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CARES Act Help

Individuals – taxpayers will receive a one-time direct payment of up to $1,200 for individuals (with incomes up to $75,000) and $2,400 for married couples (with incomes up to $150,000), in addition to $500 per child. Cash payments phase down as income rises and disappear completely at $99,000 for individuals and $198,000 for couples.

Small Businesses and Nonprofits – the Paycheck Protection Program, created by the CARES Act, is intended to help small companies and nonprofits – with 500 employees or less – that commit to maintain their payroll through June 2020. These entities are eligible to receive up to 8 weeks of cash-flow assistance through government-backed loans, which, if certain criteria is met, are eligible for forgiveness. Those who are interested in taking part in the program should fill out an online application, which must be submitted to a participating lender. Please check with your local bank or credit union to see if they are participating in the Program.

Help to individuals, small businesses & nonprofits

Last week Congress passed the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act to  provide help including direct payments to individuals and aid to small businesses and nonprofit organizations.  Timing of your application is important.  Below are some links and key provisions.