Updates On The Coronavirus Aid, Relief And Economic Security Act
New Information On Personal Stimulus Checks, SBA's PPP Program, and Recent Changes To Unemployment Insurance
By Dan Kamys
Good news! Those on Social Security who don’t file tax returns (because their income is too low) will indeed get stimulus checks.
- How much money will you get? Use this simple calculator to find out.
- On disability or getting veteran's benefits? As of now, if you didn't file in 2018/2019 because your income from SSDI or veteran's benefits was too low to owe income tax, you should file for 2019 right now in order to get a check. You obviously won't owe money in taxes, and it's a one-page form for most people in that situation.
SBA Paycheck Protection Loans
Today is the day to apply! Last night, we received the new SBA guidance for their Paycheck Protection Program (PPP). That guidance is 31 pages long and hopefully helps move some loans out the door today. But we’ve heard your concerns about the program.
Know that the goal of PPP is for the government to pay for your business’s key expenses till June 30th, so long as you qualify and keep your payroll intact. The notion is that if the government is going to pay, better to keep people attached to their current employers and keep those employers solvent.
- All of the PPP docs can be accessed through this link. Forms for both lenders and borrowers are attached.
Unemployment Insurance Changes
Here is an overview of who is now eligible, how much they'll receive, and for how long.
About the Author
Dan Kamys is the Editorial Director of MASONRY Publications.