We are in difficult times, and Congress has taken unprecedented steps to help individuals and businesses with their cash flow problems. Flhip.com has helped restaurants find the items and services they need to keep their businesses stay open and profitable. Now in these trying times, Flhip.com has what they need now, MONEY!
The historic $2 Trillion Stimulus Package that was passed and signed into law last Friday is designed to offer short-term relief during this crisis for employers and employees who have been laid off from their jobs or are on temporary leave, are self-employed/contractors, or are staying home with their children due to lack of daycare or school closures.
There a variety of programs available, including the following for business owners:
*Small Business Administration (SBA) Loan
- 0% interest, repayment within 12 months
- 12% interest after 12 months
*Disaster Loans: up to $2,000,000 is available through the SBA
- 3.75% interest rate
- Loan does not have to be repaid when it is used to pay for purchases for the business
*Forgivable Loans: up to $10,000,000
- The forgivable portion of the loan will be reduced if you lay employees off or if you reduce salary by 25% or more of the amount that employee received during the previous, full quarter
- 3.75% interest rate if not used for certain purposes
- Loan does not have to be repaid when it is used to pay for business purchases
- Must provide following documents, which Flhip can help you secure:
- Most recent Federal income tax returns
- Personal Financial Statement
Emergency Grants: up to $10,000 when you apply for loans
*These loans include other requirements, which Flhip can review with you to ensure your eligibility.
Employee Wage Assistance:
- Employee retention credit – 50% credit for paying up to $10,000 in employee wages
- Defer Payroll taxes until 2021/2022
- Use proceeds of certain loans for payroll (these proceeds won’t have to repaid)
- Full wages vs. Furlong employees
- Pay 2/3 wages and request unemployment to cover the difference
- Unemployment compensation will be comprised of both; state level aid and an additional $600 from the federal government (not to exceed normal compensation)
- For the first time in history Subcontractor will be eligible to received Unemployment Compensation Benefits based on an average compensation formula
Individuals, meanwhile, are entitled to receive up to $1,200 per person, and $600 per child, under the Stimulus Plan.
To qualify, you must file either a 2018 or 2019 tax return. The payment scales down based on income levels.
This stimulus package is massive in scope – AND – there are a lot of requirements that must be followed in order to receive the maximum amount of money allowed by law. Gathering the right paperwork for the application process alone can be quite the chore!
That’s where Flhip can help. We’ll work together to create a custom plan that will get the most money deposited into your bank account, so you can focus on what’s really important – the health and safety of your family.
Please use the calendar invite listed here to schedule an appointment so we can get the ball rolling!