We’re getting an unprecedented amount of calls and emails regarding the PPP and relief legislation that’s been rolling out, so I thought it might be best that I set up a page dedicated to this information.
Stimulus Checks (Individuals)
Most of this has been covered fairly well by the media, but each taxpayer should receive a $1,200, one-time stimulus payment, and $500 per child. The $1,200 phases out based on your reported Adjusted Gross Income (AGI; on your 2019 Form 1040, this would be the amount reported on line 8b) as well as your filing status.
If you think you’re fairly close to the phase out limits (75k for single, 150k for married. 112.5k for head of household), you are welcome to use the below calculator to estimate your payment.
Payroll Protection Program (Small Businesses)
The CARES Act rolled out a loan/grant program designed to get small businesses the working capital that they need in order to keep folks on the payroll and to help out with fixed payment items like payroll, rent expense or mortgage interest, utilities expenses, or other loan interest on pre-covid loans. At a very high level, a bank will loan you 2.5x’s your average monthly payroll costs, and so long as you spend the loan proceeds on the fixed payment items mentioned, those amounts will be forgiven under a federal “grant.” Any remaining balance on the loan will be switched over to a “regular” loanPayments on this loan can be deferred for 6-12 months. No collateral or personal guaranty needed.
Oklahoma OESC COVID FAQ Page
Department of Labor COVID FAQ Page