Financial Resources & Information
Updated 4/6/2020

The following summarizes a list of helpful resources. If you would like assistance, please let us know. We can only offer assistance with tax-related programs and credits, SBA loans, budgeting, etc. Application for unemployment is not an area that we work in, but we will do our best to provide you with the relevant information.  

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  • Stimulus Checks  

    • See the IRS FAQ on stimulus payments here

    • $1,200 per individual​

    • $500 per child for individuals 

    • If you had a refund in 2018 or 2019 and used direct deposit, then your stimulus check will be deposited into that account. If you have not received a direct deposit in the past two years, the IRS will be setting up a website in the next 2-3 weeks where you can enter your bank information. 

    • If the amount of your stimulus payment is inaccurate, it will be reconciled on your 2020 income tax return. 

    • Income Limits. The stimulus check is reduced by 5% of your adjusted gross income above the start of the income phaseout:

      • For single filers, the income phaseout starts at $75,000.

      • For joint filers, the income phaseout starts at $150,000.

      • For heads of household, the income phaseout starts at $112,500.

  • Loans for Small Business 

    • Comparison Chart for EIDL vs. PPP see here
    • Economic Injury Disaster Loan (EIDL​)
      • You must have sustained substantial economic damage as a result of the COVID-19 pandemic.
      • Open enrollment​​. See the details here. Potentially up to $10K of the loan is forgiven. 
      • To apply click here.
    • ​Paycheck Protection Program (PPP)​
      • See details here
      • Applications are located here
      • You must apply through an SBA lender. We recommend first talking to your current bank about the application process because many banks are so busy that they cannot assist new customers. They will likely require quite a bit of documentation in addition to the application.
      • Enrollment is open for small businesses and open to self-employed on 4/10/2020.
      • Overview: The Paycheck Protection Program authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. The loan amounts will be forgiven as long as the loan is used to cover payroll costs, most mortgage interest, rent, and utility costs incurred over the 8-week period after the loan is made; as long as employee and compensation levels are maintained.  Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscriptions, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.  Loan payments will be deferred for 6 months.

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  • Student Loans 

    • All interest is waived on loans held by the federal government for 60 days, which may be extended. 

    • Click here for more info

  • Unemployment 

    • Self-employed: you may qualify for unemployment under the CARES Act. States are currently working with federal agencies to determine how they will receive the funds to pay the new benefits for the self-employed. Once they figure that out, there will likely be a specific process for self-employed people to apply for unemployment with their state office.

    • 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. 

Tennessee: will announce how self-employed people can apply for unemployment very soon. See the details here. There is also a table for unemployment eligibility here if you scroll down the page. 

Oregon: will announce how the program works soon. Details here. 

Other states: If you reside in another state, go to your Department of Labor's website and they will likely have details on their status. 

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Polaris Tax and Business Services, LLC

423.521.2045 (Chad)

423.521.5882 (Shannon)

info@polaristaxes.com