There’s Money Waiting For You Or Your Business!!

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There’s Money Waiting For You Or Your Business!!

YOU CAN RELY ON US TO HELP!!

We have worked through the various pieces of legislation that have recently passed to help business owners through this difficult period.  The following is some of what is available to you.  We are available to help you navigate through the process.  This includes self-employed, Independent contractors, Schedule C filers and 1099 recipients.

 

Small Business Loans

Paycheck Protection Program (PPP) 

  • Can apply for loan forgiveness in an amount equal to the payroll costs, rent, utilities, and interest paid on mortgages during the 8 weeks after the loan is made. The amount of forgiveness will not be taxable to the borrower.
  • < 500 employees and in operation on February 15, 2020.
  • Limited to the lesser of $10 million or 2.5 times the average total monthly payroll costs.
  • Application period ends June 30, 2020.
  • Proceeds may be used for payroll costs, employee benefits and commissions, interest payments on mortgages, rent, utilities, and interest on debt incurred before February 15, 2020.l
  •  No collateral is required with an interest rate of 1% and a term of 2 years.
  • Loan payments are deferred for a 6 month period of time. The loan may be paid off at any time without prepayment penalties.

 

Economic Injury Disaster Loan (EIDL)

  • Emergency loans of up to $2M.
  • No collateral on loans under $25K.
  • Waives requirement that you not be able to obtain credit elsewhere.
  • Emergency grants of up to $10K; amount of the grant is based on number of employees and would reduce any loan forgiveness under the PPP.

 

The above programs can apply to; C – Corps, S -Corps, Partnerships, Sole Proprietorships, Self Employed’s, and Independent Contractors.  

 

Tax Relief

  • Stimulus rebates up to $1,200 per person or $2,400 for joint filers.  To qualify you must have filed a tax return for 2019 or 2018 to get rebates, and have until December 31, 2020 to apply. Phases out above $75k AGI $150k joint filers.
  • Payroll tax credits and employee retention credits.
  • Payroll tax deferral-employer payroll taxes can be deferred, 50% due 12/31/2021 and 50% due 12/31/2022.
  • Net Operating Losses- repeals the 80% limit and provides for a 5 year carryback for losses in 2018,2019 or 2020
  • Filing deadlines have been extended from April 15, 2020 to July 15, 2020 for individuals and corporations with returns originally due on April 15, 2020
  • Estimated tax payment deadlines have been extended for first quarter 2020 to July 15, 2020.

 

 

If you or someone you know is experiencing hardship due to COVID–19 call  248-524-5240, email jscrivens@franskoviakcpa.com or text  248-522-1509.  We are now taking video or telephone appointments to prepare you and guide you through this newly developed and evolving loan application process.

 

Thank You,

franskoviak tax solution - mikes signature

 

 

Michael Franskoviak, CPA

Franskoviak Tax Solutions

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