U.S. Government Provides Relief to Individuals, Businesses in Midst of COVID-19 Crisis
On March 27, President Donald Trump signed into law a historic $2 trillion stimulus package designed to provide economic relief to individuals and businesses affected by the coronavirus pandemic.
Our aim in this alert is to give a brief overview of both the tax and non-tax provisions of the government’s new stimulus legislation, including what type of assistance is available for individuals and businesses, how to apply for it, and what to do if you become unemployed. The summary is divided into two sections, one for individuals and one for businesses.
Stimulus Payments: Amounts and Eligibility
Proof of Income
Applying for the Payment and Receipt
Unemployment Benefits: Who is Covered?
Amount of the Benefit
How Long Will It Last?
Retirement Account Rule Changes
Miscellaneous Provisions: Renter’s Relief
Qualified Property Improvements
Small Business Administration (SBA) Loans
Employee Retention Credit
Payroll Tax Deferral
Net Operating Loss (NOL) Changes
Business Interest Expense Deductions
These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact a professional regarding the topics in these articles. The images linked to these articles are protected by copyright and should not be copied for any reason.