The Coronavirus Aid, Relief and Economic Security (CARES) Act was passed by Congress and signed into law on March 27, 2020. It provided numerous resources and assistance for both individuals and small businesses that have been impacted financially by the Corona Virus.
Riverplace Capital financial experts have read through it and are here to help you with any questions you may have on how this impacts you or how you or your business can utilize these resources.
Below is a breakdown of what is available to you personally and what programs exist if you are a small business owner. This is just an overview of what is available, and we would welcome your calls to help further assist you.
Households with an adjusted gross income of $150,000 or less will receive a $2,400 relief check via direct deposit based up on the 2018 or 2019 tax filings and receive $500 per child.
Individuals with an adjusted gross income of $75,000 or less will receive $1,200, also, those earning $99,000 will receive a phased down version.
In 2020 RMD’s (Required Minimum Distribution) will NOT be required and have been suspended for the year. If you’ve taken your RMD in the last 60 days you can return that to your IRA without tax consequences.
Small Business Resources
Paycheck Protection Program to provide relief of 8 weeks of payroll, is totally forgiven if you meet all of the criteria.
SBA Disaster loans up to $2,000,000 are available with the potential to receive a grant from the SBA.
Florida Department of Economic Opportunity Bridge Loan up to $50,000.
We have all of the details for these resources so please do not hesitate to give us a call at (904) 346-3460, we are here to answer any of your questions!