If you haven't taken your business seriously up until now, now is the time to get your business in order and launch it the RIGHT WAY! In following the updates on the financial assistance that may be available to businesses and individuals, I discovered that it's one thing that you must have in order to qualify your self and/or your business for assistance...INCOME TAXES!!!
In a nutshell, to meet some of the qualifications personally for the stimulus payment you must have filed your 2018 or 2019 income tax returns. To qualify your business for the EDIL, Economic Disaster Injury Loan you will need to provide proof of your business tax returns. In order to qualify for the PUA, Pandemic Unemployment Assistance you may need to provide your income tax return as proof of income.
Regarding the stimulus payment:
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment.
FAQs (from IRS.gov)
I have a tax filing obligation but have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.
I need to file a tax return. How long are the economic impact payments available?
For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.
Resources IRS.GOV/CORNAVIRUS visit their website for update and more information.
SBA - EDIL -Economic Injury Disaster Relief Loan
Need business gross income revenue over last 12 months.
Proof of income via your business 2019 tax return or your profit and loss statement if not filed
Unemployment Insurance -
As a self employed individual or independent contract worker you are covered for Unemployment Insurance in event of a natural disaster. Under the CARES ACT you are now covered for Pandemic Unemployment Insurance due to COVID-19.
Pandemic Unemployment Assistance or PUA, is the program that will provide unemployment benefits to those not ordinarily eligible for them. This includes individuals who are self-employed, gig workers, 1099 independent contractors, employees of churches, employees of non-profits 501C3s, or those with limited work history who do not qualify for state unemployment benefits. The GDOL has modified its current online unemployment application adding new questions to better identify those individuals who may be eligible for PUA. These individuals must be determined not to be eligible to receive state benefits before being evaluated for federal PUA benefits.
When you apply you will need proof of earnings.
If self-employed, have proof of earnings for the most recently completed income tax year, such as:
Copies of the most recently completed income tax returns
Copies of quarterly estimated income tax payments records
Resource dol.georgia.gov to get more information and details visit their website.
Visit our M.O.B. BUSINESS TUTORIALS for the video on this topic.