Update: A new $484 billion coronavirus relief package was passed on April 24, 2020. Among other measures, the package provides new funding for forgivable Paycheck Protection Program loans and SBA Disaster Relief loans.
President Trump just signed a $2 trillion package passed by congress to stimulate the American economy during the coronavirus crisis – and $377 billion will go to small growing businesses. As your advocate in protecting your company, we wanted to let you know how this could help you out.
If you have 500 or fewer employees and keep them on the payroll:
You can defer most of your 2020 payroll taxes until 2021 and 2022. (You’ll pay half in each year.)
You’re eligible for a loan of up to $10 million to cover 8 weeks of payroll at no more than 4% interest. You may not have to repay the loan if you can show that the money was spent on payroll, rent or utilities.
Don’t want to take out a loan? You can receive a tax credit that will refund half of what you spend on wages, up to $5,000 per employee.
Do you own a restaurant or retail business?
You will be able to speed up the way you write off expenses for property improvements or renovations you’ve made since 2018 and receive a tax refund immediately.
If you’re a sole proprietor of a business, an independent contractor or gig worker:
You will be able to receive unemployment benefits if you’ve lost work opportunities because of the coronavirus situation. Your benefits will match the traditional unemployment benefits provided in your state.
And here’s what’s in the package for you as an individual:
Depending on your 2019 income, you may receive $1,200.
Individuals who made more than $75,000 and married couples who filed jointly and made more than $150,000 will receive a lower amount.
Individuals who made more than $99,000 and married couples who filed jointly and made $198,000 or more will not receive a payment.
Parents will receive a $500 payment for each child.
We’re here to support small business owners during challenging times, so keep checking out our Small Business Resource Center to get up to date quickly on how the stimulus package and other resources could help you out.
As an advocate who believes in your business, we’re sharing resources and guidance that could help you out right now. Because we know you want to do everything you can to save money, we’re also here for you with free quotes that could lower your rates on business insurance (or even improve your coverage). Ask a licensed Mylo agent to review your current policy and try to beat it.
Up-to-date guidance for business owners in one place.