COVID-2019 and the Paycheck Protection Program: US Treasury Department to add in more money.
On Tuesday, 7 April 2020, Treasury Secretary Mnuchin said had asked Congress for additional funding to support small businesses’ payrolls to the tune of $250 billion. This comes on the back of the ever-increasing threat of the COVID-19 pandemic. Which saw New York alone recording a record 731 deaths from the pandemic in the past 24 hours.
As the Treasury sees a prolonged battle with this pandemic. Small businesses can keep an ear out for this new round of funding. Paycheck Protection Program add money, Senate Majority Leader Mitch McConnell pushed for passage as soon as Thursday.
- If approved by Congress, the IRS and Treasury will break the news. Keep an eye out on their websites for accurate updates. Do the same with SBA.
- If approved, this will add to the $349 billion already approved for the same purpose. And the $2.3 trillion economic stimulus package already being processed.
By now, if your small business hasn’t begun applying for any COVID-19 related rescue package. Then you must really be worried about the information coming to you. Nevertheless, in order not to miss any future updates on such, you can schedule a quick chat with us. And we will be happy to walk you through the packages you qualify for and save big on your taxes for this season.
Ps: If you have a question about what is happening? And what needs to be done get Coronavirus Stimulus check. Go to our Coronavirus FAQ: The Cares Act. Don’t forget that we can help you file your taxes! Have a Free Quick tax Chat with your Dave Ramsey Endorsed Tax Accountant.
