The entire country has been feeling the effects of the Coronavirus (COVID-19) and the economy has been faced with the most alarming drop in years. Numerous employees have gone without work and employers/business owners have had to close their doors. With the alarming set back everyone is feeling, the federal government has taken action to assist.
How will the $2 trillion Coronavirus bill help you?
Reported this morning by NBC News, the Senate has passed a $2 trillion bill on Wednesday night to provide economic relief to workers and businesses that have been affected by the Coronavirus (COVID-19) pandemic. The bill has been pushed through after heavy negotiations from both parties. The House has plans to take up the legislation tomorrow (Friday, March 27) with the expectancy for it to be passed into law by President Trump shortly after.
How will you get your money?
The payments will be issued by the IRS through direct deposit information. The IRS will use the information that tax filers used for their 2019 tax returns to get the relief funds to individuals. For those who have yet to file 2019 taxes, 2018 information will be used. It is expected for the funds to hit accounts within weeks for those who filed with direct deposit payments; however, for those who opted for a mailed check, the relief check will take 3 to 4 months for delivery from the government.
How much can you expect?
For those who make $75k or less a year, you can expect to see $1,200 in aid. For those who filed as head of household that made $112,500 or less you will also receive $1,200. For parents/guardians, an additional $500 per child will be issued. Payments will decrease for those who exceed the abovementioned salary amounts. These amounts will not be taxable.
How will your business be helped?
The bill has small business and the workers within them in mind when lending this financial aid. About $350 billion will go toward small business loans for companies that have fewer than 500 employees. For these establishments, there is a possible opportunity for forgivable loans up to $10 million. This will allow business owners to continue to pay their employees. Additionally, the bill will provide $500 billion in assistance for corporations who have been affected by the Coronavirus pandemic.
How can you lose out on this opportunity?
Companies who are eligible can also qualify for aide with mortgage interest, rent, and cost of utilities. The only way for companies to qualify is for the business to maintain their payroll during the Coronavirus pandemic. This makes payroll the most imperative operational function to be maintained. With a slip in payroll, companies can say goodbye to the opportunity for assistance. Ensure that you do not lose out on this government assistance during this global pandemic. For assistance in assuring your payroll needs are met, please contact any of your Outsourced HR experts at Resourcing Edge: https://resourcingedge.com/contact-us/