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Information Guide For Small Business Owners On Video

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Even as news breaks about a potentially viable COVID vaccine , as a nation we are still months away from any kind of actual reprieve from the viral pandemic. This worldwide epidemic has hit hard in the U. The goal of this IRS publication is to explain more about the resources available to both employers and their employees to soften the blow of these economic hardships. These qualified leave wages are not subject to your share of Social Security tax as the employer. These credits are equal for as much as 50 percent of employment taxes for wages paid to employees after March 12, , through December 31,

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As you navigate this difficult time, you may want to look into the following programs. Many businesses have had to furlough their employees, while others have been forced to cut hours. You can also use the funds for qualifying mortgage interest, rent, and utility payments. To apply, your business must have or fewer employees.

Independent contractors can also apply, and they Fo use the funds to cover their loss of income during this time. To apply, you must be a business or private nonprofit with or fewer employees or an independent contractor. These funds are a grant, and you do not have to repay them.

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The debt relief program provides assistance to businesses with non-disaster SBA loans, including 7 a, and microloans. You can also get this relief if you take out one of these loans within six months after the CARES Act was signed into law. Running a business is always challenging, but it's substantially harder during times of crisis and uncertainty. If you want resources or support for your small business, you may want to reach out to one of these organizations. Agencies can also reimburse contractors for leave paid to employees or subcontractors who can't work in government facilities during the coronavirus and who can't perform their jobs by telecommuting. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

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We suggest that you consult with a qualified tax or legal advisor. Get Directions. Although all personnel operate their businesses under the name WCG, they are each possibly subject to differing obligations and limitations and may be able to provide differing products or services.

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Paycheck Protection Program Many businesses have had to furlough their employees, while others have been forced to cut hours. Small Business Debt Relief Program The debt relief program provides assistance to businesses with non-disaster SBA loans, including 7 a, and microloans.

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Counseling and Training Running a business is always challenging, but it's substantially harder during times of crisis and uncertainty. Get to know us. Phone: Email: info wealthcg. Leave this field blank:. All rights reserved.]