The CARES Act provides credit to eligible businesses with 50% of the qualified wages. The qualified wage is defined as Compensation to employees from the period of March 12, 2020 to December 31, 2020. Compensation is up to $10,000 per … Read More
Monthly Archives: April 2020
Two SBA Loans: EIDL and Paycheck Protection Program (PPP)
If your business is affected by COVID-19, there are two types of relief you can apply for: (1) Economic Injury Disaster Loan (EIDL); https://covid19relief.sba.gov/#/ This loan can be directly applied from SBA. The loan amount is up to $2 million … Read More
Unemployment Benefits due to COVID-19
As part of the federal stimulus package approved by Congress, the unemployment benefit will be added an extra $600 per week for the next 4 months. Who is Eligible for this benefit? 1 . The worker who is unemployed is … Read More
Tax Due Date is July 15 due to COVID-19
The new due date of filing your 2019 individual income tax return is 7/15 (both Federal and California tax returns). This is not an extension of tax filing, this is a new due date because this is also the due … Read More
COVID-19 Related Distributions from IRA
If you own IRA’s and you have been affected by COVID-19 pandemic, you may be eligible for taking a tax-favored distribution from your IRA(s). An eligible individual can distribute up to $100,000 from his or her IRA(s) in 2020 without … Read More