COVID-19 Information
Updated 11/17/2020

Tax Credits

  • Paid Sick and Family Leave for Self-Employed 

    • Do I qualify? You may qualify for this tax credit if you ("the employee") meet one of the criteria below:

      • the employee is under a Federal, State, or local quarantine or isolation order related to COVID-19;

      • the employee has been advised by a health care provider to self-quarantine due to concerns related to COVID-19;

      • the employee is experiencing symptoms of COVID-19 and seeking a medical diagnosis;

      • the employee is caring for an individual who is subject to a Federal, State, or local quarantine or isolation order related to COVID-19, or has been advised by a health care provider to self-quarantine due to concerns related to COVID-19;

      • the employee is caring for the child of such employee if the school or place of care of the child has been closed, or the child care provider of such child is unavailable, due to COVID–19 precautions;

      • the employee is experiencing any other substantially similar condition specified by the U.S. Department of Health and Human Services.

    • If you are receiving unemployment benefits at the time of paid family or sick leave, then you are not eligible for this credit. 

    • If you think you may qualify for this credit, please contact us!

  • Employee Retention Credit (see details here)​. If you receive a PPP loan, then you are not eligible for this credit. 

​​Stimulus Checks and Recovery Rebate Credit

 

If you met the criteria below on your 2019 tax return, then you should have received a stimulus check for $1,200 per individual and $500 per child in the Spring of 2020. The second round of checks is currently being issued (Dec 2020/Jan 2021); these checks will be $600 per individual and child and are based on the same criteria. 

If you did not receive a stimulus check or received less than you should have, then you are eligible to receive the Recovery Rebate Credit on your 2020 tax return if you meet the requirements below.  ​

Stimulus Check Criteria:

- Single filer with adjusted gross income below $99,000

- Joint filer with adjusted gross income below $198,000

 

Phase-out. The stimulus check is reduced by 5% of your adjusted gross income above the following thresholds:

- Single filers:  $75,000

- Joint filers: $150,000

- Head of household: $112,500

See the IRS FAQ on stimulus payments here

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Loans for Small Business 

  • Economic Injury Disaster Loan (EIDL​)You must have sustained substantial economic damage as a result of the COVID-19 pandemic.

    • Open enrollment​​. Apply here

  • Paycheck Protection Program (PPP)​

    • These are no longer available.

    • See FAQs, forgiveness applications, etc. here

    • Check with your lender to see if they are accepting forgiveness applications. If they are and you would like assistance, please contact us. 

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Student Loans 

  • All interest is waived on loans held by the federal government until December 31, 2020, which may be extended. 

  • Details and FAQs for loans through the Department of Education are here.

Installment Agreements with IRS

  • Existing Installment Agreements with the IRS

    • If you cannot make your payments, you can contact the IRS to suspend payments until your financial condition improves. See details here. Please contact us with any questions. 

Unemployment 

  • Self-employed: you may qualify for unemployment under the CARES Act. 

  • In the CARES Act stimulus package, anyone that received unemployment may also receive an additional $600 per week for up to 4 months. These amounts are in addition to your state benefits. 

  • Click here for a high-level overview. 

Please check with your state's Department of Labor for how to apply for unemployment.

Polaris Tax and Business Services, LLC

423.521.2045 (Chad)

423.521.5882 (Shannon)

info@polaristaxes.com