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Covid-19 Provisions for the Self Employed

 April 8, 2020

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Details are beginning to become available for the various provisions of the Relief Act. 

  • Special rules apply to companies with fewer that 500 employees and fewer than 100 employees.
  • There are provisions for Self Employed (Schedule C and 1099 contractors).
  • Only businesses that were operational Feb 15, 2020 can apply. The payroll relief is from Feb 15 to June 30, 2020.
  • And there are various provisions concerning forgiveness to paying the loan back. 

Anyone applying through the SBA can have assistance with the Banks that handle the loan requests. The US government pays both the professional assisting and the bank their fees. These loans have no loan generation cost to the borrower. Jeff Sanders, Managing Director of Realta Solutions, jmsanders@realta.solutions, 720-601-3324 is available to help my clients navigate this process.

Please share this email with your friends and business associates and direct them to the Shiresfinancial.com website.

Thank you for your support of Shires Financial Group and its staff during these difficult times.

Here are some initial key web sites:

  • The NAV website
    Well-organized and streamlined information regarding PPA vs EIDL programs for small business.
  • The IRS Web Site
    The Coronavirus Tax Relief site that will be updated regularly over the coming weeks.
  • Payments
    Information about making a tax payment.
  • Apply Online for a Payment Plan
    The IRS Online Payment Agreement system lets you apply and receive approval for a payment plan to pay off your balance over time.
  • Direct Pay
    Use this secure service to pay your taxes for Form 1040 series, estimated taxes or other associated forms directly from your checking or savings account at no cost to you.
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