Stay tuned for updated information as legislation passes!
You can refer to the IRS website here. You can use a digital calculator created by the Washington Post here.
Tax Filers
Generally, tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. We understand these payments will begin to be issued starting Monday April 13th, 2020.
Non-Filers
Social Security recipients (retirement, SSDI, SSI) and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to take further action to receive their stimulus payment.
HOWEVER, if they have dependents, they must fill out the IRS portal to identify their dependents here. We understand that
You can use these links to
California
Minnesota
You may be interested in consulting this comprehensive guide from the Senate Committee on Small Business and Entrepreneurship.
English
Note: You can apply for both Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) only if you use the funds from each loan for separate things.
Economic Injury Disaster Loan (EIDL) - Applications open now
This 7(b) loan is for up to $2 million dollars to be used on anything like debt, rent, mortgage, utilities, payroll (except for refinancing.) There is no forgiveness - the interest rate is 3.75% for small businesses, and 2.75% for non-profits. Small businesses with credit elsewhere may not be eligible because having credit elsewhere suggests you do not have a hardship. Check with your lender. Payments to this loan start at 11 months after the loan is approved, with long-term payments available for up to 30 years. The legislation passed requires SBA to disburse funds within 3 days of verifying the business’s eligibility.
You submit an application to the SBA, who will decide your loan amount based off of last year’s tax returns. The business must demonstrate that it is losing income due to COVID-19. On the application, you can check off the box to be considered for a $10,000 emergency cash advance grant. This grant will be part of your loan amount, but will be completely forgiven if you use it towards rent, utilities, and payroll.
You may qualify for the loan, but not qualify for the advance grant. Or, you may qualify for both the loan and the advance grant. Ask your lender.
Info: https://www.uschamber.com/co/start/strategy/applying-for-sba-disaster-relief-loan
Info: SBA EIDL Fact Sheet
Application: https://covid19relief.sba.gov/#/ and homepage here; Sample application here.
Paycheck Protection Program (PPP) - Applications open April 3 for small businesses, April 10 for independent contractors
This 7(a) loan is for 2.5 times your monthly average payroll costs based on 2019 (up to $10 million). This can be used on payroll, rent, and utilities. If you use at least 75% of the total loan amount on payroll within 8 weeks, then your total loan will be forgivable. If not, then you will repay your loan at 1% interest rate. Loan repayments begin 6 months after the loan is approved and must be repaid within 2 years.
You can submit the PPP application to an approved SBA lender, or federally insured depository institution. You don’t have to demonstrate loss of income - just proof that you maintain payroll. A sample application is up on the SBA site, but the real form will be available on April 3. Use this sample to prepare your numbers. Documentation of payroll will be required.
SBA PPP homepage (check here April 3): https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp
Sample application here.
U.S. Treasury PPP Fact Sheet: https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf
Useful news article: https://www.washingtonpost.com/business/2020/03/30/heres-how-get-small-business-loan-under-349-billion-coronavirus-aid-bill/
If your business is with Wells Fargo, their portal for PPP is up, but the application will be open when ready: https://update.wf.com/coronavirus/smallbusinessrelief/