As you grapple with many changes due to Covid-19, we want to be sure you have the information you need for personal and business planning. Call your tax advisor at 404-705-4589 to discuss the specific tax and business considerations that may impact you.
INDIVIDUALS
Economic Impact Payments
- For individuals, visit the IRS link to see if you’re eligible for Economic Impact Payments: https://www.irs.gov/coronavirus/economic-impact-payment-information-center
Georgia Unemployment
- For individual unemployment claims in Georgia, visit Georgia Department of Labor: https://dol.georgia.gov/gdol-covid-19-information
BUSINESSES
Georgia Unemployment
- To file business unemployment claims in Georgia, visit Georgia Department of Labor: https://dol.georgia.gov/gdol-covid-19-information
Paycheck Protection Program
- This loan program applies to small business (less than 500 employees), sole proprietors and independent contractors
- Maximum loan amount is the lessor of 2.5x payroll costs or $10M
- Loan has a maturity date of 2 years and an interest rate of 1%
- Loan will be fully forgiven if the funds are used for payroll costs (75%), interest on mortgages, rent and utilities
- Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
- Payroll data can be based on 2019 or a rolling 12 months
- To learn more: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
SBA – Economic Injury Disaster Loans
- These loans are available to all business impacted by Covid-19
- There is a grant portion of the EIDL program which entitles you to $10,000 EIDL Grant, which will be paid within 3 days of application
- Awarded grants do not need to be repaid, even if application for the Loan is denied
- To learn more: https://covid19relief.sba.gov/#/
- Max of 30-year term
- 75% interest rate
- Maximum of $2,000,000
- Up to $200,000 without a personal guarantee
- Loans are not forgivable, unlike PPP
