Covid-19 Resources

By April 17, 2020News

As you grapple with many changes due to Covid-19, we want to be sure you have the information you need for personal and business planning.  Call your tax advisor at 404-705-4589 to discuss the specific tax and business considerations that may impact you.

INDIVIDUALS

Economic Impact Payments
Georgia Unemployment

 

BUSINESSES

Georgia Unemployment
Paycheck Protection Program
  • This loan program applies to small business (less than 500 employees), sole proprietors and independent contractors
  • Maximum loan amount is the lessor of 2.5x payroll costs or $10M
  • Loan has a maturity date of 2 years and an interest rate of 1%
  • Loan will be fully forgiven if the funds are used for payroll costs (75%), interest on mortgages, rent and utilities
  • Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.  Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
  • Payroll data can be based on 2019 or a rolling 12 months
  • To learn more: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
SBA – Economic Injury Disaster Loans
  • These loans are available to all business impacted by Covid-19
  • There is a grant portion of the EIDL program which entitles you to $10,000 EIDL Grant, which will be paid within 3 days of application
  • Awarded grants do not need to be repaid, even if application for the Loan is denied
  • To learn more: https://covid19relief.sba.gov/#/
    • Max of 30-year term
    • 75% interest rate
    • Maximum of $2,000,000
    • Up to $200,000 without a personal guarantee
    • Loans are not forgivable, unlike PPP