COVID-19 Resources: We're here for you!
We want to help keep you up to date on our response to this crisis and to provide you with some valuable resources. Please watch this important video message from Senior Partners Private Wealth Management’s Managing Director, Noel R. Vincent, and Operations Director, Jeffrey B. Owens. We will continue to reach out to you with valuable information as economic conditions warrant. In the meantime, feel free to contact us whenever we may be of assistance. Please scroll down for further information. If the video link above did not play, please paste this URL into your browser: https://wp.me/p6RWVH-2Z.
The 2020 CARES Act provdes forgivable loans and grants to small businesses, non-profit organizations and churches, independent contractors, and the self employed. The Paycheck Protection Program offers employers up to 2.5x their average monthly payrolls in the form of a forgivable loan, provided certain conditions are met. The Economic Injury Disaster Loan Emergency Advance program provides for a $10,000 immediate cash advance that does not have to be repaid. Most small business owners, sole-proprietorships, churches, and non-profit organizations are eligible for both programs, and many independent contractors and self-employed individuals may also be eligible for one or both programs. For additional information, forms, or assistance applying for these programs, please contact our office at 281-440-9700.
What is coronavirus (COVID-19)? A coronavirus is a kind of common virus that causes an infection in your nose, sinuses, or upper throat. They’re called coronaviruses because under a microscope, they look like a crown. Most coronaviruses aren't dangerous. But in early 2020, after a December 2019 outbreak in China, the World Health Organization identified a new type of coronavirus. Officials named this new virus severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). This is the virus that causes COVID-19. Read more…
$2 Trillion Stimulus Bill Signed by President Trump
President Trump signed the CARES Act into law on the 27th of March, 2020. View the full text of the new law. Here are some of the key features of the act:
$100 billion will go to healthcare providers, including hospitals on the front lines of the COVID-19 pandemic.
- $27 billion will go to bolstering life-saving capabilities, including developing vaccines and the development, purchase, and distribution of critical supplies.
- $45 billion will go to the Federal Emergency Management Agency Disaster Relief Fund, more than doubling the amount available to support the President’s Emergency and Disaster Declarations to empower State, local, and tribal leaders to effectively respond.
To Help Families:
- This legislation provides tax free payments—treated as a refundable tax credit—to Americans, giving families the immediate financial support they need.
- Couples earning up to $150,000 will receive $2,400, plus an additional $500 for each child.
- Individuals earning up to $75,000 will receive $1,200, plus an additional $500 for each child.
- These payments will phase out for those earning over $75,000, $112,500 for head of household filers, and $150,000 for married couples filing joint tax returns.
- The legislation provides much needed assistance to Americans out of work.
- The CARES Act allows States to temporarily increase unemployment benefits and receive Federal reimbursement for the additional amount.
- Encourages States to waive the typical one week waiting period and provides an additional 13 weeks of benefits
- Creates a new program to assist the self-employed and independent contractors who are unemployed due to the pandemic.
- The legislation provides relief for homeowners and renters, ensuring that Americans’ homes are not threatened by the coronavirus.
- Enables payment forbearance for federally backed mortgages, requires a foreclosure and eviction moratorium for homeowners with such mortgages, and imposes an eviction moratorium for renters in federally supported housing.
- Suspends penalties for withdrawing up to $100,000 from retirement accounts.
- Allows a high-deductible health plan with a health savings account to cover telehealth services prior to a patient reaching the deductible.
- The legislation provides $3.5 billion in emergency funding to our child care providers to stay open, keep payroll, and prioritize the child care needs of healthcare, emergency, and sanitation workers all across our country.
To bolster the Economy:
- Small businesses that have been hurt by coronavirus will receive the help they need to survive and prosper.
- This legislation provides small businesses and nonprofits comprised of 500 or fewer employees with almost $350 billion in partially forgivable loans.
- The maximum loan amount for 7(a) business loans will be temporarily increased.
- This legislation also provides $17 billion to forgive 6 months of payments on any existing Small Business Administration non-disaster loans.
- The CARES Act provides critical payroll tax relief for small businesses.
- The legislation expands the emergency disaster loan program by funding $10 billion in advances on loan applications to rapidly help small businesses cover expenses including sick leave, payroll, and rent.
- Businesses adversely affected by the coronavirus are eligible for a tax credit of $5,000 for wages paid to each employee.