As new policies and plans are put in place almost daily during the current pandemic, it is important to stay up to date with those that can be beneficial to you and your business. Today I want to talk about the CARES (Coronavirus Aid, Relief, and Economic Security) Act and the Paycheck Protection Program, as well as the impact they will have on you.
Listen in as I break down what you need to know about the 2020 stimulus package and what it means for your tax credit. You will learn what payment requirements the IRS has suspended since the COVID-19 outbreak, what payments you are entitled to (whether you are self-employed or recently laid-off), and more.
Listen to the Full Episode:
What You'll Learn In Today's Episode:
- What the CARES Act is.
- How the 2020 stimulus package affects you.
- What payments you receive from the stimulus package.
- Which actions have been enacted for student loan debt since the outbreak.
- RMDs and retirement account withdraw provisions.
- What plans are put in place for self-employed people and the paycheck protection program.
Ideas Worth Sharing:
“This is a 2020 tax credit, but they are giving these tax credits early based on your 2018 or 2019 return. " - Jonathan Bednar
“Because of COVID-19, the IRS is suspending the RMD requirements. " - Jonathan Bednar
“Just because your student loan payments are not required doesn’t mean you should not call your service provider and stop your payments. " - Jonathan Bednar
Resources In Today's Episode:
- Jonathan Bednar: Twitter | LinkedIn
- CARES Act Webinar
- Application for SBA PPP Loan
- PPP Information Sheet
- The Paycheck Protection Program: What it Means For Small Business Owners