As you’re already aware, Alachua County has had a stay at home order for a little over a week. The entire state of Florida now has a similar order from the Governor.
The purpose of this blog is to help highlight some helpful links and information for you as an individual and if you happen to run a small business.
Alachua County COVID-19 Tracker
I’ve been plotting information directly from the FL Department of Health dashboard each day for our county to keep track of total tests, confirmed cases, new daily cases, hospitalization rates and more.
The sheet is updated twice daily usually around 11:30 a.m. and 6:30 p.m.
Coronavirus Tax Releif Stimulus
Unemployment rates are spiking like we’ve never seen before. People are out of jobs as businesses have been closing down. You can visit the IRS Coronavirus Tax Relief page for updates.
Who is eligible for the economic impact payment?
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. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.
The distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. Social Security beneficiaries who are not typically required to file tax returns will not need to file to receive a payment. Instead, payments will be automatically deposited into their bank accounts.
The deadlines to FILE and PAY federal income taxes are extended to July 15, 2020.https://www.irs.gov/coronavirus
CARES Act – Paycheck Protection Program
The government has also issued a 100% backed loan that will be forgiven if you satisfy the criteria. The purpose of the loan is keep employees paid during the pandemic through June 30th.
If you are in business over the period from February 15 to June 30, you will receive a maximum loan amount that is 2.5 times your average monthly payroll expenses over that time period.
If you are a seasonal worker over the period from March 1 to June 30, you will receive a maximum loan amount that is 2.5 times your average monthly payroll expenses for that shortened time period.
If you were not in business after February 15—that is, if you were not open because of the crisis or you went out of business entirely—you will receive a maximum loan amount that is 2.5 times your average monthly payroll expenses for the two months of January and February.https://taxfoundation.org/sba-paycheck-protection-program-cares-act/
How Can We Help You?
We’re here to help your business succeed during this rough time for all. If you need help updating your website, Facebook or Google My Business pages to make sure your information is up to date, we’re here to help walk you through how to do that free of charge.