Documents Needed To Apply For The Economic Disaster Loan and Payroll Protection
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Borrow up to 100K from your retirement funds & you will not be penalized. 401K, IRA, SEP,
The Paycheck Protection Program is part of the (CARES) Act, which consists of $349 billion in government-backed loans to help small businesses maintain their payrolls through June 30, 2020
Once the loan is obtained, document all amounts paid towards payroll in the subsequent 8 weeks, which will be forgiven in full. Amounts spent on mortgage interest, lease payments and utilities that were in place prior February 15, 2020 will also be forgiven.
Defer Payroll Taxes For 2 Years
Defer payment of all payroll taxes over 2 years. 2020 payroll taxes paid 50% by the end of 2021 and 50% by the end of 2022.
The IRS has stated that they will be distributing Economic Impact Payments directly to individuals. If you received your 2019 tax refund via direct deposit, they will use the same bank account to deposit your stimulus payment.
If you received your tax refund via check issued by your tax preparer. Please do the following:
Check your stimulus status on the IRS "My Payment" link and provide them a bank account and routing number where you would like your payment sent.
You will need your 2019 AGI and refund amount.
If you are looking at your 2019 Tax Return
AGI is on Line #8b
Refund Amount is on line #21a
If you DO NOT provide banking information on the IRS My Payment Link, then it is a possibility they will attempt to send your stimulus payment to your tax preparers office. If this happens the funds will be REJECTED & SENT BACK to the IRS and a check will be mailed to the address listed on your tax return.