FLP’s guide to help you get through COVID-19

We have put together a few resources to help you understand what is available during these trying times

Individual Information  Business Information

FAQ about the Stimulus Check

 

What determines who is eligible?

  • 2019 tax return if filed. If not filed your 2018 tax return will be used.
  • You can also use a 2019 social security statement showing your income

Who gets it?

  • People claiming themselves, with a valid social security number
  • If someone claims you as a dependent, you cannot get payment, even if you are an adult

How much can I get?

  • Single adults with Social Security numbers who have an adjusted gross income of $75,000 or less will get the full amount of $1200
  • Married couples with no children earning $150,000 or less will receive a total of $2,400
  • For each child under 16 years old, you will get $500
  • Taxpayers filing as head of household will get the full payment if they earned $112,500 or less
  • There is no payment for single people earning over $99,000 and married people with no children, earning over $198,000

Do I have to apply to receive payment?

  • No, if the IRS has your bank information, direct deposit will be used based on the most recent tax documents filed
  • If you qualify, you will receive a notice in the mail containing information about where and when your check will be sent.

The Small Business Owner’s Guide to the CARES Act  

Paycheck Protection Program provides capital to cover the cost of retaining employees

The Paycheck Protection Program offers loans for small businesses with fewer than 500 employees, select types of businesses with fewer than 1,500 employees, 501(c)(3) non-profits with fewer than 500 workers and some 501(c)(19) veteran organizations. Additionally, the self-employed, sole proprietors, and freelance and gig economy workers are also eligible to apply. Businesses, even without a personal guarantee or collateral, can get a loan as long as they were operational on February 15, 2020.

Small businesses that take out these loans can get some or all of their loans forgiven, as long as employers continue paying employees at normal levels during the eight weeks following the origination of the loan, then the amount they spent on payroll costs (excluding costs for any compensation above $100,000 annually), mortgage interest, rent payments and utility payments can be combined and that portion of the loan will be forgiven

Criteria/issues clarified or changed on April 2

      • The program employs “first come, first serve” prioritization.
      • The per-employee salary limit to be used when calculating payroll costs is $100,000. Health insurance, benefits, and employer state taxes on payroll are included over and above this amount.
      • The guidance defines the payroll period as the “last 12 months,” while the current application states “most applicants will use the average monthly payroll for 2019.” Lenders are being required to collect full 2019 calendar year payroll information to confirm payroll definition. 
      • 75% of the use of the funds shall be for payroll.
      • Independent contractors may not be counted toward payroll costs.
      • Independent contractors/sole proprietors are eligible for the PPP based on their self-employment net income.
      • Federally illegal businesses, such as cannabis, may not participate in the program.
      • The SBA plans to issue additional guidance on the applicability of affiliation rules.

Economic Injury Disaster Loans are large infusions of cash for operating expenses

EIDLs are lower interest loans of up to $2 million, with principal and interest deferment at the Administrator’s discretion, that are available to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses.

Emergency Economic Injury Grant is a quick infusion of a smaller amount of cash

These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.

Small Business Debt Relief Program could help with keeping up with payments on your current or potential SBA loan

This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law.

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