Our Senate has passed a 2 trillion dollar stimulus bill.  Here are some key points of the bill that will impact us most:

Direct payments sent out to individuals (expected by April 6)

  • $1,200 per individual, $500 per children
  • Phase out for individuals making between $75,000 and $99,000 and families with incomes from $150,000 to $198,000

Find out what your stimulus check should be here

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Supplemental unemployment benefits from the federal government

  • Up to an additional $600 in weekly benefits
  • Expanded to cover more employees and self-employed individuals

Small business administration loans to cover two months of payroll,

  • Reduced interest rates, possibly no interest charged
  • Possible loan forgiveness for keeping employees or rehiring them

Eliminating interest and payments on student loans for the next six months
 
Tax credits for companies that retain employees


Helpful Links:
SBA Loan Application (must print out forms and upload now)
https://disasterloan.sba.gov/ela/

CARES Act Full Text
https://www.documentcloud.org/documents/6819239-FINAL-FINAL-CARES-ACT.html



Proposed NYS Legislation for Small Business (0% loans up to $75,000)
https://nyassembly.gov/leg/?default_fld=%250D%250A&leg_video=1&bn=A10208&term=2019&Summary=Y&Memo=Y

NYS Unemployment Application
https://labor.ny.gov/unemploymentassistance.shtm

Volunteer Opportunities (we can all do our part to help each other)
https://coronavirus.health.ny.gov/get-involved-how-you-can-help

If you have any suggestions for additional content, let us know.  We are here to be a resource for our community and ensure appropriate information is available for all.  We are available anytime through phone, email or video.

Stay safe and healthy,

Jonathan Schneider

Schneider Financial Group, Ltd.

824 Route 6, Suite 4 - P.O. Box 628

Mahopac, NY 10541-0628

845 628-5400 - 845 628-5460 FAX

email: jon@sfgtaxes.com

www.sfgtaxes.com