This is an evolving page.
If you have new information, please email me at jennygirlfriday@gmail.com.
Paycheck Protection Program (PPP)
The Basics
• This was refunded (a 2nd time)… Friday, April 24, 2020.
• Apply through your bank.
• It's a loan funded by the SBA (Small Business Administration) ... if you use it for payroll, then in most cases, you will not have to pay it back.
• If your bank is no longer taking applications, consider trying a different bank.
• Learn more on your banks website, here are a few links:
Umpqua Bank
BECU
Wells Fargo
Verity Credit Union
Chase
Can I receive both a PPP loan and Unemployment?At this time, you can get one or the other. This might change though.
What is involved with applying?
This depends on your bank. I've heard reports that it's fairly straightforward.
Unemployment
• Self-employed people are allowed to apply! (This is a first.)
• WA state admits that the first round of application forms do not match our current situation, so just do your best.
• Learn more here: ESDWAGOV Unemployment for Self-Employed People and Independent Contractors.
• There is a lot of help on the WA page. They have checklists, guides and videos.
• Tip: If applying online, be sure to SAVE a lot. Sometimes people get timed out and kicked off the system...
What is PUA?
Pandemic Unemployment Assistance. Created by the CARES act. Read more on the WA state site. This broadens the support the government can offer … for example, unemployment pay for self-employed folks.
How do I calculate my quarterly earnings?
For the process for figuring out your earnings, it’s basically this:
Your Gross Sales (Total payments by customers)
minus
Business Expenses
= Profit …………Your profit = your income
Options for figuring out your profit:
To do the quickest job of this…always use one business account for all your deposits and expenses.When it’s time to figure out your quarterly earnings, do the following:
A - Log into online banking
B - Set a Search for Deposits within the date range.
C - Add all of these up to get your Gross Sales
D - Now, Search for all “debits” within the date range.
E - Add up all these for your total business expenses.
F - Calculate your Earnings.
If you don’t have one account for all deposits and business expenses, it’s no problem. Just look in all the places you got paid. Add them all up. Look for any receipts or bank/credit card statements where you spent money on the business. Add them up. Then take Gross Sales - Total Business Expenses = Profit.
Covid-19 Relief Checks
• Relief Checks are set to be mailed out within the next few weeks. Direct Deposits are starting now.
• If you filed in 2018, or 2019, there is no form to fill out, there is nothing special to do. (If you're a non-filer of taxes, click here.)
• To check on your payment, go to the IRS.gov site and choose the button, "Get My Payment". You can also update your Direct Deposit info here.
• The amount is $1200 per individual, $500 per child ... if your adjusted gross income was under $75,000 per individual, or $150,000 per married couple. (The check will be less if you earned over those thresholds.)
• The IRS will either use your 2019 or 2018 taxes to determine this amount. Whichever is the most recent return.
• To read the latest, go to the IRS Coronavirus page.
Changed Deadlines
Changed Deadlines
• Apr 15 moved to June 15 Many of you Make Annual Report to WA DOR
Click for Service Providers, Retail/Combo
• Apr 15 moved to Jul 15 Everybody File Annual Taxes with the IRS
Click for different help: How to Prep, How to Calculate the Numbers, Options for Filing
• Apr 15 moved to Jul 15 Many of you Send Estimated Quarterly Tax Payment to IRS
Click here to read about EQ$ • Click here to read about how to submit EQ$
• Apr 30 moved to June 30 Some of you Make Quarterly Report to WA DOR
Click for Service Providers, Retail/Combo