Moore Financial Tips for Trying Times

In Georgia, you can currently receive unemployment benefits for a range of 14 - 20 weeks.  The minimum weekly benefit is $55 and the maximum is $365.  There is a great set of FAQ's about Georgia unemployment benefits at this site.   Individuals FAQs - Unemployment Insurance

It is our understanding this morning that you if you have to layoff or furlough your employees, you can file for unemployment benefits for them, and then hire them back later using funds from the Payroll Protection Program stimulus funding.   The key to unemployment benefits now is that the employer must a claim as soon as they reduce their employees’ hours.   In the past, the laid-off employees have always filed for benefits for themselves, so this may be confusing. There is a significant penalty for not filing for benefits for your employees immediately. To file for unemployment benefits, go to the Georgia Dept. of Labor web site .   The link to use to file for benefits and the related instructions are there.  The filing process will take a little time. The procedures for the Payroll Protection Program forgivable loans are still being written.   The banks that will make the loans won’t have information until the end of the week.   This money...

The rules changed yesterday.  Originally, the IRS said that seniors who typically don't have to file a tax return would still get a check based on their social security benefits.  This is no longer the case. If you haven't filed a tax return for 2018 or 2019 because your income was low and filing wasn't required, you do need to file now.     People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax. The IRS will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.   More information at Filing a Tax Return to Get Stimulus Check Offi...

Many have inquired about the difference between layoff vs. furlough.  Following is an excellent article for your review. Read full article here.

The details about the two new Federal loan programs for businesses are still coming out.  below is a comparison of the two programs, prepared by a colleague.   Although not an official document, it is useful in preliminary decisions.  This is early information. We are urging our clients to seek help in preparing their loan applications from the Small Business Center at KSU.  They are professionals with Small Business Loans and their help is free.   Over the years, we’ve learned again and again that they will maximize the chances of having your loan immediately accepted. This is a fast moving story and we'll keep you updated today as we learn more.      

The new coronavirus relief package includes cash payments to many people affected by the epidemic. Here's what you need to know.   Roughly nine in 10 households may receive a recovery rebate under the economic stimulus. Not everyone will receive the complete payment, and some won't receive a stimulus check at all.    Here's what we know about the individual and household coronavirus checks that are part of the federal package -- including finding out if you'll be eligible, how much you can expect to receive and how to receive your payments. We'll update this story as developments occur. How much you get depends on last year's taxes The total amount of your stimulus check will be based on your adjusted gross income, or AGI, from your 2019 federal tax filing or -- if you've not filed this year yet -- your 2018 filing.  If you've  filed your 2019 federal tax return , you can find that figure on line 8b of the  2019 1040 federal tax form . It...

Answer just three questions and you can get an estimate of your stimulus check amount. Calculator - Click here

This isn't a financial tip, but it's a fascinating little video analysis about how your cell phone activity is tracked and how the virus is spreading. From Creative Loafing Tampa Bay Video shows phones at a Florida beach during spring break, and where they all traveled during the coronavirus outbreak

The details about the two Federal loan programs for new businesses are still coming out.  Here is a comparison of the two programs, prepared by a colleague, for you to use in making decisions.  Click on the picture to enlarge it. At this point, it is our understanding that to qualify for the forgivable loan (on the left), a business must continue pay its employees.   There does not appear to be a requirement the business doors remain open,  but the funds must be used for payroll, mortgage interest, rent, utilities, and maintaining employee head count. Pay rates do not drop. This is a fast moving story and we'll keep you updated today as we learn more.

Update on IRS Practitioner Services - IRS offices are closed.   The bottom line is that we are not able to call the IRS at this time. Online IRS services are working.  They are not answering questions yet about stimulus payments. Due to staff limitations, the Practitioner Priority Service (PPS) line, the e-Services Help Desk line and the e-Services, FIRE and AIR system help desks are closed until further notice. Please make IRS.gov your first option for answers to questions. The IRS is temporarily suspending acceptance of new Income Verification Express Services (IVES) requests at this time and is experiencing delays with existing IVES processing as well as CAF number authorizations. Practitioners with an e-Services account and client authorization can access the Transcript Delivery System to obtain prior-year transcripts.  Taxpayers can use Where’s My Refund? and Get Transcript services.  Additionally, the IRS is unable to answer any q...

The Small Business Development Centers (SBDCs) will be the oversight agencies for making the small business loans from yesterday's Congressional bill.   Their consulting staff is working remotely to assist small businesses with the Economic Injury Disaster Loan application process.  They will help you fill out the loan application. If you need assistance, call the SBDC at KSU office at 470-578-6450 and learn your name, phone and email information. Their staff will get back to you.   SBA Disaster Assistance Loan Program  Response and Recovery Resources   KSU Small Business Development Center   The SBDC offices are part of the Small Business Administration, and their offices are located at public universities across the US.  Their mission is to offer free, confidential, cutting edge consulting services to business owners.  We are extremely fortunate to have one of the best SBDC offices right in our back yard at Coles College of Bus...

Here are the details of the new SBA loan program, courtesy of Chamberlain Hrdlicka, a local business law firm. SBA LOANS UNDER THE CARES ACT   In response to the overwhelming economic impact of the COVID-19 pandemic on the U.S. economy, on Friday, March 27, 2020, after prior approval by the U.S. Senate and House of Representatives, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”) was signed into law by President Trump. This document focuses on the portion of the Act pertaining to SBA loans, particularly to the extent relevant to small and mid-sized businesses. In the event any applicable regulatory or other guidance is issued as this pandemic evolves, we will provide an update. Expanding SBA Loan Qualifications for Businesses with 500 or Fewer Employees The CARES Act provides a small business with a pathway to apply for one or more SBA loans up to $10 million if the business decides to keep its staff employed and paid between F...