Financial Resources & Information
Updated 6/8/2020

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 $1K of the loan is forgiven per employee. 
      • Enrollment is currently limited to agricultural companies. 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. 
      • High-Level Overview: 
        • All loan terms will be the same for everyone at 1% interest. 
        • The loans will be forgiven as long as the loan is used to cover payroll costs, business mortgage interest, business rent, and business utility costs during the "covered period" of the loan (now 24 weeks after disbursement of the funds).
        • Forgiveness for payroll costs is limited to 8 weeks of average 2019 payroll costs.  
        • Self-employed individuals can include their compensation in payroll calculations. 
        • Payroll costs are capped at $100,000 on an annualized basis for each employee.
        • 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. 

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