All posts by Bistra Zwerman

SBA GUIDELINES

Dear Clients, Business Associates and Friends:
Pursuant to the U.S. Small Business Customer Service Center, businesses can apply for both the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan, (EIDL), however, the PPP and EIDL funds cannot be used for the same purpose.
Borrowers receiving both PPP and EIDL funds should maintain documentation regarding the use of the funds for each program.
AS ALWAYS, WAGNER & ZWERMAN IS HERE TO ANSWER ALL OF YOUR QUESTIONS AND CONCERNS. WE ARE ALL IN THIS TOGETHER.
** IF YOU HAVE MISSED ANY PREVIOUS WZ WEBINARS OR COMMUNICATION IN REGARDS TO COVID-19, PLEASE REFER TO OUR WEBSITE
Best,
WZ Partners

 

Wagner & Zwerman LLP

GETTING AMERICA BACK TO WORK

Dear Clients, Business Associates and Friends:
Heed Health is one of many companies that manages the healthcare components of reopening a business in the context of the COVID-19 global pandemic including automated daily symptom monitoring, interval laboratory testing (with the option of on-site sample collection), data organization with trending analysis, and medical referrals to physicians for prompt telemedicine service.
Heed Health delivers a full-service platform to safely and responsibly get America back to work in the face of the COVID-19 pandemic. Working with experts in infectious disease and the broader medical community, they have developed an Employer-Based Testing Platform to manage COVID-19 screening and monitoring including automated daily symptom monitoring, interval laboratory testing (with on-site sample collection), data organization and trending, and automated medical referrals to physicians for prompt telemedicine service. They will continuously monitor the medical literature and governmental recommendations to keep you compliant with the latest guidelines.
For more information regarding the program, visit their website at HEED HEALTH.
AS ALWAYS, WAGNER & ZWERMAN IS HERE TO ANSWER ALL OF YOUR QUESTIONS AND CONCERNS. WE ARE ALL IN THIS TOGETHER.
** IF YOU HAVE MISSED ANY PREVIOUS WZ WEBINARS OR COMMUNICATION IN REGARDS TO COVID-19, PLEASE REFER TO OUR WEBSITE
Best,
WZ Partners
Wagner & Zwerman LLP

WZ WEBINAR – PPP Forgiveness Application & Update on all Disaster Relief Available-RECORDING 5/22/2020

Dear Clients, Business Associates and Friends:
In case you missed the webinar on 5/22/2020 you can watch it here. The Master Spreadsheet  is available here:  Forgiveness Reduction Formulas MASTER.  A pdf of the presentation is also available here: PPP FORGIVENESS APPLICATION & UPDATE ON ALL DISASTER RELIEF AVAILABLE.
As always, Wagner & Zwerman are available to answer any of your questions and concerns and we are committed in providing you with the most updated information as it becomes available.
Best,
WZ Partners

 

Wagner & Zwerman LLP

 

WZ WEBINAR-PPP Forgiveness Calculation & Update on all Disaster Relief Available-RECORDING 5/1/2020

Dear Clients, Business Associates and Friends:
In case you missed the webinar on 5/1/2020 you can watch it here. The Master Spreadsheet  is available here:  Forgiveness Reduction Formulas  .  A pdf of the presentation is also available here: PPP FORGIVENESS CALCULATION & UPDATE ON ALL DISASTER RELIEF AVAILABLE.
As always, Wagner & Zwerman are available to answer any of your questions and concerns and we are committed in providing you with the most updated information as it becomes available.
Best,
WZ Partners

NEW WZ WEBINAR SCHEDULED 5/1/2020

Dear Clients, Business Associates and Friends:

On Friday, May 1st at 10:00am, please join Andrew Zwerman and Vince Preto partners at WZ, for an informative webinar on “PPP Forgiveness Calculation & Update on all Disaster Relief Available”.

REGISTER HERE

Join Zoom Meeting

https://us02web.zoom.us/j/85027151635

Meeting ID: 850 2715 1635

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Meeting ID: 850 2715 1635

Find your local number: https://us02web.zoom.us/u/kcR1Gew7Oh

AS ALWAYS, WAGNER & ZWERMAN IS HERE TO ANSWER ALL OF YOUR QUESTIONS AND CONCERNS. WE ARE ALL IN THIS TOGETHER.

** IF YOU HAVE MISSED ANY PREVIOUS WZ WEBINARS OR COMMUNICATION IN REGARDS TO COVID-19, PLEASE REFER TO OUR WEBSITE

Best,

WZ Partners

President Signs “Phase 3.5” Stimulus Bill

Dear WZ Clients, Business Associates and Friends,
The $484 billion Coronavirus “Phase 3.5” relief bill has been signed by the President. This latest relief package will provide additional Covid-19 relief for small businesses, hospitals and expanded virus testing. Also attached to the relief package, is additional funding for the Paycheck Protection Program. The previous paycheck Protection Program ran out of money after the March 27the passage of the CARES Act.
Key highpoints of the bill are below:
Additional Funding for the Paycheck Protection Program (PPP)
$310 billion has been approved for the Paycheck Protection Program. In an effort to provide money to minority and rural businesses this program includes $60 billion committed to underserved communities, community banks and credit unions.
The PPP was originally authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and was funded with $349 billion. It provides up to eight weeks of cash-flow assistance to individuals eligible to continue payroll during the COVID-19 crisis and cover certain other expenses. Those recipients could qualify for loans up to $10 million calculated based on average monthly payroll costs x 2.5 and the first loan payment is deferred for six months. The loans could be forgiven if the company maintains its employee and salary levels, and if the proceeds are used to cover payroll costs and defined expenses including rent and utility costs. No more than 25% of the loan may be used for non-payroll expenses. Ordinarily a reduction or cancellation of indebtedness generally results in cancellation of debt (COD) income to the debtor, however under the CARES act amounts forgiven under a PPP loan are excluded from the recipient’s federal gross income. Unforgiven amounts of the loans will have an interest rate of 1%, a maturity of two years, and no borrower or lender fees.
Additional Funding for the Economic Injury Disaster Loan program (EIDL)
EIDL, which is run by the Small Business Administration (SBA) will get an additional $60 billion, with $10 billion of the funds reserved for the EIDL Advance program. This program provides up to $10,000 of emergency grants and does not need to be repaid.
The SBA’s EIDL program, provides up to $2 million of financial assistance to those small businesses eligible or private, non-profit organizations that suffer great economic injury as a direct result of the acknowledged disaster. The EIDL is a low-interest working capital loan at a fixed rate of 3.75% for businesses and 2.75% for nonprofits, with a term of up to 30 years. The repayment term will be determined by the applicants’ ability to repay the loan. Payments are deferred for one year, and borrowers don’t have to prove they cannot get credit elsewhere. Applicants do not go through a bank to apply, and instead, apply directly to the SBA. Loan amounts are based on the amount of economic injury and loans under $25,000 can be unsecured.
Additional Health care provider relief
Additional funding of $75 billion has been approved for the Public Health and Social Services Emergency Fund. These monies are to be distributed to hospitals and health care providers for related expenses or lost revenue attributable to the Coronavirus.
Funding for COVID-19 testing
The bill includes an additional $25 billion for expenses to research, develop, validate, manufacture, purchase, administer and expand COVID-19 test. These monies will be allocated to the Public Health and Social Services Emergency Fund.
AS ALWAYS, WAGNER & ZWERMAN IS HERE TO ANSWER ALL OF YOUR QUESTIONS AND CONCERNS. WE ARE ALL IN THIS TOGETHER.
STAY SAFE AND HEALTHY
** IF YOU HAVE MISSED ANY PREVIOUS WZ COMMUNICATION IN REGARDS TO COVID-19, PLEASE REFER TO OUR WEBSITE
Best,
WZ Partners

WZ WEBINAR-COVID-19 Relief Update RECORDING 4/24/2020

Dear Clients, Business Associates and Friends:
In case you missed the webinar on 4/24/2020 you can watch it here. The Master Spreadsheet  is available here: ForForgiveness Reduction Formulas 04-19-20-MASTERgiveness Reduction Formulas 04-19-20 MASTER (003) .  A pdf of the presentation is also available here: COVID-19 RELIEF UPDATE
As always, Wagner & Zwerman are available to answer any of your questions and concerns and we are committed in providing you with the most updated information as it becomes available.
Best,
WZ Partners

Update of Status of PPP Loan

Dear WZ Clients, Business Associates and Friends,
Below is an update status of the PPP Loan Program:
  1. SBA ran out of money last week
  2. Senate passed bill to add $250 Billion
  3. Waiting on House to vote, hoping today
  4. Should be available tomorrow
  5. Apply as soon as it is available for people that have not applied yet
  6. Available through Amex and various banks and non-traditional banks (see list below)
America First Credit Union
Ameris Bank
Atlantic Capital Bank
Bank of America
BB&T
Blue Ridge Bank
Celtic Bank
First Commonwealth
First Home Bank
First United Bank
FirstBank
Fountainhead SBF
Fulton Bank
JPMorgan Chase
Midwest BankCentre
Old National
Peapack-Gladstone Bank
Pinnacle Bank
PNC Bank
Ready Capital
Silicon Valley Bank, or SVB
Sunrise Banks
Suntrust Bank
TD Bank
Umpqua Bank
Univest Bank and Trust Co.
US Bank
Wells Fargo
West Town Bank & Trust
For further information on National Banks accepting PPP Loan Applications, follow the link below:
National Banks accepting PPP Loan Applications
AS ALWAYS, WAGNER & ZWERMAN IS HERE TO ANSWER ALL OF YOUR QUESTIONS AND CONCERNS. WE ARE ALL IN THIS TOGETHER.
STAY SAFE AND HEALTHY
** IF YOU HAVE MISSED ANY PREVIOUS WZ COMMUNICATION IN REGARDS TO COVID-19, PLEASE REFER TO OUR WEBSITE
Best,
WZ Partners

Covid-19 Stimulus Payments – Q&As

Dear WZ Clients, Business Associates and Friends,
So many checks and even more questions! There is a lot of confusion about the details surrounding the Coronavirus stimulus checks and below is a compiled list of frequently asked questions and answers.
What will be the amount of my check?
Each adult will receive $1,200; if you filed as married jointly, you’ll get $2,400; with an extra $500 for each qualifying child.
How do I check the status of my Stimulus Check?
https://www.irs.gov/coronavirus/get-my-payment
What if I didn’t make any money last year, or I was on a reduced income?
It doesn’t matter. There is no minimum income threshold you need to pass to qualify. However, if you did not file an income tax return for the 2018 or 2019 tax year, you’ll need to provide your information at the following link so the IRS knows where to send your stimulus money: https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here
True or False? I heard that if I make too much money, I won’t receive a check.
On the other end of the spectrum, there are income limits based on your tax filing status. If you are single and made more than $75k, married and earned more than $150k, or a head of household with more than $112.5k in adjusted gross income, your stimulus check amount will start to phase-out, and many above these incomes will not receive anything.
My income is under the threshold in 2018 but over in 2019. What are my options?
In this case, you can wait to file your 2019 return and qualify to receive the check based on your 2018 tax return. This is easy to do this year given the automatic extensions granted for federal income tax returns.
In 2020, my income is going to be higher than in 2019 and put me above the thresholds. Will I have to pay back my stimulus check?
No, there is no claw-back provision in the law, so you won’t have to pay it back.
Is my stimulus check taxable? 
No, it is not taxable income.
I didn’t need to file a tax return in 2018 or 2019 because my only source of income is Social Security Disability Income (SSDI) and my income was limited; do I have to file a return now to get a check?
SSDI recipients don’t need to file a return or take additional action. Their checks will be direct deposited or sent via mail – the same way they normally receive their benefits.
I have a child in college who I claim as a dependent. Will either of us get a stimulus check?
If your child is 18 years or older at the end of the tax year, you are not eligible for the $500 check due to their age – even if you claim them as a dependent. Your child likewise will not get his/her own check since you claim your child as a dependent – even if he/she works. There is a proposal to change this, however nothing is confirmed as of this date.
What about a senior parent whom I claim as a dependent?
The same rules as above apply, so no. In order to get the $500 check per dependent, the person must both qualify as a dependent and meet the age requirement. Similarly, the senior parent cannot get his/her own check since you are claiming your senior parent as a dependent.
We had a child in 2020. Will I receive a stimulus check for this child?
Most likely you will not because not the IRS would have no record of your new qualifying dependent based on your 2019 return.
How soon will I receive my stimulus check?
The government is planning on processing and sending out checks as soon as possible. Based on what the U.S. Treasury has said, as soon as possible means starting to process taxpayer information in April. How soon you will receive your money after this depends on whether you have set up direct deposit with the government in the current or previous year tax filings. For taxpayers who don’t have direct deposit set up, click on this link to input your information so the IRS knows where to send your stimulus check: https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here
I heard I can get my stimulus check faster if I pay a third party to have it processed. Is this true?
No! Beware of any person, or company, claiming to do this because this is a scam. There is no legitimate way to skip to the head of the line.
What happens if I owe the IRS back taxes?
The stimulus checks are generally exempt from seizure for existing tax debts. This includes if you are on an installment payment plan to settle a tax bill. The one possible exception to this could be for child support in arrears.
AS ALWAYS, WAGNER & ZWERMAN IS HERE TO ANSWER ALL OF YOUR QUESTIONS AND CONCERNS. WE ARE ALL IN THIS TOGETHER.

 

STAY SAFE AND HEALTHY

 

** IF YOU HAVE MISSED ANY PREVIOUS WZ COMMUNICATION IN REGARDS TO COVID-19, PLEASE REFER TO OUR WEBSITE

Best,

 

WZ Partners

 

WZ WEBINAR – Doing Business During Uncertain Times RECORDING 4/17/2020

Dear Clients, Business Associates and Friends:

In case you missed the webinar on 4/10/2020 you can watch it here. A pdf of the presentation is also available here: WZ DOING BUSINESS DURING UNCERTAIN TIMES

We have scheduled a new webinar with most recent updates on the Covid-19 topic with more updates for business federal lending, tips and tools for business owners and calculation of loan forgiveness on April 24, 2020 at 10am.

As always, Wagner & Zwerman are available to answer any of your questions and concerns and we are committed in providing you with the most updated information as it becomes available.

 

Best,

WZ Partners