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(951) 674-8111 – Info@TheTaxPartner.com – www.TheTaxPartner.com

 

An Update from ARC Financial & Tax Services Regarding COVID-19

Available Resources, Services, and Support for Small Businesses and Individuals

 

During the current pandemic, ARC Financial & Tax is continuing to offer full Tax and Accounting services to business’ and individuals through our virtual and remote services. Our hours remain the same and we can be contacted via phone, email, social media or through our website contact page. We will be consistently providing updates that pertain to small businesses and individuals during the pandemic on our website (see COVID-19 Page), social media, and via email.

Below is a list of current resources available for business and individuals to help you during this current pandemic:

 

Business Loans & Grants

 

  • Paycheck Protection Program Forgivable Loans: SBA Lenders have begun  accepting applications for the Paycheck Protection Program Loans for small businesses and sole props. Independent contractors and self-employed individuals can begin submitting applications on 04/10/20. The SBA will forgive these loans if all employees are kept on payroll for 8 weeks and the money is used for specific purposes outlined in the loan program. Visit your current bank or credit union website to confirm they are participating and to submit your application. You can visit www.sba.gov for a list of SBA Lenders or go to https://mint.ussba.io/funding-programs/loans/coronavirus-funding-options/paycheck-protection-program for additional information on the program.

  • SBA Loans & Grants: The Small Business Administration is providing multiple Emergency Loan and Grant options in order to alleviate economic injury and loss of revenue for Small Businesses. Some of the loans have forgivable options when specific requirements are followed. Additional details and the ability to apply online is located at https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-18

 

Economic Impact Payments

 

  • Economic Impact/Stimulus Payments: The IRS has provided additional details regarding the payments individuals will receive in response to the pandemic. The payments will begin to be distributed automatically in the next three weeks.  The news release includes information on who is eligible, how the IRS will send payments and actions individuals can take to make sure their payment is sent to the right place. For detailed information, the link below will take you directly to the IRS website News Release: https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

  • Do you need to file a simple tax return to get your Economic Impact Payment (EIP) from the IRS:  Taxpayers who have not had to file a tax return for the last 2 years AND don’t receive Social Security payments should file a simple EIP return in order to receive their payment from the IRS. ARC can help! Contact us today to schedule a virtual appointment to get your simple return filed and make sure you receive your stimulus payment!

  • IRS Warns about COVID-19 Related Scams: The IRS is urging taxpayers to be on the lookout for calls and email phishing attempts about COVID-19 and the Economic Impact Payments (stimulus payments). The IRS reminds taxpayers that the IRS will not call you to verify or provide your financial information. Remember not to click or open email attachments or links that appear to be coming from the IRS.  Taxpayers should also watch out for text messages, websites, and social media attempts that request money or personal information. For the most up to date information on Economic Impact Payments, go to https://www.irs.gov/coronavirus

 

Additional Business & Individual Resources

 

  • Federal Income Tax Returns & Payments: The IRS has extended the Federal Income Tax Return and payment due date to July 15, 2020. There is no need to request an extension as this is automatic. But, if you are expecting a refund, you should file as soon as possible to receive those funds. Additional information can be found here https://www.irs.gov/coronavirus

  • CA Income Tax Returns & Payments: The CA Franchise Tax Board has extended the CA Income Tax Return and payment due date for all filers to July 15, 2020. In addition, 2020 Estimated Tax Payment due dates and 2020 LLC Taxes & Fees have also been extended to July 15, 2020. If you are expecting a refund, you should file as soon as possible to receive those funds. Additional information can be found here, https://www.ftb.ca.gov/about-ftb/newsroom/covid-19/extensions-to-file-pay.html

  • CA & Federal Unemployment Options: The California Employment Development Department has issued new guidance and rulings regarding benefit programs including unemployment insurance, paid family leave, and disability insurance. Filing a claim for these programs can be done online. This includes benefits for caregiving, quarantine, and reduced work hours. The Federal Government has also increased the weekly unemployment amount according to the CARES Act, as well as enacting additional provisions to help individuals during this time. Additional information on qualifying and applying for these benefits can be found at https://www.edd.ca.gov/about_edd/coronavirus-2019.htm

  • CA IBank Finance Programs: The California Infrastructure Development Bank is offering Disaster Relief Loan Guarantee Programs and Jump Start Loan Programs for Small Businesses. Information on eligibility, loan amounts, and loan requirements can be found here https://www.ibank.ca.gov/small-business-finance-center/

  • CA Sales Tax Returns and Payments: The California Department of Tax and Fee Administration is offering relief from paying and filing quarterly sales tax returns. This relief must be requested and can be done so online or by mail. To request relief, visit https://www.cdtfa.ca.gov/services/covid19.htm#Relief

  • CA Payroll Tax Returns and Payments: The California Employment Development Department is offering relief from paying and filing state payroll reports and taxes. The relief must be requested and can be done so online or by mail. To request relief, visit https://www.edd.ca.gov/about_edd/coronavirus-2019.htm

  • CA Eviction Moratorium & Mortgage Relief: California issued a statewide moratorium on residential evictions for renters who cannot pay rent due to COVID-19 related hardships. Specific Banks and Credit Unions are also providing relief for homeowners, including a 90 day grace period for all mortgage payments and no new foreclosures for 60 days. To find information on what to do if you can’t pay your rent and a listing of banks and credit unions participating in relief for homeowners, visit https://covid19.ca.gov/get-financial-help/#top

 

Due to the recent passing of the CARES Act (Federal Stimulus Bill), we are expecting constant updates on information and resources, how to apply for assistance, and additional critical support that may affect you and your business.

If any of these situations pertains to you and you need guidance requesting extensions or understanding your options, please feel free to contact us via email, phone, or social media.

 

Sincerely,

The Staff of ARC Financial & Tax Services, Inc.

 

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