COVID-19: What you need to know.

We are closely following developments related to COVID-19. Buckley & Sitzman are proud to see people across our region caring for and helping each other as we navigate this unprecedented time together. 


We are still conducting business and our top priority is keeping our employees and clients safe. We are following both our local government and the CDC’s recommendations and guidelines closely.

Our firm’s technology enables us to work remotely while continuing to provide our clients with the service they need during this time. We have suspended in-person meetings. We believe these steps are critical to protect our team members and their families, while doing our part to help minimize the spread of the virus. 


On this page you will find valuable guidance, access to communicate with our staff and relevant solutions linked to help you thrive during this ever changing time.  


Recovery Services For Small Businesses

Economic Injury Disaster Loan Program (EIDL)

Economic Injury Disaster Loan Program (EIDL)

Economic Injury Disaster Loan Program (EIDL)

 Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.  The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.  


NOTE: The EIDL needs to be completed in conjunction with the "PPP" application. 


Paycheck Protection Program (PPP)

Economic Injury Disaster Loan Program (EIDL)

Economic Injury Disaster Loan Program (EIDL)

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

The Paycheck Protection Program will be available through June 30, 2020.

Who can apply?

This program is for any small business with less than 500 employees (including sole proprietorship's, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.

How do I apply?

Contact your bank branch or lender and ask them to get you the electronic applications you need for your specific situation or click the link below to get started.

Recovery ASSISTANCE for individuals

Stimulus Check Program FAQ

Summary of the Families First Coronavirus Response Act (H.R. 6201) - March 25, 2020

Summary: Congress releases CARES Act - March 25, 2020

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 How much should I expect?

Payments are based on income (as indicated on tax forms you've submitted). Individuals making under $75,000 will receive $1,200. Couples making under $150,000 who joint-filed will receive $2,400. Those making 

$112,500 or less who filed as "head of household" will also get the full $1,200. 

Families will also receive an additional $500 per child. 

If you made over $75,000, you will receive less. For every $100 on income beyond $75,000, you will receive $5 less in your check. Individuals making $99,000 and couples making $198,000 won't receive anything. 

When will I get the payment? 

The Treasury Department said money will be sent "within three weeks" for direct deposits, which would be a little before April 18. Paper checks could take much longer to be sent out. 

Where will they send the money? 

The Treasury Department will use information provided from your 2019 tax return (or 2018, if you haven't yet filed taxes this year). 

How is it being sent? 

The payments will be sent the same way you received your last tax refund. If that was a direct deposit, that will be the method. Otherwise, the IRS will mail a check to your last known address.

I made over $99,000 when I filed taxes, but I've since been laid off. Will I get a payment? 

Likely not, but you can apply for it when you file your 2020 tax return. The IRS is expected to create a way to handle these situations. 

Will people on Social Security get a payment? 

Yes, provided they received Form SSA-1099 in 2019. 

Is the payment taxable? 

No. 

Summary: Congress releases CARES Act - March 25, 2020

Summary of the Families First Coronavirus Response Act (H.R. 6201) - March 25, 2020

Summary: Congress releases CARES Act - March 25, 2020

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 On March 25, the Senate passed a $2 trillion emergency aid proposal, described by Majority Leader Mitch McConnell as “a wartime level of investment into our nation.” It passed by a vote of 96-0. The House is scheduled to vote Friday, then the package goes to President Donald Trump, who is expected to sign it. This legislation, H. R. 748, ‘‘Coronavirus Aid, Relief, and Economic Security (CARES) Act,” aka the “Phase 3” bill, provides significant tax and non-tax stimulus to individuals and businesses. Below is a brief summary of key provisions. 


 

For a more detailed article regarding the legislation behind the CARES Act,   

CLICK HERE 

Summary of the Families First Coronavirus Response Act (H.R. 6201) - March 25, 2020

Summary of the Families First Coronavirus Response Act (H.R. 6201) - March 25, 2020

Summary of the Families First Coronavirus Response Act (H.R. 6201) - March 25, 2020

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 On March 18, President Trump signed the Families First Coronavirus Response Act (H.R. 6201), “FFCRA,” which provides affected individuals with paid sick and emergency leave and creates tax credits for affected employers, expands food and nutrition services, allows for emergency state unemployment insurance grants, and increases Medicaid funding to states, among other things. 

  All content provided in these articles is for informational purposes only. Matters discussed in these articles are subject to change. Buckley & Sitzman will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.