Business & Financial Solutions
Business & Financial Solutions
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Coronavirus Stimulus – Relief For Small Businesses, Families In Maryland

Dear Client,

I hope that you are safe and healthy during this time of uncertainty. We extend our best to you and your families.

Our offices have received a number of inquiries about government grants, funding, loans or otherwise any assistance available. We are trying to stay updated on the financial climate and respond to you, as quickly and as best as we can with accurate information. In an effort to streamline communications, I request that you send any inquiries via email, rather than a phone call. I will respond to you as quickly as I can via email. Unfortunately, we are not able to field all the calls, despite our desire to do so, and email is the quickest way to get information out.

Most of the information that I provide to you in the upcoming days is public information. However, I will try to give you the easiest way to access that information. This morning, the biggest question that clients have raised, as it relates to small business, is about the grant funds available. Here is the link to that information, which includes the qualifications. Please feel free to share the information.

https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-grant-fund

In following up on the coronavirus stimulus package here the link below has been created to take you to House Bill H.R. 6201. The link directs you to a comprehensive PDF document that can be downloaded and reviewed. Some of the provisions of the relief package are time-sensitive, so you may want to get started sooner, rather than later.

https://appropriations.house.gov/sites/democrats.appropriations.house.gov/files/Families%20First%20summary.pdf

The IRS is granting relief through providing a waiver of additions to tax for failure to make a deposit of taxes for employers required to pay qualified sick leave wages and qualified family leave wages mandated by the Families First Coronavirus Response Act (Families First Act) and qualified health plan expenses allocable to these wages.

https://www.irs.gov/pub/irs-drop/n-20-22.pdf

 

Stimulus Debit Card

Taxpayers are receiving IRS stimulus checks in the form of a debit card. Because these debit cards closely resemble junk mail, and junk credit and loan cards, received through the mail from various solicitors, these cards are often assumed to be more of the same. Make sure that you examine the cards closely, before trashing them. You may actually be trashing your stimulus payment.

https://www.nbcnews.com/business/consumer/people-are-accidentally-throwing-out-their-stimulus-check-because-it-n1216991

 

Childcare Services for Essential Personnel

The state of Maryland has accepted applications and approved several childcare providers for its essential personnel. The services provided are at no charge to essential personnel. The childcare providers are paid through the state of Maryland.

https://earlychildhood.marylandpublicschools.org/early-childhood-grants-programming-and-initiatives-maryland-during-covid-19-state-emergency

 

Enter Direct Deposit Information for Stimulus Check

Taxpayers who have already provided banking information to the IRS, via filing tax returns, are getting stimulus checks sooner. The IRS has provided a measure to help taxpayers, who have not already provided banking information to the IRS, receive stimulus checks quicker. To enter your information, go to this page on the IRS website..

https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here

Scroll down to the button.

Non-filers: Enter Payment Info Here.

Follow the directions from there.

 

Montgomery County Maryland Rolling Out Public Health Emergency Grant

Montgomery County is offering financial assistance in the form of grants, for up to $75,000. These grants are inclusive of sole proprietorships, independent contractors and non-profit organizations.

https://www.montgomerycountymd.gov/Biz-Resources/pheg/

Unemployment for Virginia Real Estate Professionals

 If you are a real estate agent in Virginia, you may qualify for unemployment compensation. The state website for unemployment does not make this clear, and does not provide details on how to go about doing this. However, this may be because the website has not yet been developed to catchup with stimulus rollouts.

https://www.virginiarealtors.org/coronavirus/

 

Childcare Assistance for Essential Personnel 

If you are on the list as “essential personnel” during the COVID-19 experience, and live in the state of Maryland, there may be childcare assistance available for you and/or your family. The services are not for everyone and you MUST meet the qualifications.

http://www.marylandfamilynetwork.org/essentialpersonnel

 

HOW TO GET YOUR STIMULUS CHECK FASTER

The IRS has already started issuing stimulus checks to taxpayers. They have also devised a couple of tools to help some taxpayers get stimulus checks sooner, even if the federal government does not currently have your banking information for direct deposit. Those that do not normally file tax returns will be capable of receiving the stimulus payments, as well. One of the recently developed tools just rolled out and the second is scheduled to release in a few days. Please visit the IRS website.

https://www.irs.gov/

For additional simplified information on the new tools and rollouts, you can visit the link below.

https://www.forbes.com/sites/zackfriedman/2020/04/11/stimulus-check-irs-faster/

COVID-19 ECONOMIC INJURY DISASTER LOAN APPLICATION

https://covid19relief.sba.gov/#/

 

Maryland Temporary Waiver of Premium Payments

Maryland Governor Lawrence Hogan has ordered a waiver of premium payments for those qualified residents of Maryland. For details click on the link below.

https://maryland.optum.com/content/dam/ops-maryland/documents/provider/Alerts/03.30.2020%20-%20MDH%20Guidance%20-%20COVID-19%208%20Temp%20Waiver%20MCHIP%20Premiums.pdf

Individual Stimulus Payments and My 2019 Tax Return

The stimulus payment you received may or may not be affected by your 2019 form 2019, Income Tax Return. The article begs to wonder if you should wait to file your 2019 income tax return. Depending on the result, it could disqualify a taxpayer from receiving the stimulus payment.

https://www.forbes.com/sites/anthonynitti/2020/03/26/when-you-file-your-2019-tax-return-will-impact-your-stimulus-payment/#1f050e3ab9dc

 

COVID-19 Relief for Student Loan Borrowers

https://myfedloan.org/borrowers/covid/

 

Resiliency grant offered to Frederick Maryland small business owners through the City of Frederick Department of Economic Development

It is a one-time grant award to qualifying businesses.

https://www.businessinfrederick.com/234/Small-Business-Resiliency-Micro-Grant

What to know about the $300 billion-plus for small businesses in the stimulus bill, and how founders will be able to apply for emergency funds

Go to the Small Business Interruption Loans.

https://www.businessinsider.com/what-stimulus-bill-means-small-business-during-coronavirus-2020-3

Office Locations In Maryland

5100 Buckeystown Pike Ste 250, Frederick, MD 21704

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17 W Jefferson St Ste 007, Rockville, MD 20850

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Office Location In Virginia

7918 Jones Branch Drive, Ste 405, Tysons VA 22102

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Office Location In Texas

101 E. Park Blvd, Suite 600 Plano TX 75074

About BFS

Visit us in McLean Virginia, Frederick or Rockville, Maryland (Washington DC Metro Area)or Plano Texas

Phone toll free: (855) 557-2222
Fax: (240) 297-1054
E-mail: info@bfswebsite.com

Business & Financial Solutions is a tax and accounting CPA firm. Our offices are located in Fairfax County, VA, Collin County and Denton County, TX, Montgomery and Frederick Counties, MD. Our company is highly motivated in helping individuals and companies (private and non-profit) become successful in start-ups. BFS offers assistance with ongoing small to mid-size business management, consulting, accounting and a variety of tax services.

Maryland, Virginia, Washington DC, Texas
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