Law Offices of John J. Thyne III

Thank you Jeff Bridges ("The Dude") for supporting Santa Barbara's first responders and brave hospital workers. Donations of unused masks, gloves, and medical wear are being accepted at the Law Offices of John J. Thyne III, 2000 State Street, Santa Barbara, CA 93105. We will get through this together.

UPDATE: This is now law! The Senate unanimously passed the Coronavirus Aid, Relief, and Economic Stabilization Act [CARES Act] and the House of Representatives approves it 3/27/20 then the President signed it, which provides the following: Small businesses can apply for a Small Business Loan (probably going to take banks a few weeks to get up to speed on administering this) for payroll of up to $33,333 per employee for the period from March 1, 2020 June 30, 2020. Payroll lo...ans will be forgiven based on a coefficient of: # of FT employees from 3/1/20-6/30/20 divided by # of FT employees from 3/1/19-6/30/19. So, if you had 100 FT employees from March through June last year and you have 80 FT employees from March through June of this year, then 80% is forgiven. The program does not cover qualified sick time collected by the employees. Debt Obligations incurred prior to the coverage period [i.e.-rent, utilities, ongoing monthly expenses] is also forgiven. The forgiveness is reduced if you reduce the wages of employees by more than 25%. $300 billion is allocated to this program. Corporate losses from 2018 2020 can be rolled back for 5 years. You must apply trough the SBA: https://www.sba.gov/disa/apply-for-disaster-loan/index.html Meanwhile, individuals will receive $1,200 per taxpayer based on the last filed tax return (2018 or 2019) as follows: (1) for taxpayers reporting income of between $2,500 - $75,000 who paid taxes they will receive $1,200 ($2,400 for married filing jointly and reporting income between $5,000 - $150,000); (2) for taxpayers reporting income more than $75,000 the $1,200 is reduced by 5% for all income over $75,000 [so, someone earning $85,000 will get $700; someone earning $95,000 will get $200; and someone earning $99,000 will get $0.00]. 2019 tax reporting is delayed to July 15, 2020 and estimated taxes are not due before October 15, 2020. This is also a $500 per child tax rebate for families.

Friends, there is a lot going on to address the current crisis. We've posted some resources for you to get information about the legal implications. Please check it out. https://www.thynelaw.com/coronavirus/

For many it never seems the right time to plan for the future but during this time we can help you do so. Please call Justin Fox or Jerry Howard at (895) 963-9958 for a consultation. Or, visit our website at www.thynelaw.com and contact us via email. You and your family will have peace of mind when this is finished.

Nice job John J. Thyne III! I’m proud to be a part of your legal team.