JCP Accounting & Tax Services

To apply for a Paycheck Protection Program loan, you must have an active bank Business Online profile.

Dear Business Client,

You may be eligible for a Paycheck Protection Program loan under the new federal legislation designed to provide small businesses quick access to capital for payroll and other overhead costs.

Here’s what you need to know about the program, which was created as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act. This is based on the latest information from Chase and the Small Business Administration (SBA). Other eligibility requirements may apply.
• The Payment Protection Plan loan will be generally available to companies with 500 employees or less, individuals who operate under a sole proprietorship as well as 501 (c)(3) nonprofit organizations, 501 (c)(19) veterans organizations, and some Tribal business concerns.
• It expands eligibility under the SBA 7a program to help businesses cover costs related to payroll (including healthcare related costs), rent, mortgage interest, interest on existing debt and utility payments.
• You can apply for this only online. Disasterloan.sba.gov
• You must have a Bank business checking account as of February 15, 2020.
• You must confirm that your business needs financial relief because it was impacted by Coronavirus events.
• It will require no collateral or personal guarantees.
• Generally the loan amount will be based on 2.5 times your average monthly payroll costs.
• You may be eligible to have all or a portion of the loan principal forgiven based on SBA rules.
• You won’t have to make payments on the loan for at least six months.
• The interest rate will be no more than 4% and likely no longer than 10 years. The terms may change during the application process.

How to prepare
We encourage you to be prepared so that you have what you need when you open any official website for applications. Have the following information:
• The date you started your business
• Detailed information in order to calculate the average monthly payroll costs for your employees for the past 12 months, as outlined by the SBA
• Your annual revenue
• Your business mailing address

How to earn loan forgiveness
You may be eligible to have all or a portion the loan principal forgiven if you use the funds for certain qualifying costs incurred and payments made for payroll, mortgage interest, rent and utilities during the first eight weeks following the date the loan is made. You will have to provide documentation.

Source: info taken from email chase bank.

Beware of Stimulus Payment Scams

Tax Professionals — here’s what taxpayers need to know about stimulus payment processing in order to protect themselves from scammers:
Be alert for phone scams.
The Internal Revenue Service (IRS), Treasury Department, or any other government agency will not contact you by phone to collect information for stimulus payment processing. Period.

Be alert for phishing scams.
Government agencies will not email or text you to collect information for stimulus payment processing. Watch for suspicious emails or texts with links or attachments requesting information for processing stimulus deposits or checks. If you receive one, do not click the link or open the attachment. It’s a scam. Delete it.

Be alert for state-related scams.
State agencies will also not call, email or text you to collect information or a fee to process a stimulus payment. To date, no state has introduced their own version of a stimulus payment.
As of now, we are only aware of one communication a taxpayer will receive from the IRS. No later than 15 days after distributing a stimulus payment, the IRS is required to mail a notice to the taxpayer indicating the payment amount, whether the payment was mailed or deposited, and a phone number to call if the taxpayer did not receive the payment.

Victims or targets of stimulus payment scams should report it immediately to the Federal Trade Commission, www.ftc.gov/complaint.

- FTC Complaint Assistant IdentityTheft.gov is the federal government's one-stop resource for identity theft victims. The site provides streamlined checklists and sample letters to guide you through the recovery process. Visit ftc.gov/idtheft for prevention tips and free resources to share in your community.

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