For US Accountants and Bookkeepers
QXAS is helping accountants step up as advisors during this global pandemic. From helping with Accounting and Taxation to determining loan applicable in COVID-19 stimulus package – we’re bringing insight and support to help you and your clients through the crisis.
Need to know more about COVID 19 stimulus package and how can you help your client’s avail it? Do you have more questions about how can QXAS support your CPA firm through the COVID-19 crisis?
Individuals who are required to file Tax Returns
Individuals who do not require to file Tax Returns
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.
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.
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.
Up to 30 years
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.
These loans may be used to pay payroll and other recurring expenses.
If Adjusted Gross Income (AGI) exceeds the threshold income limited:
Eligible taxpayers who filed tax returns for either 2021 or 2020 will automatically receive an economic impact payment
QX can help you to file your Tax Returns for 2021 & 2020 to determine the claim amount
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.
US Residents who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment.
QX can help you to file your Simple Tax Returns for 2021 & 2020
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.
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
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.
Payments are equal to 100% of normal compensation ($511/day maximum).
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.
Eligible recipients may qualify for a loan up to $10 million determined by 2.5 times of average monthly payroll.
This loan has a maturity of 2 years and an interest rate of 0.5%.
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.
Provides up to 12 weeks of paid family leave at 2/3rds of an employee’s usual pay rate ($200/day maximum).
COVID-19 lab tests (with no out-of-pocket costs), medically necessary hospitalizations (including quarantine), qualifying vaccines (if available), and telemedicine.
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:
Benefits and Restrictions
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