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COVID-19
COVID-19 UPDATES
April 14, 2020
STIMULUS rEBATE CHECKS
Here is the IRS website link for non-filers to update payment information for relief checks. https://www.irs.gov/coronavirus/economic-impact-payments
April 14, 2020
EIDL PROGRAM CHANGES
The SBA has modified the $10k grant to be only $1,000 per employee of the business applying for the grant. So, instead of single owner sole-proprietor getting a $10k grant, they now only get a $1k grant. With this change, you might be better off trying to apply for the PPP loan. This comes with other restrictions for having that loan forgiven, but may still be a viable option.
Here is a link to the EIDL Application: https://covid19relief.sba.gov/#/
March 27, 2020
COVID-19 resources for businesses
Dear Business Clients,
We understand many of your businesses have been impacted by the events surrounding the outbreak of COVID-19.
Under the CARES Act (coronavirus stimulus bill), there are some programs (listed below) that may help your business through these challenging times. Several of the key relief programs involve loans that are administered through the SBA loan program but will be offered through various approved banks and lenders.
We have partnered with Tyson Papenfuss who is the VP of SBA Division for US Bank. He has offered to help any of our clients who are interested in the loan programs, complete the application process required to get approved for the relief loans.
You can email him with questions or to apply at tyson.papenfuss@usbank.com. He should be ready by early next week to begin accepting applications.
Key Programs for Small Businesses
1) Paycheck Protection Program & Loan Forgiveness
· Purpose: Provide relief for small businesses by providing working capital to meet payroll and other operating expenses. If certain qualifications are met during the covered period, then the loans could potentially be forgiven in part or in whole.
· Loans are administered under the section 7(a) of the SBA loan program and can be obtained through approved SBA lenders.
2) Emergency EIDL Grants
· Purpose: Quickly provide cash for small business to continue to meet their payroll and operating needs.
· An initial amount up to $10k would be advanced to the borrower within days of applying and borrower would not be subject to the typical loan approval requirements.
3) Payroll Tax Deferral
This program provides businesses with the opportunity to defer certain payroll taxes that are incurred in calendar year 2020. The employer would be required to begin repaying the taxes at the end of 2021 and would need to pay them in full by December 31, 2022.
4) Credit Against Applicable Employment Taxes
Businesses required to close due to COVID-19 may be allowed to receive a credit for any employment taxes payed during a covered period of time. The credit would be based on qualified wages that were paid to employees during the covered time period.
Resources Page
· A more detailed summary of these programs and others can be found on our Resources Page “CARES Act – Overview” document. This summary is based on our interpretation of the different programs along with discussions we’ve had with SBA loan experts.
· A copy of the full legislation, in case you want to reference specific sections for more detail. Note: You will want to search by section or topic since the document is 800+ pages.
Additional Services
We want to ensure all our clients are aware that we offer business consulting services.
· Strategic Partner – we are here to help provide guidance, support special projects or analyze your current business needs, such as cash flow requirements.
· Bookkeeping – we can assist with getting your financial books in order and helping you with the documents that may be necessary to take advantage of the special relief loans.
March 24, 2020
COVID-19 BUSINESS UPDATE
We hope that you and your loved ones are safe and healthy. Over the past few days there have been important changes and announcements that directly affect us as a business and you as our clients.
Changes in the Tax Filing Deadline
On Friday, March 20th it was announced that the federal tax filing due date has been extended to July 15, 2020. This announcement did not apply to state returns. However, many states, including California and Utah have already announced they will follow the federal guideline. Our expectation, while it has not been made official, is that Oregon will comply with the extension as well.
Oregon stay at home order
On Monday morning, Governor Kate Brown issued an executive order for Oregonians to stay home unless absolutely necessary to go out. She also ordered many businesses to close down and those allowed to remain open to limit interaction between clients and employees.
OUR RESPONSE TO THE ANNOUNCEMENTS
Our commitment to all of you is stronger than ever. It is our duty to be there for each of you during these uncertain times and we stand ready to assist you in every way possible. We have no intention of completely shutting down nor do we feel it is prudent to do so.
That being said, we have an obligation to ensure we are abiding by the government regulations being imposed, and that we are doing our part to keep you and all our employees safe and healthy.
After speaking with health professionals and other professional service businesses we have decided to temporarily implement the following changes.
- Effective March 25, 2019 we will postpone any face to face client meetings until after the Governor has lifted the stay at home order (we are optimistic this will be short lived).
- All currently scheduled and new appointments will be over the phone or web/video chat.
- Our office hours will be Monday – Friday 9am to 5pm
- CPA’s & Advisors will still be available at other times as necessary.
- We are asking you to avoid coming into the office to either drop off or pick up tax documents.
Dropping off and picking up tax documents
We recognize many of you may be getting tax refunds, which will help during this economic downturn. Our team is dedicated to completing everyone’s tax returns as quickly as possible. To help us complete your return as quickly as possible, we ask that you provide us with all your documents several days before your scheduled appointment.
Options for providing documents:
- Electronically Submit Documents
- Mail us Your Documents
- Place documents in our secure lock box outside our door
- Drop Off at Our Office
- We ask that if you wish to drop off your documents that you do not come into our office, rather you call us to let us know that you’re here and we’ll come out to your car and get them from you.
Options for receiving your completed tax return:
- Sent to you Electronically
- Mail your Tax Return via Priority Mail
- Pick Up at Our Office
- We ask that if you wish to pick up your documents that you do not come into our office, rather you call us to let us know that you’re here and we’ll come out to your car and bring them to you. Please ensure you have pre-paid over the phone or have a check ready, we do not think it’s wise to take credit card payments outside the office.
PAYING YOUR INVOICE OR SIGNING YOUR RETURN
To limit contact with clients we will be changing the way we collect payments and capture signatures.
- Electronic Signature of Tax Return (not available for business returns)
- Secure email link to review and sign your tax documents
- Online Payment for outstanding invoices
- Pay over the phone
- Check payment- mail ahead of time or at pick up
We recognize the inconvenience this may cause and have attempted to provide you with several different options to minimize the impact. We appreciate your patience as we work together to navigate the unique situation we are facing as a country and strive to keep everyone safe and healthy.
If you have questions, concerns or would like to reschedule your appointment for a later date, please contact our office:
- Phone Call: 503-667-5355
- Text: 503-663-8411
- Email: clientsupport@stradafg.com
Warm Regards,The Strada Financial Group Team