COVID-19 Resources

What we know to be true right now:

  • The IRS, NY, NJ & CA have extended the filing deadline to July 15, 2020.  No extensions are necessary.  This means you have until 7/15 to pay any taxes due for 2019 without additional interest or penalties accruing.  You can still file early to get refunds and then pay your balances due by 7/15.  

  • 1st & 2nd Quarter Estimated Taxes for 2020 which are normally due 4/15 and 6/15, can now be sent by 7/15 and you will not be charged interest or penalties.

  • The IRS will be direct depositing the stimulus checks, of $1,200 per adult and $500 per child, to qualified taxpayers that they have the bank account info for. For others it could take up to four months to be mailed. The IRS can only mail 20 million checks a month. 

  • If IRS doesn't have your banking information the IRS is working on a portal where individuals can provide that information for the stimulus.  Check irs.gov frequently to see if it is up yet.

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The CARES Act - MUST READ Link to information, loans and resources for small business and individuals - great resource for up to the date information on what is available to you.  

Through the CARES Act, arts and entertainment professionals who are not able to work for reasons related to COVID-19—including workers who do not ordinarily qualify for unemployment insurance—will be eligible for much-needed economic support. 

  • To be eligible for any new programs under the CARES Act, you must file an unemployment claim with your state.

  • The federal government is adding $600 per week to all state unemployment checks for up to four months, covering weeks of unemployment through July 31, 2020.

  • If you’ve already applied or are currently receiving unemployment, most states will automatically add this to your checks. No further action is required.

  • Newly extended unemployment benefits now include independent contractors, freelance workers, and the self-employed. These individuals are eligible to receive up to 50% of their state’s average benefits plus the $600. The Federal government will pay for all of this under the Pandemic Unemployment Assistance program.

  • If you were about to start a new job that has been postponed or cancelled because of the outbreak, you’re eligible for benefits. You are also covered if you were immediately laid off from a new job and did not have a sufficient work history to qualify for benefits under normal circumstances. 

  • The law provides all eligible workers with an additional 13 weeks unemployment. So participants in states with 26 weeks would be eligible for a total of 39 weeks. The total amount cannot exceed 39 weeks, but it may be shorter in certain states.

  • Provides one-time recovery checks of $1,200 for all individuals with adjusted gross income up to $75,000; $112,500 for head of household. All married couples, with adjusted gross income up to $150,000 who file a joint return, are eligible for $2,400. Those amounts increase by $500 for every child. The rebate amount is reduced by $5 for each $100 a taxpayer’s income exceeds the phase-out threshold. The amount is completely phased-out for single filers with incomes exceeding $99,000, $136,500 for head of household filers, and $198,000 for joint filers.

  • Waives the 10-percent early withdrawal penalty for distributions up to $100,000 from qualified retirement accounts for coronavirus-related purposes.

 

Click on the following links for up to date info:

More info on Self-Employed and S-Corps collecting unemployment- this is a must read!!

SBA Loan Information

SBA Paycheck Protection Application

NEW YORK - 

Guidance for Self-Employed Indivduals - how to file for unemployment

Employee Retention Grant

COVID 10K Grant - Economic Injury - Federal

Business Continuity Loan - Better for SCorp

 

ILLINOIS/CHICAGO

File for IL Unemployment

Illinois Small Business Emergency Loan Fund (only for businesses outside of Chicago)

 

CALIFORNIA/LOS ANGELES

File for CA Unemployment

CDC Small Business Finance Emergency Relief Small Business Loans

AEMI Flowchart Government COVID-19 Relief

 

IRS Coronavirus Info 

IATSE Coronavirus Update Portal 

NYS Coronavirus Tax Response 

SAG-AFTRA Coronavirus Disaster Relief Fund 

NJ Dept of Labor 

NY Dept of Labor 

CA Dept of Labor

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