We’re sorry. Truly sorry for any, and everyone negatively affected by this mess.
To that end, many of our clients are reaching out and wondering what relief resource are available. There are a number of local and national individual and business relief programs that we are happy to inform you of and have listed below.
Please keep in mind, these programs are moving targets. We will do our best to provide timely updates on news and different programs we become aware of, and we appreciate your patience as we do.
- Let’s start with a local timely one. Prosper Portland, formerly Portland Development Commission, is offering emergency loans under a small business relief. 1.38 million dollars of funding. Applications must be submitted by midnight on April 1st. Here’s a link to the FAQs.
Details you’ll need include the following:
– 2019 Gross Revenue
– Revenue loss you expect due to COVID-19
– Oregon Registry Number (different than your EIN). This can be found on the Oregon Secretary of State site (FilinginOregon.com) by searching with your business name. For example, here is a link to GGT’s Oregon Business Registration and you can see our registration # is 1235106-95. Please note, this is the Business Registration for my LLC, not my Assumed Business Name. I suggest you use your LLC or Corporate Registration number and not your Assumed Business Name or DBA if you have both.
If you are restaurant, doubtlessly impacted by this, I strongly suggest you apply.
- Oregon Resource for Business COVID-19. This is a home page to many links for resource, loans, and grants for business. Bookmark this site. Please note, although thorough, it’s certainly not end all/be all as I don’t see the Portland Prosper loan here.
- US SBA Disaster Loan. Link to the application here.
For COVID-19, you are looking at the Economic Injury Disaster Loans. Please note, their website is often-times overwhelmed and you may have to download and submit a paper application.
In addition to businesses, the Federal Disaster Loans are for Private Non-Profits, Homeowners, and Renters. Here is a link to an excellent article in Forbes breaking down some details of the specific package passed under the CARES act. Here is a link to a solid webinar for LGBT-Owned businesses during COVID-19. Regardless of if you’re LGBT, you may find some solid information relevant to you in the webinar.
Loan forgiveness provisions are generous. Please, please check these articles out.
- Paycheck Protection Program Loan Guarantee. The same Forbes article listed above covers this program in detail. What’s awesome about this one is that self-employed, sole-props, freelance, and gig economy workers are eligible to apply. Part of this loan may be forgiven.
Please note, you can apply for both types of loans as long as they cover different expenses. Unfortunately, Cannabis companies are not covered by these last two programs.
- Relief for Renters. There is relief for both renters and homeowners. In addition to eviction protections, CARES authorized funding to HUD for monies for rent assistances.
- Stimulus Checks. $1200 per adult, $500 per kid. Phaseout at $75,000 AGI for single and $150,000 for Married Filing Joint. This is based on your most recently filed return. If you are concerned that 2018 shows significantly more income than 2019 and will be adversely affected, please call our office and we will do our best to get your return complete and filed in a timely manner. In the meantime, when checks go out, or if they get directly deposited, your guess is as good as mine. One thing to note, if you have moved since your last filed return, I strongly suggest you complete and submit a Change of Address Form 8822 with the IRS. Mailing address for this form is on page 2 of the link.
- Unemployment Benefits vastly expanded. From the same NY Times link as the stimulus checks, just lower in the page. Under the expansion, eligible works will get an extra $600 per week on top of their state benefit. These benefits have been expanded to cover self-employed and freelancers.
We hope these resource can provide you some relief and assistance. Our staff is still available if you have any questions or concerns. Our calendar is open for appointments, with extended availability due to the updated July 15th deadline. Appointments are being done via telephone and screen share options in order to keep our staff and clients safe while respecting the CDC Social Distancing guidelines. We are here to help and will continue providing updates as we have them.
Baruch and the Go Green Tax team