2022
- Net operating losses
- Net interest deduction limitations expanded to 50% from 30%
- And MORE
See your tax advisor/attorney as Harris Real Estate Coaching is NOT providing tax advice in this post.
Thanks to the Tax Foundation for content and data.
Also read: State-by-State Guide to Evictions, Rent & Foreclosures, Trump Activates National Guard in New York State, Washington State and California, Is Now A Good Time To Buy?
