U.S. Chamber of Commerce executive vice president discusses stimulus checks and SBA loans in Kentucky

U.S. Chamber of Commerce Executive Vice President Neil Bradley addressed Kentuckians’ concerns about the Coronavirus Aid, Relief, and Economic Security Act during a webinar hosted by the Kentucky Chamber of Commerce on Wednesday. He said the US Treasury Department was already implementing direct deposit payments to individuals.

“If you are a taxpayer and have incomes below $75,000 as an individual or below $150,000 as a couple, you will receive an automatic payment of $1,200 for an individual, $2,400 for joint filing and $500 per child,” Bradley said.

He said the 2019 tax returns will be used for the stimulus check dispersal and that if individuals have not submitted their 2019 tax returns, the 2018 returns will be used. If direct deposit instructions were completed on the last tax return, that is how individuals will receive their money. If you didn’t receive direct deposit instructions with the last tax return, Bradley suggests those people check IRS.com for guidance.

Bradley explained that unemployment is still a state-administered program, and some state governments may roll out benefits more slowly than others.

“Rising unemployment is slowly unfolding across the country. Even though there’s a lot of federal money here and new federal eligibility rules, it’s still a state-run program,” Bradley said. “Each state is in a different place in terms of where they implement this.”

An example of newly implemented federal unemployment eligibility would be independent contractors, who are not normally eligible for unemployment. Bradley says self-employed people and independent contractors can start applying for the Paycheck Protection Program this Friday.

Companies can borrow an amount equal to two and a half times their average monthly payroll. This includes the gross amount of payroll paid to employees, which will increase the amount employers can borrow and the amount that can be forgiven.

According to Bradley, the total loan amount eligible for forgiveness cannot exceed 25% for non-payroll expenses.

“If you get a loan, immediately after getting that loan to maximize your loan forgiveness,

you have to start paying your employees or bringing them back,” Bradley said. “If you don’t bring them back, if you reduce your workforce, or if you reduce employee wages by more than 25%, you lose some of that loan forgiveness. As long as you bring them back and maintain their employment until June 30, you are deemed harmless for the purposes of loan forgiveness.

Since last week, employers with less than 500 employees are required to provide paid sick leave to employees when they are sick or quarantined due to exposure, or need to care for a family member. . Employers must pay employees on sick leave at the regular rate of pay.

This rate of pay cannot exceed $511 per day if they are sick or quarantined. If the person is caring for a family member, the rate of pay cannot exceed $200.

However, Bradley assured employers that the federal government would reimburse them up to the maximum daily amount of what they pay their employees.

United States Chamber of Commerce website


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