Covid 19 Stimulus Bill Support

Covid-19
Support Services

FOR US ACCOUNTANTS AND BOOKKEEPERS



QXAS is helping accountants step up as advisors during this global pandemic. From helping with Accounting and Taxation to determining loan applicable in COVID-19 stimulus package – we’re bringing insight and support to help you and your clients through the crisis.

Contact Us For Support
I would like to receive helpful emails, calls and resources from QXAS



Key service offerings by QX:



Financial statement for
applying loans as per CARES Act
Assist clients to file their Normal or
Simple Tax Returns for the year 2018
& 2019
Filing online loan applications
as per CARES Act

COVID-19 Package Benefits for Individuals

Need to know more about COVID 19 stimulus package and how can you help your client’s avail it? Do you have more questions about how can QXAS support your CPA firm through the COVID-19 crisis?



COVID-19 Package Benefits for Individuals

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


COVID-19 Package Benefits for Small Business

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
Get Started
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
Get Started
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
Get Started
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.
Get Started



Resources for Accountants & Bookkeepers



Want to know more about how we’re helping accountants guide their clients during uncertain times?



Contact Us For Support
I would like to receive helpful emails, calls and resources from QXAS