IRS Update for Small and Midsize Businesses

Updated: Apr 19, 2020

The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.

The Act will help the United States combat and defeat COVID-19 by giving all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee's own health needs or to care for family members. The legislation will enable employers to keep their workers on their payrolls, while at the same time ensuring that workers are not forced to choose between their paychecks and the public health measures needed to combat the virus. Continue reading this article on

In addition to the IRS giving new refundable tax credits, there are companies offering personal and business loans to keep you afloat during these difficult times. 

OppLoans offers bad credit loans, no credit check loans, installment loans and debt consolidation loans. Click here to qualify. Applying does not affect your credit score. 

SmarterLoan offers peer to peer loans, personal installment loans and bank loans through a variety of lenders. Typical requirements are a credit score of 580+ and income source employed, self-Employed, or benefits. Click here for options.

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