Clarus Consulting

Wednesday Wisdom

As part of the stimulus package to help offset the financial damage inflicted on businesses as a result of the COVID-19 crisis, Congress has provided very financially beneficial tax provisions for businesses.

If you have 500 or fewer employees, you may qualify for an SBA Paycheck Protection Loan. The loan amount available is 2.5 times the average payroll prior to the epidemic plus other debt approved for refinancing. Please contact this office for further details or assistance with a loan application.

The IRS has launched a new, free, and easy-to-use online tool that enables those who don't normally file a tax return (non-filers), or have too little income to file, to register for recovery rebates (Economic Impact Payments) so they can receive their payments faster.

The IRS has expanded the postponement of filing and payment obligations to include those due on or after April 1, 2020 and before July 15, 2020.