We know the amount of information surrounding the outbreak can be overwhelming. JFDI Accountants is here to help. There is small business and individual relief financing for COVID-19 available. That’s why we’ve created this page to help you find information about government financial relief programs, private sources of assistance to your business, and resource guides to help navigate your way through the outbreak.
The 2 most talked about loan programs are the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP). It is extremely important to note that there is a limited amount of funds available, and if you qualify, encourage you file as soon as possible.
One of the most meaningful changes made on a federal level is allowing companies to carryback losses. Net operating losses from 2019 and 2020 can be carried back 5 years (previously no carryback was allowed) and the 80% limitation has been removed so the full amount of NOL can be used to offset prior year taxable income.
For qualifying taxpayers, the government will either pay you via direct deposit/ACH or mail you a check. For other qualifying people in this country who were not required to file tax returns, social security people etc., you will need to fill out a simple tax form with the IRS in order to get into their queue for payment. Feel free to use our calculator to estimate your stimulus check amount.
For any additional questions, reach out to WeCare@jfdiaccountants.com
For individuals that no longer have a position with their company, you will need to work with your relevant state and file for unemployment so you can immediately start receiving checks from your state.