As we unite together as North Carolinians to combat and overcome the coronavirus pandemic, I will continue to do whatever I can to make sure you have information about the resources that are available to your family or small business.
This week, I posted up-to-date resource guides on my website to assist North Carolinians and small businesses. The Phase III emergency relief and economic stabilization package will soon provide direct checks to many North Carolina families and offers additional assistance to small businesses through the Paycheck Protection Program (https://www.tillis.senate.gov/Aid-for-Small-Businesses#anchor).
North Carolina individuals can find information here (https://www.tillis.senate.gov/Aid-for-Individuals#anchor), small businesses here (https://www.tillis.senate.gov/Aid-for-Small-Businesses#anchor) and frequently asked questions here (https://www.tillis.senate.gov/coronavirus-frequently-asked-questions).
This bipartisan legislation provides direct checks up to $1,200 for individuals with gross income up to $75,000 and married couples filing jointly are eligible for checks up to $2,400 with gross income up to $150,000, with an extra $500 for each child.
Individuals who filed their federal taxes for 2018 or 2019 do not need to take any additional action to receive their direct checks or deposits.
To assist those on Social Security:
• The U.S. Treasury announced that anyone who receives social security benefits (Form SSA-1099 statement or a Form RRB-1099) will be automatically eligible to receive their rebate check and will not need to fill out a free tax return.
• Individuals who do not receive either form or have not filed a tax return for income earned in 2018 or 2019 still need to file their free tax return through the IRS.
AID FOR SMALL BUSINESSES
This legislation includes $350 billion in federally guaranteed loans via the Paycheck Protection Program to provide eight weeks of cash-flow assistance to small businesses who maintain their payroll during this emergency.
Applications officially opened up for small businesses and sole proprietors. Independent Contractors and self-employed individuals will gain access to the program on April 10.
If the employer maintains its payroll, then the portion of the loan used for covered payroll costs, interest on mortgage obligations, rent, and utilities will be completely forgiven. It’s also retroactive to February 15, 2020, which will help bring workers who may have already been laid off back onto payrolls.
You can apply for the Paycheck Protection Program here (https://home.treasury.gov/system/files/136/PPP-Lender-Application-Form-Fillable.pdf).
I am proud we were able to pass bipartisan emergency relief that will provide direct checks to many hardworking North Carolinians and financial relief to small businesses.
During these uncertain times, North Carolinians should know that my office stands ready to help anyone who needs assistance with the federal government and we will work to answer any questions you might have or do our best to point you in the right direction.
Thank you for reading, and as always please reach out to my office at https://www.tillis.senate.gov/email-me if you have any questions or need help with a federal agency, and please stay safe.
Read the article here.