Covid-19 Support Services

Eligibility

Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available state-wide to small businesses, and private non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19). This will apply to current and future disaster assistance declarations related to Coronavirus.

Loan Amount

The SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

Purpose of Loan

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

Interest Rate

• 3.75% for small businesses
• 2.75% for non-profits

Loan Tenure

Up to 30 years

HOW QX CAN HELP?

• Business Tax Returns
• Defining Current Assets & Liabilities
• Financial statement to cover all eligible expenses
• Guidance for filing an online Loan application

Eligibility

In response to the Coronavirus (COVID-19) pandemic, small business owners in all the US states, Washington DC, and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue.

Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

Purpose of Loan

These loans may be used to pay payroll and other recurring expenses.

HOW QX CAN HELP?

• Business Tax Returns
• Defining Current Assets & Liabilities
• Financial statement to cover all eligible expenses
• Guidance for filing an online Loan application

Eligibility

• US Residents who are require to file their Tax Returns and their Adjusted Gross In come (AGI) is –
  • Up to $75,000 for Individuals and
  • Up to $150,000 for Married couples filing joint Tax Returns

Benefits & Restrictions

• Up to $1,200 for Individuals
• Up to $2,400 for Married couples filing joint Tax Returns
• Parents also receive $500 for each qualifying child.

If Adjusted Gross Income (AGI) exceeds the threshold income limited:

• The payment amount is reduced by $5 for each $100 above the $75,000 for Individuals – Single filers with AGI exceeding $99,000 are not eligible receive any payment under this scheme
• The payment amount is reduced by $5 for each $100 above the $150,000 Married couples filing joint Tax Returns – Joint filers (with no children) with AGI exceeding $198,000 are not eligible receive any payment under this scheme

Tax Returns Filing Requirements

Eligible taxpayers who filed tax returns for either 2021 or 2020 will automatically receive an economic impact payment

How QX can help?

QX can help you to file your Tax Returns for 2021 & 2020 to determine the claim amount

Eligibility

Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

HOW QX CAN HELP?

• $1,200 for Individuals
• $2,400 for Married couples
• Parents also receive $500 for each qualifying child

Tax Returns Filing Requirements

US Residents who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment.

HOW QX CAN HELP?

QX can help you to file your Simple Tax Returns for 2021 & 2020

Benefits & Restrictions

Unemployment Assistance will expand to the types of workers eligible to apply, extend the duration of time benefits may be received, and increase the typical dollar amount of payments.

• Duration of benefits is extended to 13 weeks beyond the number of weeks provided under each state’s rule (typically around 26 weeks).
• For 4 months, benefits are increased by $600/week.

Some lower-income workers will be able to maintain their full salaries under the program if forced out of work as the result of the pandemic

Eligibility

• US employees of small and mid-sized firms who have worked for the company for at least one month and are unable to work or telework due to COVID-19.
• Employees are not required to be or become ill to qualify for sick leave: Employees instructed to remain at home or comply with company social distancing rules are eligible.
• May be used in addition to paid family leave.
• Parents of minor children who cannot work or telework because of child care duties caused by school closures may qualify for paid sick leave (in addition to paid family leave).

Benefits & Restrictions

Under the Families First Coronavirus Response Act (“Phase II”), full-time employees of businesses with fewer than 500 employees (and with conditional exceptions for those with fewer than 50 employees) are provided with 80 hours of paid sick leave.

• Part-time workers receive paid sick leave for a number of hours equal to the average number of hours worked over 2 weeks.

Payments are equal to 100% of normal compensation ($511/day maximum).

Eligibility

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans’ organizations affected by Coronavirus/COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.

Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Loan Amount

Eligible recipients may qualify for a loan up to $10 million determined by 2.5 times of average monthly payroll.

Tenure & Interest Rate

This loan has a maturity of 2 years and an interest rate of 0.5%.

Purpose of Loan & Forgiveness

• Payroll costs
• Interest on mortgages
• Rent and utilities

If employer maintains your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.

How QX can help?

• 8 weeks average cost (which is eligible for the purpose of loan)
• Guidance for filing an online loan application

Eligibility

• Employers can claim credit with an average of more than 100 employees for all employees who are retained but not currently working, as a result of COVID-19.
• For employers with an average of fewer than 100 employees, all wages paid qualify for the credit so long as the other requirements are met.
• Credits cannot be claimed for any wages paid by an SBA loan.

Benefits & Restrictions

• Employers may receive a refundable payroll tax credit equal to the lesser of 50% of qualified wages or $5,000 per employee for wages paid to employees after March 12, 2020, and before January 1, 2021, if business activities were disrupted or suspended due to any government-imposed restrictions related to containing the spread of the virus.
• Businesses whose operations were not disrupted, but experienced a decline in revenue due to the virus, can also receive the same credits if gross receipts fell 50% as compared to the same quarter in the previous calendar year.
• Credits will continue until gross receipts exceed 80% of the same quarter’s gross receipts in the previous year.

Eligibility

• US employees of small and mid-sized firms who have worked for the company for at least one month and are unable to work or telework due to COVID-19.
• Eligible if need to quarantine, care for a family member, or care for a child at home because of school closures.

Benefits & Restrictions

Provides up to 12 weeks of paid family leave at 2/3rds of an employee’s usual pay rate ($200/day maximum).

Benefits & Restrictions

COVID-19 lab tests (with no out-of-pocket costs), medically necessary hospitalizations (including quarantine), qualifying vaccines (if available), and telemedicine.

Eligibility

The Coronavirus relief bill, known as the CARES Act includes relief for student loan borrowers if they have borrowed federal student loans owned by the Department of Education (ED). These loans include:

• Federal Direct Loans (e.g. Stafford, Grad PLUS, Parent PLUS and Consolidation loans
• Federal Family Education Loan (FFEL)
• Federal Perkins Loans

Benefits and Restrictions

• Borrowers with federal student loans are permitted to defer payments penalty-free until September 30, 2021. Borrowers must request forbearance from their loan servicer.
• A borrower who is not in default will automatically have their interest rate set to 0% for at least 60 days.
• All requests for garnishments from paychecks, federal income tax returns, and social security payments for defaulted borrowers have been stopped.
• Garnishments withheld from March 13, 2020, will be refunded
• Private collection efforts have also been stopped
• Up to $5,250 of Employer Student Loan Assistance Is Tax-Free Through 2025