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Let’s sort out the various actions; please note this is not the place to cover Details over qualifications or any other aspect of enactment and don’t overlook that each provision has different Effective or Qualification dates. It is Not Comprehensive; I provided a few links for your own research. Do your own research, FREQUENTLY.
It’s just to cut through the noise of Name = function.
A recent news link:
Economic Impact Payments = Stimulus checks to/for individual citizens or cash payments as direct deposit or to be settled on your 2020 tax return.
Extra unemployment = UI is a Fed system managed at the State level. Adds $600 per week from the federal government on top of whatever base amount a worker receives from the state. Extends an addition 12 weeks of coverage. The boosted payment will last for four months.
A new, temporary Pandemic Unemployment Assistance program through the end of this year: The proposal covers people not previously qualified because they were not covered under an unemployment Insurance arrangement, such as sole proprietors, gig workers, freelancers..
Employee Retention Credit = A $10,000 wage-based employer consideration that has an Immediate Credit provision: “Employers can be immediately reimbursed for the credit by reducing their required deposits of payroll taxes that have been withheld from employees' wages by the amount of the credit.” And/or you will use Form 7200 to get Advance payment (the shortfall).
Families First Coronavirus Response Act (the "FFCRA") is for Employers:
Has Emergency Sick Pay Leave Act (EPSLA) provision
and
Emergency Family and Medical Leave Expansion Act = Expanded FMLA
Both include the employer providing continuing payment to employees and a Refundable tax credit for employers. There is a Child Care Leave Credit component, too.
People First Initiative:
Covers a bunch of ways IRS is backing off their aggressive tactics, scheduling, deadlines, etc:
Coronavirus Aid, Relief, and Economic Security (CARES) Act:
Includes the Paycheck Protection Program (PPP) LOANS: “The program would provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven”
Includes the US Small Business Administration’s Small Business Debt Relief Program: “This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. SBA will cover all loan payments on SBA loans, including principal, interest, and fees, for six months.
Small Business Debt Relief Program Q&A:
QUESTION: How does debt relief under this program work with a PPP loan? Answer: Borrowers may separately apply for and take out a PPP loan, but debt relief under this program will not apply to a PPP loan.
Includes Economic Injury Disaster LOANS (EIDL) and Emergency Economic Injury GRANTS: Another $10,000 amount for businesses. “To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments."
Hope that helps.
"Level Up" is a gaming function, not a real life function.
Solved! Go to Solution.
