Coronavirus Aid, Relief, and Economic Security (CARES) Act

[margarita25]

Guidance for Businesses and Employers
The President's Coronavirus Guidelines for America - 30 Days to Slow the Spread

The Centers for Disease Control and Prevention (CDC) offers the most up-to-date information on COVID-19. This interim guidance is based on what is currently known about the coronavirus disease 2019 (COVID-19). For updates from CDC, please see the following:

• Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19)
• Preventing Stigma Related to COVID-19
• Share Facts about COVID-19
• CDC Coronavirus Disease 2019 (COVID-19) Web page
• Information on Coronavirus Disease 2019 (COVID-19) Prevention, Symptoms and FAQ
  

The following interim guidance may help prevent workplace exposures to acute respiratory illnesses, including COVID-19, in non-healthcare settings. The guidance also provides planning considerations if there are more widespread, community outbreaks of COVID-19.

To prevent stigma and discrimination in the workplace, use the guidance described below and on the CDC’s Guidance for Businesses and Employers web page.

Below are recommended strategies for employers to use now. In-depth guidance is available on the CDC’s Guidance for Businesses and Employers web page:

• Actively encourage sick employees to stay home
• Separate sick employees
• Emphasize staying home when sick, respiratory etiquette and hand hygiene by all employees
• Perform routine environmental cleaning
• Advise employees before traveling to take certain steps
  • Check the CDC’s Traveler’s Health Notices for the latest guidance and recommendations for each country to which you will travel. Specific travel information for travelers going to and returning from designated countries with risk of community spread of Coronavirus, and information for aircrew, can be found on the CDC website.
• Additional Measures in Response to Currently Occurring Sporadic Importations of the COVID-19:
  • Employees who are well but who have a sick family member at home with COVID-19 should notify their supervisor and refer to CDC guidance for how to conduct a risk assessment of their potential exposure.
  • If an employee is confirmed to have COVID-19, employers should inform fellow employees of their possible exposure to COVID-19 in the workplace but maintain confidentiality as required by the Americans with Disabilities Act (ADA). Employees exposed to a co-worker with confirmed COVID-19 should refer to CDC guidance for how to conduct a risk assessment of their potential exposure.

Common Issues Small Businesses May Encounter:

• Capital Access – Incidents can strain a small business's financial capacity to make payroll, maintain inventory and respond to market fluctuations (both sudden drops and surges in demand). Businesses should prepare by exploring and testing their capital access options so they have what they need when they need it. See SBA’s capital access resources.
• Workforce Capacity – Incidents have just as much impact on your workers as they do your clientele. It’s critical to ensure they have the ability to fulfill their duties while protected.
• Inventory and Supply Chain Shortfalls – While the possibility could be remote, it is a prudent preparedness measure to ensure you have either adequate supplies of inventory for a sustained period and/or diversify your distributor sources in the event one supplier cannot meet an order request.
• Facility Remediation/Clean-up Costs – Depending on the incident, there may be a need to enhance the protection of customers and staff by increasing the frequency and intensity by which your business conducts cleaning of surfaces frequently touched by occupants and visitors. Check your maintenance contracts and supplies of cleaning materials to ensure they can meet increases in demand.
• Insurance Coverage Issues – Many businesses have business interruption insurance; Now is the time to contact your insurance agent to review your policy to understand precisely what you are and are not covered for in the event of an extended incident.
• Changing Market Demand – Depending on the incident, there may be access controls or movement restrictions established which can impede your customers from reaching your business. Additionally, there may be public concerns about public exposure to an incident and they may decide not to go to your business out of concern of exposing themselves to greater risk. SBA’s Resources Partners and District Offices have trained experts who can help you craft a plan specific to your situation to help navigate any rapid changes in demand.

• Marketing – It’s critical to communicate openly with your customers about the status of your operations, what protective measures you’ve implemented, and how they (as customers) will be protected when they visit your business. Promotions may also help incentivize customers who may be reluctant to patronize your business.
• Plan – As a business, bring your staff together and prepare a plan for what you will do if the incident worsens or improves. It’s also helpful to conduct a tabletop exercise to simulate potential scenarios and how your business management and staff might respond to the hypothetical scenario in the exercise. For examples of tabletop exercises, visit FEMA’s website at: Emergency Planning Exercises | FEMA.gov

Coronavirus (COVID-19): Small Business Guidance & Loan Resources

 

[margarita25]

Local Assistance
SBA works with a number of local partners to counsel, mentor, and train small businesses. The SBA has 68 District Offices, as well as support provided by its Resource Partners, such as SCORE offices, Women’s Business Centers, Small Business Development Centers and Veterans Business Outreach Centers. When faced with a business need, use the SBA’s Local Assistance Directory to locate the office nearest you.

Coronavirus (COVID-19): Small Business Guidance & Loan Resources

 

[margarita25]

SBA Products and Resources
SBA is here to assist small businesses with accessing federal resources and navigating their own preparedness plans as described by the CDC’s Guidance for Businesses and Employers.

SBA works with a number of local partners to counsel, mentor and train small businesses. The SBA has 68 District Offices, as well as support provided by its Resource Partners, such as SCORE offices, Women’s Business Centers, Small Business Development Centers and Veterans Business Outreach Centers. When faced with a business need, use the SBA’s Local Assistance Directory to locate the office nearest you.

Coronavirus (COVID-19): Small Business Guidance & Loan Resources

 

[margarita25]

Access to Capital
SBA provides a number of loan resources for small businesses to utilize when operating their business. For more information on loans or how to connect with a lender, visit: Loans.

• 7(a) program offers loan amounts up to $5,000,000 and is an all-inclusive loan program deployed by lending partners for eligible small businesses within the U.S. States and its territories. The uses of proceeds include: working capital; expansion/renovation; new construction; purchase of land or buildings; purchase of equipment, fixtures; lease-hold improvements; refinancing debt for compelling reasons; seasonal line of credit; inventory; or starting a business.
• Express loan program provides loans up to $350,000 for no more than 7 years with an option to revolve. There is a turnaround time of 36 hours for approval or denial of a completed application. The uses of proceeds are the same as the standard 7(a) loan.
• Community Advantage loan pilot program allows mission-based lenders to assist small businesses in underserved markets with a maximum loan size of $250,000. The uses of proceeds are the same as the standard 7(a) loan.
• 504 loan program is designed to foster economic development and job creation and/or retention. The eligible use of proceeds is limited to the acquisition or eligible refinance of fixed assets.
• Microloan program involves making loans through nonprofit lending organizations to underserved markets. Authorized use of loan proceeds includes working capital, supplies, machinery & equipment, and fixtures (does not include real estate). The maximum loan amount is $50,000 with the average loan size of $14,000.

Coronavirus (COVID-19): Small Business Guidance & Loan Resources

 

[margarita25]

Exporting Assistance
SBA provides export loans to help small businesses achieve sales through exports and can help these businesses respond to opportunities and challenges associated with trade, such as COVID-19. The loans are available to U.S. small businesses that export directly overseas, or those that export indirectly by selling to a customer that then exports their products.

• Export Express loan program allows access to capital quickly for businesses that need financing up to $500,000. Businesses can apply for a line of credit or term note prior to finalizing an export sale or while pursuing opportunities overseas, such as identifying a new overseas customer should an export sale be lost due to COVID-19.
• Export Working Capital program enables small businesses to fulfill export orders and finance international sales by providing revolving lines of credit or transaction-based financing of up to $5 million. Businesses could use a loan to obtain or retain overseas customers by offering attractive payment terms.
• International Trade loan program helps small businesses engaged in international trade to retool or expand to better compete and react to changing business conditions. It can also help exporting firms to expand their sales to new markets or to re-shore operations back to the U.S.

Coronavirus (COVID-19): Small Business Guidance & Loan Resources

 

[margarita25]

Government Contracting
SBA is focused on assisting with the continuity of operations for small business contracting programs and small businesses with federal contracts. For more information on federal contracting, visit Contracting guide

More specifically:

• 8(a) Business Developmentprogram serves to help provide a level playing field for small businesses owned by socially and economically disadvantaged people or entities, and the government limits competition for certain contracts to businesses that participate. The 8(a) program offer and acceptance process is available nationwide, and the SBA continues to work with federal agencies to ensure maximum practicable opportunity to small businesses. 8(a) program participants should stay in touch with their Business Opportunity Specialist (BOS).
• HUBZone program offers eligibility assistance every Thursday from 2:00-3:00 p.m. ET at 1-202-765-1264; access code 63068189#. Members of the HUBZone team answer questions to help firms navigate the certification process. For specific questions regarding an application, please contact the HUBZone Help Desk at [email protected].
• Women-owned Small Businessfirms who have questions, please visit www.sba.gov/wosbready or write to [email protected].
  

If a situation occurs that will prevent small businesses with government contracts from successfully performing their contract, they should reach out to their contracting officer and seek to obtain extensions before they receive cure notices or threats of termination. The SBA’s Procurement Center Representatives can assist affected small businesses to engage with their contracting officer. Use the Procurement Center Representative Directory to connect with the representative nearest you.

Coronavirus (COVID-19): Small Business Guidance & Loan Resources

 

[margarita25]

More Aid Coming For Small Businesses, Senate Majority Leader McConnell Says

 

[cass523]

You will be notified after your payment is disbursed

Stimulus checks will be direct deposited into the bank account listed on 2019 tax returns (or 2018, if you have yet to file for last year). If no bank account is listed on either return, the IRS will send a physical check to your most recent address on file.

But what if your bank information has changed since then? The IRS website states a web portal is being developed so individuals can update their banking information online to ensure their stimulus check is deposited appropriately.

By law, the Treasury must send a notice of payment, by mail, to your last known address. The notice will include a phone number at the IRS to contact if you didn’t receive the payment. This could be helpful for individuals who live at the same address listed on their last tax return but have new banking information and don’t update it in the promised IRS portal.

If that’s the case, they can theoretically pick up the phone and call the IRS to remedy the situation—just don’t expect this to be a quick process, since even in normal times getting through to the IRS can require multiple tries and a long time on hold.

5 Things To Know About The COVID-19 Stimulus Payments

 

[dixiegirl1035]

I wonder if the stimulus checks will need to be considered as income for tax purposes.

 

[lynchmob67]

Don’t Worry. The $1,200 Stimulus Payment Won’t Cut Into Your Tax Refund Next April

I wonder if the stimulus checks will need to be considered as income for tax purposes.

No. The stimulus checks are nontaxable; they will not be included in your 2020 income. They’re officially addressed in the CARES Act as a “Recovery Rebate for Individuals.” These payments won’t push you up into the next tax bracket for 2020 taxes, if you’re already on the edge.

 

[margarita25]

Post courtesy of @PommyMommy from the main thread:

The IRS has a section on their website devoted to Coronavirus Tax Relief and Economic Impact Payments.

Coronavirus Tax Relief and Economic Impact Payments | Internal Revenue Service

They're also on Social Media:

• Twitter: @IRSnews or @IRSenEspanol
• IRS on Facebook
• IRS on Instagram
• IRS on LinkedIn

 

[margarita25]

First round of coronavirus stimulus checks on the way

 

[margarita25]

A new $2.3 trillion Fed plan to buttress towns, businesses
Thursday, April 9th 2020

“Among the actions taken Thursday, the Fed activated a loan program for municipal governments, as well as additional support for the Paycheck Protection Program, which the Small Business Administration rolled out last week. The program provides loans to businesses with fewer than 500 employees.

The Main Street lending program "will make a significant difference for the 40,000 medium-sized businesses that employ 35 million Americans," Treasury Secretary Steven Mnuchin said Thursday.

The government's pay protection plan for small businesses is off to a rocky start. Businesses have had difficulty getting banks to provide the loans. The banks have said that the government has not made clear how they should process such loans, even what forms businesses are required to use.”

 

[PommyMommy]

IRS says some stimulus payments will start going out next week

The Internal Revenue Service said Friday that some stimulus payments will start going out next week. Payments will start with those people who have filed their 2018 or 2019 tax returns and have authorized a direct deposit. Those payments will be made automatically.

Social Security beneficiaries will also receive their payments automatically. Those payments will go out “in the near future,” the IRS said Friday.

Others — who haven’t filed those returns, authorized direct deposits, or receive Social Security — will likely have to wait weeks and even months before seeing their money. Some will have to first file a return or register online in order to receive the payment.

[...]

Coronavirus live news and updates: Pandemic changes way of life - CNN

 

[PommyMommy]

IRS (Finally!) Launches Registration Tool For Stimulus Checks

Finally. Taxpayers who don’t usually file a tax return have been waiting to see how the Treasury Department and the Internal Revenue Service (IRS) would allow them to get their stimulus checks (Economic Impact Payments). Today, the IRS announced a new web tool to make that happen.

[...]

Even though the tool was developed in partnership with the Free File Alliance, it is available only on IRS.gov. Users should look for Non-filers: Enter Payment Info Here to take them directly to the tool. On the page, you’ll see the blue box at the bottom to click:

When you click, you’ll go here:

The process is simple and only takes a few minutes to complete. The registration tool will ask you to provide basic information, including your Social Security number, name, address, and dependents. The IRS will use this information to confirm eligibility and calculate and send your stimulus check (Economic Impact Payment).

[...]

 

[CCJD]

IRS (Finally!) Launches Registration Tool For Stimulus Checks

Finally. Taxpayers who don’t usually file a tax return have been waiting to see how the Treasury Department and the Internal Revenue Service (IRS) would allow them to get their stimulus checks (Economic Impact Payments). Today, the IRS announced a new web tool to make that happen.

[...]

Even though the tool was developed in partnership with the Free File Alliance, it is available only on IRS.gov. Users should look for Non-filers: Enter Payment Info Here to take them directly to the tool. On the page, you’ll see the blue box at the bottom to click:

The process is simple and only takes a few minutes to complete. The registration tool will ask you to provide basic information, including your Social Security number, name, address, and dependents. The IRS will use this information to confirm eligibility and calculate and send your stimulus check (Economic Impact Payment).[...]

rsbm

However, if you receive one of the following benefits then the IRS has your information already and you'll receive the $1,200 payment automatically: Social Security retirement benefits, Social Security Disability Insurance benefits, Railroad Retirement and Survivor Benefits. That being said, if you are in one of those groups and have children under the age of 17, then you can use the non-filing tool to claim the extra $500 per child.
IRS launches tool for non-filers to register for stimulus checks

 

[oviedo]

so today I did an experiment - I made an extension payment for 2019 without filing my return or a request for extension - just went into my online IRS account and did it - I don't owe any tax yet. But I made the payment using my ACH information. I have been scrutinized by the IRS many many times (we go back and forth with me disputing their calculations and them disputing mine and we end up agreeing in the end so no trouble for me) so I've always paid with either a paper check or credit card and have never gotten a refund direct deposited that I can recall. I did this to see if they pull the information from their computers in any kind of method that includes returning ACH information for the stimulus checks on a current basis. Will report back.

 

[oviedo]

Also, Auto Insurance company (State Farm) emailed and I will see a 25% credit on my June bill because of Covid. Some of the drivers on my policy are not allowed to work / drive so I appreciate this - I heard Allstate was doing it too. You may want to check with your car insurance.
JMO

 

[Suglo]

Also, Auto Insurance company (State Farm) emailed and I will see a 25% credit on my June bill because of Covid. Some of the drivers on my policy are not allowed to work / drive so I appreciate this - I heard Allstate was doing it too. You may want to check with your car insurance.
JMO

USAA insurance is crediting auto policies 20% back in premiums for April and May.

 

[Suglo]

so today I did an experiment - I made an extension payment for 2019 without filing my return or a request for extension - just went into my online IRS account and did it - I don't owe any tax yet. But I made the payment using my ACH information. I have been scrutinized by the IRS many many times (we go back and forth with me disputing their calculations and them disputing mine and we end up agreeing in the end so no trouble for me) so I've always paid with either a paper check or credit card and have never gotten a refund direct deposited that I can recall. I did this to see if they pull the information from their computers in any kind of method that includes returning ACH information for the stimulus checks on a current basis. Will report back.

I may have my son do the same as you as he normally owes due to receiving multiple 1099’s for soccer refereeing. I received the stimulus $ deposited in my account this morning but I had filed and received a refund for 2019 in early March.