I thought I would write this post to give you an update about what we know so far about both the stimulus money and some relief available to businesses.
The stimulus bill did pass for the stimulus money and it will be based on tax returns either the 2018 or 2019 if filed. There is a max earnings amount and a phase out on earnings that will determine the amount of funds received.
That being said, the IRS is who handles these payments and it has not posted anything regarding the specifics; so we do not know dates you will receive stimulus funds. We also do not know how it is calculating the amounts exactly or what it will do about issues related to change of address or bank information.
In regards to business relief that is included in the stimulus bill, there are some small business loans that can be applied for through banks that offer SBA loans (this is different than what is offered directly through the SBA, which I wrote about earlier). Part of the loans can be forgivable making them essentially a grant to the business. If this is something your business needs, reach out to your banker. He or she can help you determine what is necessary to start that process for your business. It can help if you are closed during this time or limited on operations and trying to determine how to still pay the employees, utilities and rent.
For our clients, we appreciate your patience and we are still working to get returns out as quick as we can while allowing time for staff to be rested in order to stay healthy. Please know as soon as the IRS posts more specifics we will update you.
Thanks for your continued support!
The Wassman CPA Services website and blog is meant to offer general information to our readers. The information provided is not intended to replace or serve as a substitute for any accounting, tax or other professional advice, consultation or service. You should contact Wassman CPA Services for advice concerning specific matters prior to making any decisions.
