Property Investors
NEWS
- $10,000 Employee Credit Retention from Treasury Department and IRS passed to encourage qualified businesses to keep employees on payroll – Mar 31, 2020
- FEMA Flood Insurance Renewal Extension passed to allow renewing Flood Insurance Policies a grace period of 120 days to renew all NFIP policies expiring from Feb 13, 2020 through Jun 15, 2020 – Mar 29, 2020
- $10 billion from CARES Act allocated to small businesses through SBA – Economic Injury Disaster Loan ("EIDL") to fund and maintain small business costs such as: rent, mortgage payments, sick leave and other obligations – Mar 28, 2020
- $350 billion from CARES Act allocated to small businesses through an SBA – Paycheck Protection Plan to fund and maintain small business payroll through an emergency – Mar 28, 2020
- $1,200 direct payments to adults and $500 per child who qualify based on income – Mar 27, 2020
- $2 trillion Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") passed by Congress and House signed by the President – Mar 27, 2020
- $183 billion Family First Coronavirus Response Act signed into law to fund Medicaid, unemployment benefits, coronavirus testing, paid sick leave and childcare leave – Mar 18, 2020
- $8.3 billion Coronavirus Preparedness and Response Supplemental Appropriations Act signed into law to fund healthcare virus fighting preparations and vaccine research – Mar 6, 2020
- 3 month IRS Tax Payment Extension approved for all tax payments allowing individuals the ability to defer up to $1 million without interest or penalties and corporations up to $10 million.
BILLS & LEGISLATION
- $10,000 Employee Credit Retention from Treasury Department and IRS passed to encourage qualified businesses to keep employees on payroll – Mar 31, 2020
https://home.treasury.gov/news/press-releases/sm962 - $2 trillion Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") passed by Congress and House signed by the President – Mar 27, 2020
https://www.bloomberg.com/news/articles/2020-03-27/house-approves-2-trillion-virus-relief-bill-sends-to-trump - $183 billion Family First Coronavirus Response Act signed into law to fund Medicaid, unemployment benefits, coronavirus testing, paid sick leave and childcare leave – Mar 18, 2020
https://www.dol.gov/agencies/whd/pandemic/ffcra-employee-paid-leave - $8.3 billion Coronavirus Preparedness and Response Supplemental Appropriations Act signed into law to fund healthcare virus fighting preparations and vaccine research – Mar 6, 2020
https://www.hhs.gov/about/news/2020/03/24/hhs-awards-100-million-to-health-centers-for-covid-19-response.html - 3 month IRS Tax Payment Extension approved for all tax payments allowing individuals the ability to defer up to $1 million without interest or penalties and corporations up to $10 million.
https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020
FINANCIAL (BANKS, LENDERS, LOANS & TAXES)
- SBA LOAN – Paycheck Protection Plan ("PPP")
Paycheck Protection Plan ("PPP") Loans are low-interest, fixed-rate loans of up to $10 million from the federal government to fund and maintain small business payroll through an emergency that qualify to be forgiven under certain circumstances. Contact your Bank or Lender directly to begin working on a PPP Loan.
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp - SBA LOAN – Economic Injury Disaster Loan ("EIDL")
Economic Injury Disaster Loan ("EIDL") are low-interest, fixed-rate loans of up to $2 million from the federal government to fund and maintain small business costs such as: rent, mortgage payments, sick leave and other obligations. Contact your Bank or Lender directly to begin working on a PPP Loan.
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance - SBA LOAN – Express Bridge Loan ("EBL")
Express Bridge Loan ("EBL") are fast-tracked loans of up to $25,000 from the federal government to close a funding gap in an emergency while a small business is waiting on an Economic Injury Disaster Loan ("EIDL") to be processed.
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans - SBA LOAN – Debt Relief
Debt Relief may be applied for and is offered in several different options. Currently, there is an option to defer principal, interest and fees of current 7(a), 504 and Microloans for 6 months. There is an option to defer principal, interest and fees of new 7(a), 504 and Microloans issued before Sep 27, 2020. And there is an option to defer payments until Dec 31, 2020 on any existing SBA Loans in effect prior to Mar 1, 2020; however, interest will still accrue in this option.
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief - Small Business Guide and Checklist (U.S. Chamber of Commerce)
https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf - Guide to SBA Economic Injury Disaster Loans (U.S. Chamber of Commerce)
https://www.uschamber.com/report/guide-sbas-economic-injury-disaster-loans - SBA - Loan Presentation - COVID-19
SBA - Loan Presentation - COVID-19 - 03-18-2020 v1.pdf - SCORE Houston SBA Loan Assistance
https://www.score.org/coronavirus - 3 month IRS Tax Payment Extension approved for all tax payments allowing individuals the ability to defer up to $1 million without interest or penalties and corporations up to $10 million.
https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020 - $10,000 Employee Credit Retention
https://home.treasury.gov/news/press-releases/sm962 - Guide to Employee Retention Tax Credit (U.S. Chamber of Commerce)
https://www.uschamber.com/report/guide-the-employee-retention-tax-credit - WARNING about COVID-19 Scams & Fraud
Pursuant to the U.S. Treasury Department,
"If you receive calls, emails, or other communications claiming to be from the Treasury Department and offering COVID-19 related grants or stimulus payments in exchange for personal financial information, or an advance fee, or charge of any kind, including the purchase of gift cards, please do not respond. These are scams. Please contact the FBI at www.ic3.gov so that the scammers can be tracked and stopped. Fraud involving payment of Federal taxes should be reported to the Treasury Inspector General for Tax Administration."