Which Covid-19 help works best for my business?
The 5 main forms of assistance listed on my web site:
1) stimulus check $1,200 single; $2,400 married... automatically comes to you
2) PUA unemployment... apply online
3) EIDL "up to $10k" grant... apply online
4) EIDL loan... apply online with SBA
5) PPP loan... apply with your bank
This is what I recommend for my small business clients assuming that you have less business income or have been shut down due to Covid-19. Find your situation below:
Rental property owners... 1) 3)
New 2020 business owners... 1) 2)
Sole proprietorship, no employees, 2019 business loss... 1) 2) 3)
Sole proprietorship, business profit + employee wages paid exceed $48k... 1) 2) 3) 5)... and 4) only if PPP does not work out and you really need cash.
LLC taxed on a schedule C, no employees, 2019 business loss... 1) 2) 3)
LLC taxed on a schedule C, business profit + employee wages paid exceed $48k... 1) 2) 3) 5)
S-corp with wages under $48k... 1) 2) 3)
S-corp with wages over $48k... 1) 2) 3) 5)... and 4) only if PPP does not work out and you really need cash.
C-corp with wages under $48k... 1) 2) 3)
C-corp with wages over $48k... 1) 2) 3) 5)... and 4) only if PPP does not work out and you really need cash.
Partnership or LLC using form 1065, no employees, 2019 business loss... 1) 2) 3)
Partnership or LLC using form 1065, business profit + employee wages paid exceed $48k... 1) 2) 3) 5)... and 4) only if PPP does not work out and you really need cash.
The 5 main forms of assistance listed on my web site:
1) stimulus check $1,200 single; $2,400 married... automatically comes to you
2) PUA unemployment... apply online
3) EIDL "up to $10k" grant... apply online
4) EIDL loan... apply online with SBA
5) PPP loan... apply with your bank
This is what I recommend for my small business clients assuming that you have less business income or have been shut down due to Covid-19. Find your situation below:
Rental property owners... 1) 3)
New 2020 business owners... 1) 2)
Sole proprietorship, no employees, 2019 business loss... 1) 2) 3)
Sole proprietorship, business profit + employee wages paid exceed $48k... 1) 2) 3) 5)... and 4) only if PPP does not work out and you really need cash.
LLC taxed on a schedule C, no employees, 2019 business loss... 1) 2) 3)
LLC taxed on a schedule C, business profit + employee wages paid exceed $48k... 1) 2) 3) 5)
S-corp with wages under $48k... 1) 2) 3)
S-corp with wages over $48k... 1) 2) 3) 5)... and 4) only if PPP does not work out and you really need cash.
C-corp with wages under $48k... 1) 2) 3)
C-corp with wages over $48k... 1) 2) 3) 5)... and 4) only if PPP does not work out and you really need cash.
Partnership or LLC using form 1065, no employees, 2019 business loss... 1) 2) 3)
Partnership or LLC using form 1065, business profit + employee wages paid exceed $48k... 1) 2) 3) 5)... and 4) only if PPP does not work out and you really need cash.
