First Priority Taxes and Financial Services

04/03/2020

https://studentaid.gov/manage-loans/repayment/plans/income-driven

An income-driven repayment plan sets your monthly student loan payment at an amount that is intended to be affordable based on your income and family size. We offer four income-driven repayment plans: Revised Pay As You Earn Repayment Plan (REPAYE Plan) Pay As You Earn Repayment Plan (PAYE Plan) Inc...

04/03/2020

How to handle your student loans
The U.S. Department of Education is allowing those with a federal student loan to suspend paying their loans for 60 days without accruing interest. Whether you suspend your loan or not, all loans will also have a 0% interest rate for at least 60 days. To suspend your loan, you’ll have to call your loan provider. To find your provider, log into your My Federal Student Aid account.

A better option might be to switch to an income-based repayment plan. These plans are based on a percentage of your discretionary income. You’ll pay more interest over the life of the loan, but if your income has taken a big hit, it can help your monthly payments be a lot more manageable.

If you have a private student loan, that doesn’t mean you’re out of luck. Many private lenders are mirroring the federal student loan offers. Reach out to your provider to see what it can do for you.

04/03/2020

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.

04/03/2020

https://www.sba.gov/funding-programs/disaster-assistance

The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters.

04/03/2020

The CARES Act includes $349 million for the U.S. Small Business Administration (SBA) to guarantee loans through its 7(a) loan program. The SBA is also offering Economic Injury Disaster Loans for qualifying small businesses. These are low-interest loans with terms potentially as long as 30 years for small businesses and nonprofits. You can apply for an SBA loan through its site. Be prepared to provide the following information:
Tax Information Authorization (IRS Form 4506T), completed and signed by each principal or owner
Recent federal income tax returns
Personal Financial Statement (SBA Form 413)
Schedule of Liabilities listing all fixed debts (SBA Form 2202)
You may also need to provide profit and loss statements, recent tax returns, and balance sheets.

04/03/2020

Also check your local Small Business Development Center for potential programs.

We support America's small businesses. The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business.

04/03/2020

The National Governors Association has a list of websites to find resources by state.

Please note: NGA does not maintain a list of Governors’ email addresses. We suggest you visit your Governor’s website and follow the instructions there on how to contact him or her.

04/03/2020

The American Banking Association is keeping a list of programs being made available by banks around the country.

As the novel coronavirus disease (COVID-19) continues to hurt communities across the country and the broader economy, America’s banks are making the health and well-being of their employees, customers and the communities they serve their top priority.

04/03/2020

Usually most self-employed people or independent contractors aren’t eligible for unemployment except in some cases in which someone has set up business as an S-corp. But things have changed. On Friday, President Trump signed into law the $2 trillion stimulus package, the Coronavirus Aid, Relief and Economic Securities Act (CARES), that includes expanding unemployment insurance to self-employed workers and independent contractors.

The bill extends unemployment benefits for 13 more weeks and also includes an additional $600 a week on top of state unemployment benefits for up to four months. The rate of state pay may be less for self-employed, independent contractors, and freelance workers.

Not everyone who is self-employed will qualify for unemployment, but it does make it an option for many more people. Also eligible for unemployment: anyone who becomes sick and is ordered to be quarantined.

To apply for unemployment benefits, visit your state’s unemployment website. The information you will need includes your Social Security number, your driver’s license or state ID, and Social Security numbers of any dependents you are claiming.

04/03/2020

Will the IRS mail me a notification?
The IRS is required to mail a written notice to taxpayers no later than 15 days after distributing an Economic Impact Payment. This notice to the taxpayer will indicate the payment amount, whether the payment was mailed or direct deposited, and a phone number to call if the taxpayer did not receive the payment. The payment should be received before any communication from the IRS is received by mail.

04/03/2020

Will I be required to complete a form to qualify for an Economic Impact Payment?
Taxpayers are not required to complete a form, but according to the IRS website, "In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail." This portal is being made available to taxpayers that did not receive a direct deposit. The IRS will provide more details as they are available.

04/03/2020

Am I required to sign up or pay a fee in order to receive an Economic Impact Payment?
No, please beware of phishing schemes from identity thieves claiming to be the IRS or another government agency. You are not required to sign up or pay a fee in order to receive an Economic Impact Payment. Please visit the IRS website for more details.