2020 Economic Impact Payment Calculator
Intuit® estimates that more than 80% of taxpayers will receive an economic impact payment check this year. This easy-to-use calculator will tell you how much you can expect, if you qualify and what’s needed to get your payment.
COVID-19 Relief for Student Loan Borrowers
To provide relief during the COVID-19 national emergency, the CARES Act provides broad relief for federal student loan borrowers. Federal student loan borrowers are automatically being placed in an administrative forbearance, which allows you to temporarily stop making your monthly loan payment. This suspension of payments will last until Sept. 30, 2020, but you can still make payments if you choose. Learn More
FAQs Regarding Participation of Faith-based Organizations in the Paycheck Protection Program (PPP) and The Economic Injury Disaster Loan Program (EIDL)
The U.S. Small Business Administration (SBA) issued FAQs for faith-based organizations that are interested in the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan Program (EIDL).
The SBA clarified in this document that faith-based organizations are eligible to receive SBA loans, “regardless of whether they provide secular social services. That is, no otherwise eligible organization will be disqualified from receiving a loan because of the religious nature, religious identity, or religious speech of the organization.” The FAQ also answers other questions of importance to faith-based organizations.
Access PPP FAQs PPP Application Form More Information
Read Eligibility Letter Explore Grant Provisions
Economic Impact Payments: What You Need to Know
Who is eligible for the economic impact payment? How will the IRS know where to send my payment? Can I still receive my payment if I am not typically required to file a tax return? Find answers to these questions and more in this quick overview from the IRS. Access Q&A
New Guidance for Social Security and Supplemental Security Income (SSI) Beneficiaries
The Treasury Department launched a new web tool allowing quick registration for Economic Impact Payments for eligible individuals who do not normally file a tax return, and also announced that it would begin making automatic payments
Disaster Loan Assistance Loans from Small Business Administration Available to Non-Profits
The U.S. Small Business Administration’s COVID-19 Economic Injury Disaster Loans will be available to non-profit organizations. The loans provide another category of assistance that initially had seemed to be unavailable to faith-based ministries. Applicants for a loan in response to COVID-19 from an SBA Economic Injury Disaster Loan can request an advance of up to $10,000 that is to be issued within three days of application. Funds can be used for sick leave due to COVID-19, maintaining payroll to retain employees during economic interruption, rent, mortgage payments and other limited obligations. These funds do not have to be repaid, even if the loan requested is denied, effectively making the initial $10,000 a grant.
If the same applicant obtains a Paycheck Protection Program loan through the Small Business Administration, the $10,000 forgiven under the Economic Injury Disaster Loan reduces what can be forgiven under the Paycheck Protection Program loan. Launch Application Access SBA Disaster Loan Form
Relief for Taxpayers Affected by the Coronavirus Pandemic
The IRS has issued Notice 2020-17
and Notice 2020-18
to help provide some relief to all Americans who have been adversely affected by the COVID-19 pandemic. Generally, American taxpayers must make federal income tax filings and payments by April 15, 2020, but these Notices postpone both the filing and payment deadlines until July 15, 2020.
Taxpayers can postpone payments up to $1,000,000 if filing as a single individual or as married individuals on a joint return. This relief is available only for federal income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for the taxpayer’s 2019 tax year. Any interest or penalties on the postponed tax filings and payments will begin to accrue on July 16, 2020. Learn More
Filing and Payment Deadlines Questions and Answers
As we mentioned above, the Department of the Treasury and the IRS announced special federal income tax return filing and payment relief in response to the ongoing coronavirus disease 2019 (COVID-19) emergency. Understandably, there have been a lot of questions about what this means and how it will impact both filing and payment deadlines, so they answered some of the frequently asked questions related to Notice 2020-18.
New Tax Incentives for Donors
The CARES Act allows for special tax benefits for donors in 2020. Use the link below to access a handy one-pager that you can share with your supporters.
Donor Benefit Flyer