Stimulus/Corona Virus Act - help for small business

Julie Jordan · 03-28-2020, 01:59 PM

Thought I'd throw this out there, I know a lot of us have small businesses who have been affected by the shutdowns this virus has caused.

There are some provisions in the new law that will help small businesses survive. The first is fully-guaranteed loans from the SBA, no collateral or down payments required, that can be used to pay rent/mortgage, utilities, payroll, etc. Under certain scenarios it is possible that you would not have to repay and claim as income. Here is the link to the SBA site: https://www.sba.gov/page/coronavirus...loan-resources

Also, you can make withdrawals from your IRA and pay no tax if paid back within 3 years. If not paid back, the tax is payable over 3 years. The under-59 1/2 early withdrawal penalty has been waived.

You do not have to take a 2020 Required Minimum Distribution from your IRA, if you want. Our IRA's have taken a hit lately, this allows you to leave the funds in and (hopefully) watch the account recover.

03-28-2020, 01:59 PM	#1
Julie Jordan Senior Member Join Date: Dec 2001 Location: Modesto, CA Posts: 637 Likes: 90 Liked 510 Times in 92 Posts	Stimulus/Corona Virus Act - help for small business Thought I'd throw this out there, I know a lot of us have small businesses who have been affected by the shutdowns this virus has caused. There are some provisions in the new law that will help small businesses survive. The first is fully-guaranteed loans from the SBA, no collateral or down payments required, that can be used to pay rent/mortgage, utilities, payroll, etc. Under certain scenarios it is possible that you would not have to repay and claim as income. Here is the link to the SBA site: https://www.sba.gov/page/coronavirus...loan-resources Also, you can make withdrawals from your IRA and pay no tax if paid back within 3 years. If not paid back, the tax is payable over 3 years. The under-59 1/2 early withdrawal penalty has been waived. You do not have to take a 2020 Required Minimum Distribution from your IRA, if you want. Our IRA's have taken a hit lately, this allows you to leave the funds in and (hopefully) watch the account recover. __________________ Julie Jordan 7549 STK