The majority of Americans will start to see some financial relief in April through economic impact payments being issued by the Internal Revenue Service through the newly signed Cares Act.

How do you know if you qualify?

• your filing status is single or married but filing separately, and your adjusted gross income is less than $99,000;

• your filing status is head of a household, and your adjusted gross income is less than $136,500;

• your filing status is married and you file jointly, and your combined adjusted gross income is less than $198,000;

• your adjusted gross income is above $75,000 as an individual or $150,000 as a joint filer, the payment amount is reduced by $5 for each $100

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Single or married filing separately

• If your adjusted gross income is below $75,000, you’ll receive the full $1,200. You will also receive $500 for each child under the age of 17 you claim on your taxes.

• If your adjusted gross income is above $75,000, you’ll receive an amount that will be reduced by $5 for every $100 in adjusted gross income above $75,000.

• If your adjusted gross income is more than $99,000 and you don’t claim any children under the age of 17, you won’t receive an economic impact payment.

Head of household

• If your adjusted gross income is below $112,500, you’ll receive the full $1,200. You will also receive $500 for each child under the age of 17 you claim on your taxes.

• If your adjusted gross income is between $112,500 and $136,500, you’ll receive an amount that will be reduced by $5 for every $100 in adjusted gross income above $112,500.

• If your adjusted gross income is more than $136,500 and you don’t claim any children under the age of 17, you won’t receive an economic impact payment.

Married filing jointly

• If your adjusted gross income is less than $150,000, you’ll receive the full $2,400. You will also receive $500 for each child under the age of 17 you claim on your taxes.

• If your adjusted gross income is above $150,000, you’ll receive an amount that will be reduced $5 for every $100 in adjusted gross income above $150,000

• If your adjusted gross income is more than $198,000 and you don’t claim any children under the age of 17, you won’t receive an economic impact payment.

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For the latest updates, kindly click here

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Small Business Financial Help-U.S.

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The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated almost $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses.

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You are eligible to apply for a PPP loan if you are:

• A small business with 500 or fewer employees

• Defined as “small” by SBA Size Standard that allows for higher employee threshold or is revenue based; or

• A small business with maximum tangible net worth up to $15 million and the average net income for full 2 fiscal years prior to application does not exceed $5 million

• A 501(c)(3) with 500 or fewer employees

• A  sole proprietor, independent contractor, or self-employed

• A Tribal business concern that meets the SBA size standard

• A 501(c)(19) Veterans Organization that meets the SBA size standard

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How much can I borrow?

Loans can be up to 2.5 x the borrower’s average monthly payroll costs, not to exceed $10 million.

• Payments deferred for six months

• 1.00% fixed interest rate

• Loan is due in two year

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For more guidance, follow this link

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Personal Financial Help-Canada

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Individuals and families

• A new temporary salary top-up for low-income essential workers

• Increasing the Canada Child Benefit

• Special Goods and Services Tax credit payment

• Extra time to file income tax returns

• Mortgage support

People facing loss of income

       Canada Emergency Response Benefit (CERB)

Indigenous peoples

• Indigenous Community Support Fund

• Supporting preparedness in First Nations and Inuit communities

• Making personal hygiene products and nutritious food more affordable

People who need it most

• Improving access to essential food support

• Enhancing the Reaching Home initiative

• Women's shelters and sexual assault centres

• Youth support: mental health

Seniors

• Reduced minimum withdrawals for Registered Retirement Income Funds

• Supporting the delivery of items and personal outreach

• Immediate and essential services through the New Horizons for Seniors Program

Students and recent graduates

• Suspend repayment and interest on Canada Student Loans and Canada Apprentice Loans

• Temporary changes to Canada Summer Jobs program

 

Support for businesses

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• Canada Emergency Response Benefit (CERB)

• Deferral of Sales Tax Remittance and Customs Duty Payments until June

• More time to pay income taxes

Businesses in the Territories

• Support for operating costs

 

Support for industries

• Keeping workers in the food supply chain safe

• Increasing credit available for agriculture, fisheries and aquaculture

• Support for airports

• Support for broadcasters

• Support for tourism operators

• Support for northern air carriers

Industries may also qualify for these programs:

• 75% Canada Emergency Wage Subsidy

• Temporary 10% Wage Subsidy

• Extending the Work-Sharing program

• Establishing a Business Credit Availability Program

• Canada Emergency Business Account

• Launching an Insured Mortgage Purchase Program

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For the latest visit here

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