J & K Services

Just one week ago today, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. By now you’ve probably received and reviewed lots of information to determine the appropriate steps for your clients, and maybe even for your own firm. The estimated $2 trillion package, includes nearly $377 billion specifically designed to assist small businesses in the form of extremely favorable and forgivable loans. As businesses with fewer than 500 employees are l...ikely eligible for the Paycheck Protection Program, the vast majority of insurance agencies and their clients may qualify for assistance. An additional measure to help small businesses is the expansion of the Economic Injury Disaster Loans (EIDLs) offered through the Small Business Administration (SBA). These loans can go up to $2 million and with a 30-year term at 3.75% interest but are not forgivable. Companies can apply for both the Paycheck Protection Loan and the EIDLs as long as the funds do not cover the same expenses. The Small Business Owner’s Guide to the CARES Act To stay up to date on the implementation of these programs, please visit the following websites: Guide to the CARES Act published by the U.S. Senate Committee on Small Business & Entrepreneurship, this guide provides a simple and consolidated view of the programs available. SBA here you will find information on all COVID-19 related programs that SBA is providing, including the Paycheck Protection Program, Economic Injury Disaster Loans and Emergency Grants, and Small Business Debt Relief. Department of Treasury here you will find information on the Paycheck Protection Program, as well as other tax provisions meant to help employers, including non-profits. I wanted to make sure we got this valuable information in your hands so you can take your appropriate action quickly. The insurance industry and the independent distribution channel is resilient, and we will come through this together. As I’ve said before, these are unprecedented times. Not ever in my career did I think we would face a situation like we are in today. But my confidence in this industry and the independent agent and broker network never falters.

Update: Stimulus Payments and Social Security Recipients The IRS has announced that Social Security recipients will automatically receive economic impact payments. Those receiving Social Security benefits who don’t typically file a tax return will not need to file an abbreviated (simple) tax return to receive their stimulus payment. The IRS will use information from Forms SSA-1099 and RRB-1099 to generate payments for these individuals. The payment will be sent as a direct d...eposit or check, however they normally receive their benefits. From the news release: We want to ensure that our senior citizens, individuals with disabilities, and low-income Americans receive Economic Impact Payments quickly and without undue burden, said Secretary Steven T. Mnuchin. Social Security recipients who are not typically required to file a tax return need to take no action. See more

Los beneficiarios del Seguro Social recibirán automáticamente pagos de impacto económico 1 de abril de 2020 WASHINGTON - El Departamento del Tesoro de los EE. UU. Y el Servicio de Impuestos Internos anunciaron hoy que los beneficiarios del Seguro Social que generalmente no están obligados a presentar declaraciones de impuestos no necesitarán presentar una declaración de impuestos abreviada para recibir un Pago de Impacto Económico. En cambio, los pagos se depositarán automáti...camente en sus cuentas bancarias. "Los beneficiarios del Seguro Social que generalmente no están obligados a presentar una declaración de impuestos no necesitan tomar ninguna medida, y recibirán su pago directamente en su cuenta bancaria", dijo el Secretario Steven T. Mnuchin. El IRS utilizará la información en el Formulario SSA-1099 y el Formulario RRB-1099 para generar Pagos de Impacto Económico de $ 1,200 a destinatarios del Seguro Social que no presentaron declaraciones de impuestos en 2018 o 2019. Los destinatarios recibirán estos pagos como depósito directo o en papel verificar, tal como normalmente recibirían sus beneficios.