COVID-19 Package Benefits for Individuals

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COVID-19 Package Benefits for Individuals

Economic Impact Payment – Individuals who are required to file Tax Returns

Eligibility	US Residents who are require to file their Tax Returns and their Adjusted Gross In come (AGI) is – Up to $75,000 for Individuals and Up to $150,000 for Married couples filing joint Tax Returns
Benefits & Restrictions	Up to $1,200 for Individuals Up to $2,400 for Married couples filing joint Tax Returns Parents also receive $500 for each qualifying child. If Adjusted Gross Income (AGI) exceeds the threshold income limited: The payment amount is reduced by $5 for each $100 above the $75,000 for Individuals - Single filers with AGI exceeding $99,000 are not eligible receive any payment under this scheme The payment amount is reduced by $5 for each $100 above the $150,000 Married couples filing joint Tax Returns – Joint filers (with no children) with AGI exceeding $198,000 are not eligible receive any payment underthis scheme
Tax Returns Filing Requirements	Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment
How QX can help?	QX can help you to file your Tax Returns for 2018 & 2019 to determine the claim amount
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Economic Impact Payment – Individuals who does not require to file Tax Returns

Eligibility	Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.
Benefits & Restrictions	$1,200 for Individuals $2,400 for Married couples Parents also receive $500 for each qualifying child
Tax Returns Filing Requirements	US Residents who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment.
How QX can help?	QX can help you to file your Simple Tax Returns for 2018 & 2019
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Unemployment Insurance

Benefits & Restrictions

Unemployment Assistance will expand to the types of workers eligible to apply, extend the duration of time benefits may be received, and increase the typical dollar amount of payments. Duration of benefits is extended to 13 weeks beyond the number of weeks provided under each state’s rule (typically around 26 weeks). For 4 months, benefits are increased by $600/week. Some lower-income workers will be able to maintain their full salaries under the program if forced out of work as the result of the pandemic

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Paid Sick Leave

Eligibility	US employees of small and mid-sized firms who have worked for the company for at least one month and are unable to work or telework due to COVID-19. Employees are not required to be or become ill to qualify for sick leave: Employees instructed to remain at home or comply with company social distancing rules are eligible. May be used in addition to paid family leave. Parents of minor children who cannot work or telework because of child care duties caused by school closures may qualify for paid sick leave (in addition to paid family leave).
Benefits & Restrictions	Under the Families First Coronavirus Response Act (“Phase II”), full-time employees of businesses with fewer than 500 employees (and with conditional exceptions for those with fewer than 50 employees) are provided with 80 hours of paid sick leave. Part-time workers receive paid sick leave for a number of hours equal to the average number of hours worked over 2 weeks. Payments are equal to 100% of normal compensation ($511/day maximum).
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Paid Family Leave

Eligibility	US employees of small and mid-sized firms who have worked for the company for at least one month and are unable to work or telework due to COVID-19. Eligible if need to quarantine, care for a family member, or care for a child at home because of school closures.
Benefits & Restrictions	Provides up to 12 weeks of paid family leave at 2/3rds of an employee’s usual pay rate ($200/day maximum).
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Medicare/Mediclaim

Benefits & Restrictions	COVID-19 lab tests (with no out-of-pocket costs), medically necessary hospitalizations (including quarantine), qualifying vaccines (if available), and telemedicine.
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Student Loan

Eligibility	Borrowers with federal student loans are permitted to defer payments penalty-free until September 30, 2020. Borrowers must request forbearance from their loan servicer. A borrower who is not in default will automatically have their interest rate set to 0% for at least 60 days. All requests for garnishments from paychecks, federal income tax returns, and social security payments for defaulted borrowers have been stopped. Garnishments withheld from March 13, 2020, will be refunded Private collection efforts have also been stopped Employer-paid student loan payments are temporarily excluded from income tax reporting.
Benefits & Restrictions	Under the Families First Coronavirus Response Act (“Phase II”), full-time employees of businesses with fewer than 500 employees (and with conditional exceptions for those with fewer than 50 employees) are provided with 80 hours of paid sick leave. Part-time workers receive paid sick leave for a number of hours equal to the average number of hours worked over 2 weeks. Payments are equal to 100% of normal compensation ($511/day maximum)
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COVID-19 Package Benefits for Small Business

SBA Economic Injury Disaster Loan

Eligibility	Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available state-wide to small businesses, and private non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19). This will apply to current and future disaster assistance declarations related to Coronavirus.
Loan Amount	The SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Purpose of Loan	These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
Interest Rate	3.75% for small businesses 2.75% for non-profits
Loan Tenure	Up to 30 years
How QX can help?	Business Tax Returns Defining Current Assets & Liabilities Financial statement to cover all eligible expenses Guidance for filing an online Loan application
Useful links	https://www.sba.gov/disaster-assistance/coronavirus-covid-19 https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
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Economic Injury Disaster Loan Advances

Eligibility	In response to the Coronavirus (COVID-19) pandemic, small business owners in all the US states, Washington DC, and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
Purpose of Loan	These loans may be used to pay payroll and other recurring expenses.
How QX can help?	Business Tax Returns Defining Current Assets & Liabilities Financial statement to cover all eligible expenses Guidance for filing an online Loan application
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Paycheck Protection Program

Eligibility	This program is for any small business with less than 500 employees (including sole proprietorships, 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. Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Loan Amount	Eligible recipients may qualify for a loan up to $10 million determined by 2.5 times of average monthly payroll.
Tenure & Interest Rate	This loan has a maturity of 2 years and an interest rate of 0.5%.
Purpose of Loan & Forgiveness	Payroll costs Interest on mortgages Rent and utilities If employer maintains your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
Loan Application Template	Download Template
How QX can help?	8 weeks average cost (which is eligible for the purpose of loan) Guidance for filing an online loan application
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Employee Retention Credit

Eligibility	Employers can claim credit with an average of more than 100 employees for all employees who are retained but not currently working, as a result of COVID-19. For employers with an average of fewer than 100 employees, all wages paid qualify for the credit so long as the other requirements are met. Credits cannot be claimed for any wages paid by an SBA loan.
Benefits & Restrictions	Employers may receive a refundable payroll tax credit equal to the lesser of 50% of qualified wages or $5,000 per employee for wages paid to employees after March 12, 2020, and before January 1, 2021, if business activities were disrupted or suspended due to any government-imposed restrictions related to containing the spread of the virus. Businesses whose operations were not disrupted, but experienced a decline in revenue due to the virus, can also receive the same credits if gross receipts fell 50% as compared to the same quarter in the previous calendar year. Credits will continue until gross receipts exceed 80% of the same quarter’s gross receipts in the previous year.
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