This link will take you to a summary of each of the below detailed program. They should be used as a general guideline and if they seem applicable to your business, please click on the section link below for a detailed breakdown of each program, specific qualifications and application instructions.
We will revise this link as more information becomes available and/or new guidance is issued by the various governmental entities.
KPA Summary Guide of Available Programs
The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security(CARES) Act that was just passed by Congress are intended to assist businessowners with whatever needs they have right now. When implemented, there willbe many new resources available for small businesses, as well as certain nonprofits and other employers. This guide provides information about the majorprograms and initiatives that will soon be available from the Small BusinessAdministration (SBA) to address these needs, as well as some additional taxprovisions that are outside the scope of SBA.
Small Business Owners Guide to the CARES Act
U.S. Chamber of Commerce CARES Act Guide and Checklist
From the Independent Accounts Association of Illinois - The CARES Act provides small businesses with assistance to continue to operate and pay their employees during the current pandemic in the form of a payroll protection loan. This loan is available to small businesses with 500 or less employees and to self employed sole proprietors. Some or all of the loan may be forgivable if the funds are used for purposes defined in the Act.
IAAI Payroll Protection Programs Forgivable Loans
AICPA PPP Loan Calculator Non-Seasonal Operational in 2019
AICPA PPP Loan Calculator Non-Seasonal Non-Operational in 2019
AICPA PPP Loan Calculator Seasonal Employers
From the U.S. Senate Committee on Small Business & Entrepreneurship - You can apply for the Paycheck Protection Program (PPP) at any lending institution that is approved to participate in the program through the existing U.S. Small Business Administration (SBA) 7(a) lending program and additional lenders approved by the Department of Treasury. This could be the bank you already use, or a nearby bank. There are thousands of banks that already participate in the SBA’s lending programs, including numerous community banks. You do not have to visit any government institution to apply for the program.
Small Business Payroll Protection Program FAQs
The SBA is now offering low-interest, long term federal disaster loans for working capital to organizations suffering substantial economic injury as a result of the COVID-19 pandemic. This presentation is applicable to all small businesses from ALL states and takes you through the qualifications and steps to apply.
Applying for SBA Economic Injury Disaster Loans
From the US Dept of Labor - The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave and expanded family and medical leave for specified reasons related to COVID-19. These provisions will apply from April 1, 2020 through December 31, 2020.
Families First Coronavirus Response Act Employee Rights Poster
The SBA posted their application for small business owners to apply for the new Paycheck Protection Program (PPP) overnight. The following are an information sheet on the program and qualifications for application and benefits, a FAQ and the SBA PPP Application Form. Filings can be submitted starting April 3, 2020. You are encouraged to file quickly due to the funding cap.
Paycheck Protection Program Overview
Paycheck Protection Program Borrower Information Fact Sheet
SBA Paycheck Protection Program Application
As further details regarding these or any new programs become available, we will update this page accordingly. Please review this information carefully.
KPA continues to operate under our Business Continuity Plan, which allows us to continue to service our clients, with limited staff and hours. We continue to maintain essential services while also attempting to allow our team members the ability to adhere to the governor's stay-at-home order and be with their families while kids are out of school, etc. Thank you for your patience and understanding during this time.
Much of the stimulus news has been widely reported regarding how it will affect individuals and families. We are currently working on summaries, key programs, expectations and relevant updates for our client base. As we get guidance from the various governmental entities, we will analyze and update this section with details.
From the Independent Accountants Association of Illinois (IAAI) - The recently passed Coronavirus stimulus bill has tasked the IRS with sending stimulus payments to most Americans "as rapidly as possible." Here is a detailed summary of what to expect.
2020 Coronavirus Stimulus Payment Info
From the Independent Accountants Association of Illinois (IAAI) - Although unemployment insurance is handled by individual states, the CARES Act has expanded the individuals who can now qualify for benefits, the length of the eligibility period and the amount of weekly benefits American can receive. The following is a detailed summary of the new qualifications and benefits.
CARES Act Unemployment Insurance Provisions
The Illinois Department of Employment Security (IDES) has been inundated with filings and is asking filers NOT to call their offices with questions. Importantly, for the self-employed, they are NOT ready to accept filings yet under the recently enacted federal legislation. The following IDES FAQ answers a few questions. KPA will update this section for filers, especially related to our self-employed clients, as information become available. Unfortunately, we do NOT have answers yet either.
IDES Unemployment Insurance FAQ March 2020
Since taxpayers may not know their prior year’s tax liability if they do not file by the original due date, the Department is providing for an additional option upon which taxpayers can base their 2020 estimated tax payments. For 2020, estimated tax payments can be based upon either:
1. 100 percent of their estimated liability for the year 2020,2. 100 percent of their actual liability for year 2019, or3. 100 percent of their actual liability for year 2018.
IDOR Changes to Estimated Payment Requirements