Lauren Watkins CPA, PLLC

03/09/2022

Please send healing vibes, love, prayers, etc. to my sister's very good long-time friend Tyler, who suffered from a sudden and severe stroke last week, and if you can please consider donating to help his family cover the extensive medical bills for his continued care.

On February 24th, 2022, Tyler Bertolone celebrated his 31st birthday and… Warriors4Tyler Healing needs your support for Tyler's Stroke Financial Support Fund

05/27/2020

New guidance/interim rules has been released regarding PPP loan forgiveness, answering a lot of questions small business owners have had. Additionally, bills are in congress to potentially make some other changes, such as extending the period for forgiveness or relaxing the 75% payroll usage rules.

One important clarification (of many) is that it appears bonuses, hazard pay and pay to furloughed employees are eligible, as long as they don't exceed the pro-rated $100K/yr salary requirements.

The SBA and Department of Treasury issued a pair of new interim final rules Friday for the Paycheck Protection Program. Meanwhile, bills in Congress could make major changes to two of the PPP’s most significant rules. Votes could come as early as this week.

04/15/2020

I made a post early this morning about stimulus checks - it appears as though things have shaken out differently than the guidance initially stated. Individuals and families not receiving social security have started receiving checks today!

There is information from the IRS website here/where to enter payment info if you are a non-filer due to low/only social security income:

We’re committed to helping you get your economic impact, or stimulus, payment as soon as possible. See if you are eligible for an Economic Impact Payment.

04/15/2020

Some stimulus payment info. Also - this is the link to get further updates on the payments directly from the IRS:

https://www.irs.gov/coronavirus/economic-impact-payments

The IRS is launching a tracker for the ‘economic impact payments’ of up to $1,200 that it’s sending to most Americans.

04/14/2020

Some information on the changes to unemployment, including unemployment for self-employed workers.

Unemployment benefits for self-employed workers, independent contractors, and gig workers, who qualifies, how to file, and how much you will collect.

04/01/2020

Business phone is back up and running!

03/27/2020

We hope everyone is continuing to stay safe and healthy considering the COVID-19 situation. We are now seeing the massive impact it has had from an economic perspective. We are staying up-to-date on the Coronavirus Aid, Relief and Economic Securities (CARES) stimulus act in the works that will hopefully shortly. We will provide an update once that happens, but please see below for some of the major features reported of the proposed bill. Please bear in mind that this bill is still being finalized, so the below information is subject to change.

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CARES Stimulus Checks

o Each individual making under $75,000 per year or couples making under $150,000 per year should receive the full amount of the stimulus money. This phases out after that point. Amounts are $1,200 per individual, or $2,400 per couple.
o There is the potential for up to $500 additional per qualifying child.
o This is a one-time payment and will be based on 2019 incomes if the tax return has been filed, or 2018 incomes if the 2019 tax return has not yet been filed.
o There will reportedly be a notice sent out to taxpayers from the IRS to the individuals’ last known address informing of the payment distribution and method.
o Treasury Secretary Mnuchin stated he expects most people to receive payments within 3 weeks of the passing of the bill. Please see below for a calculator provided by the Washington Post to help you estimate what you might get from the stimulus:
https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/

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CARES Unemployment Benefit Expansion

o Additional unemployment pay on top of state unemployment (up to $600/month) to make up for 100% of lost wages.
o Expands unemployment benefits to cover part-time workers and self-employed people. This means some business owners might be eligible for unemployment.

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CARES Small Business Loans

o $349 million set aside for the US Small Business Administration (SBA) for loans under the SBA 7(a) loan program.
o SBA is also offering Economic Injury Disaster Loans for small businesses that qualify.
o Application will be done through the SBA site
https://disasterloan.sba.gov/apply-for-disaster-loan/index.html
o You will typically need to have similar information ready to what you would normally need to apply for a loan, such as personal financial statements, schedule of liabilities, tax returns, and potentially recent P&L and Balance Sheet reports.

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We are here to help during this incredibly uncertain time in any way we can. Please reach out to us ([email protected] / 704.910.3660) should you have any questions specific to your situation.