Well that escalated quickly. Last week the SBA had $8B available for small business loans. It is now $350B! The SBA loan website is crashing. It’s a fight for the funds and I’ve been applying for clients in the middle of the night since traffic to the site is too heavy during the day. I also wrote about a giveaway I was doing. That was SOOO much fun. Thank you to everyone that shared my page on their instagram. I got so many new followers, all of your kind words really brightened up my (quarantine) day and $100 went to a small business! I really wanted to write an update about the stimulus package but it is changing by the hour as final regulations have not been written yet. Although we know the outline of it all, and there are thousands of articles out there, nobody knows the exact criteria for the payroll credits, loan forgiveness, etc. Rumor has it, April 2nd is the day more guidance will be out. Until then, if you have questions specific to you or your business, please reach out and I would be happy to discuss. Fun fact: the Real ID requirements have been pushed back to 2021. Even though we are going through uncertain times, now is a GREAT time to invest in your business. If you’re finding yourself with time on your hands at home, tackle that to-do list, create new streams of income, launch that website you’ve been dreaming about, clean up your QuickBooks, have a tax strategy session, etc.
In fact, I had 3 clients reach out last week for savings. They will be saving a collective $12,000 for 2019 and over $40,000 for 2020. If you have a business, or know someone with a small business being affected by COVID-19, I would love to chat with them about saving in taxes. Every dollar saved is that much more meaningful right now.
Warning: There are already COVID scammers out there. They are calling/emailing/texting pretending to be the IRS/Treasury telling people how much they’ll be getting in the stimulus package but that they need their account number on file in order to direct deposit their stimulus check. I reiterate this every year but THE IRS WILL NEVER CALL YOU. They will send you a letter (watch out for scam letters as well) or even go to your house, but not call you.
Stimulus checks: 9/10 Americans will be eligible for stimulus checks:
*Each qualifying dependent under age 17 will be worth an additional $500. This amount will be added to the check of their legal guardian.
If your income exceeds the thresholds in the chart above, the amount will be reduced on a sliding scale and phase out at $99,000 for single filers, $198,000 for joint filers, and $136,500 for head of household filers.