CARES Act Update

Friday, April 10, 2020

Paycheck Protection Program (PPP)
Banks have started to accept and process PPP applications.  We anticipate that the major banks, such as Bank of America and Chase, will process and fund these applications rapidly.  Please keep in mind that upon approval/funding, the 8-week covered period to utilize the money will start. Congress is considering additional funding to the $349 billion already allocated for PPP.

Federal Unemployment through Pandemic Unemployment Assistance Program (PUA)
Self-employed individuals, as well as other individuals previously ineligible for state unemployment benefits, should be able to apply for PUA through their respective state labor departments.

Estimated Tax Payments  
Under IR 2020-66, the IRS has extended the Q2 estimated tax payment (originally due June 15th) to July 15th.  This payment will be due along with the Q1 estimate.

Economic Impact Payments
Payments were set to begin April 9th, with payments continuing into September prioritized by income level.  Those with direct deposit should receive their payments sooner.   LLI does not know when you can expect your payment.

Enhanced Access to Retirement Funds
Distribution and loan provisions for coronavirus-related situations have been changed, including the suspension of the 2020 Required Minimum Distributions (RMD).  Please contact our office for more information.

 

DISCLOSURE
LLI Advisory Group provides this information as a service to clients and other friends for informational purposes only. It should not be construed or relied on as legal or tax advice.

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