DAVID S. BABOIAN, CPA, PC
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    • Individual clients >
      • Identity Theft - IRS Affidavit
      • Personal Financial Statement
    • Business & rental clients >
      • Example expenses
      • Mileage log
      • Petty cash log
      • Sales tax
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      • Example Profit & Loss
      • Obamacare Self-employment Ledger
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      • Employee paystub portal
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      • EMPLOYEE set up forms for new hires
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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.





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  • Home
  • Services
    • What we do
    • Are we right for you?
    • $99 Jump-start
  • Client zone
    • Individual clients >
      • Identity Theft - IRS Affidavit
      • Personal Financial Statement
    • Business & rental clients >
      • Example expenses
      • Mileage log
      • Petty cash log
      • Sales tax
      • W9 for subcontractor
      • Example Profit & Loss
      • Obamacare Self-employment Ledger
    • Payroll services >
      • Employee paystub portal
      • EMPLOYER set up forms
      • EMPLOYEE set up forms for new hires
    • Web Links
  • About us
    • Contact
    • Our team
    • Dave's resume
    • Dave's bands
    • Haunted Chamber
    • Picture gallery
  • Secure email