Are Covid Relief Resources Still Available?
As we continue to navigate the craziness that is 2020, many are looking for more resources that can help them recover from the hits their lives and businesses (or both) have taken. As plans got announced, certain programs (like the PPP) got claimed almost immediately, leaving others wondering if they were left without help. Luckily, there are still resources available. Here are a few examples:
President Trump recently announced that he is postponing nationwide stimulus negotiations until after the election. He then stated that he is willing to sign a deal sending another $1200 stimulus check to the american people. When this happens is hard to say, but it does seem very likely that another check will be on it’s way for taxpayers. Hopefully sooner rather than later. Make sure your taxes are paid, as this helps the check show up in your account quicker!
There is a major tax credit that is available and doesn’t get talked about enough called the Employee Retention Credit. This tax credit is designed to help small businesses, but there are still ways to claim this if you are self employed, an independent contractor, or have been paid through a 1099 this year. You can learn more about the credit and see if you qualify here, and if you are unsure if you claim this credit, our team at COS Accounting is happy to help. You can schedule a business consultation with a member of our Covid-Relief team, and they will discuss options available to you.
The Small Business Administration has a number of loan options with extremely low rates, and forgiveness plans in place. The PPP (Paycheck Protection Program) is pretty much dried up at this point, but the Economic Injury Disaster Loan, and other similar options, can still be claimed. You can learn more about these loan options here.
*Helpful Tip: If you are a small business owner, you can claim the EIDL & the ERC Tax Credit, but cannot claim the PPP and the ERC. Our team is happy to get on the phone and discuss options with you.
We also need to wait and see what the next stimulus package looks like. The $1200 checks seem like a done deal, but the government may also open new rounds of PPP funding, offer new tax breaks, or find new ways to help the american public. Our team will try to keep everyone up to date on all the options that are out there, so give us a follow on twitter or instagram to stay up to date with all options available for you.