By Phil Rarick & Jacqueline Bowden Gold, Miami Lakes and Weston Business Law Attorneys
First, I want to share with you this simple, handy calculator that appeared in the Washington Post describing who qualifies for the federal Pandemic legislation checks and determines the amount of the check.
Click here: Coronavirus Checks Calculator
Note: As of this writing the bill has been approved by the Senate; we are still waiting for passage by the House.
When Will Checks Arrive?
Treasury Secretary Steven Mnuchin states his goal is to start sending out payments via either direct deposit or mail by April 6, although some experts believe this is overly optimistic. Experts caution it could take up to eight weeks to get all payments out after the President signs the legislation.
Note To Small Business Owners: SBA Loans That May Convert to Grants.
The new legislation provides almost $400 billion for small business owners in loans through banks certified by the Small Business Administration (“SBA”). The loans convert to grants (essentially the loans are forgiven) if used for payment of employee salaries, rent, paid leave, utility payments, health insurance and other worker necessities. We are closely monitoring this piece of the legislation and will report more fully on it early next week.
In these challenging times, we are here to help you, your family and small business successfully navigate this massive but temporary storm. Look for our future alerts.