IMPORTANT WEBINAR STARTING SOON!

We know this is short notice but as the stimulus package just passed we wanted to get information out now. HFA is ready to host a webinar right away with Chris Andresen.
Please join in if at all possible. Here is the link. 1pm PST/3pm CST/4pm EST
President Trump will sign into law today an historic, $2 trillion stimulus package, setting up a much-needed jolt to an economy reeling from the coronavirus pandemic. The bill includes almost $400 billion to help small businesses retain their payrolls. What does this mean to your furniture store? How do you apply for relief assistance? Join us this afternoon for a breaking webinar with HFA's GRAT team and lobbyist Chris Andresen.
 

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House Passes $2 Trillion Relief Bill

Coronavirus Live Updates: House Passes $2 Trillion Relief Bill

NY TIMES

President Trump, who had questioned the need for additional ventilators, pushes industry to make more. A new survey of mayors finds dire shortages of urgently needed medical supplies. And in Britain, Prime Minister Boris Johnson tested positive.

RIGHT NOW

The House passed the $2 trillion stimulus package by voice vote, sending it to President Trump for his signature.

Congress gave final approval on Friday to the largest economic stimulus package in modern American history, a $2 trillion measure designed to respond to the coronavirus pandemic and deliver direct payments and jobless benefits for individuals, money for states and a huge bailout fund for businesses battered by the crisis.

The House approved the measure by voice vote, after leaders in both parties deflected an effort by Representative Thomas Massie, a Kentucky Republican with a penchant for using procedural maneuvers to try to block legislation, to force a recorded vote requiring lawmakers to register their positions individually. It now heads to President Trump’s desk, where he is expected to sign it.

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FORTUNE

 How small-business owners and the self-employed can take advantage of the coronavirus stimulus package

BY
KATE ROCKWOOD

At a whopping 57 million, self-employed people make up a huge piece of the country’s economic puzzle. But during a global pandemic, when business starts drying up, those who work for themselves are among the most vulnerable.
Take the example of a freelance photographer who makes a living taking photos for corporate events, professional portfolios, or marketing materials. With social distancing and entire states on lockdown, group gatherings are a thing of the past, and headshots are not likely to be topping most companies’ to-do lists. While a larger company may be able to shoulder the financial burden of an idle workforce by dipping into reserves, that’s not often true when you work for yourself.
If your business is already taking a hit, it’s good to know your options—including what’s in the stimulus package and how to protect your assets and livelihood during this crisis.

How to collect unemploymentbenefits in your state

Usually most self-employed people or independent contractorsaren’t eligible for unemployment except in some cases in which someone has set up business as an S-corp. But things have changed. Congress recently passed a $2 trillion stimulus package, the Coronavirus Aid, Relief and Economic Securities Act (CARES), that includes expanding unemployment insurance to self-employed workers and independent contractors. The bill extends unemployment benefits for 13 more weeks and also includes an additional $600 a week on top of state unemployment benefits for up to four months. The rate of state pay may be less for self-employed, independent contractors, and freelance workers.
Not everyone who is self-employed will qualify for unemployment, but it does make it an option for many more people. Also eligible for unemployment: anyone who becomes sick and is ordered to be quarantined.
To apply for unemployment benefits, visit your state’s unemployment website. The information you will need includes your Social Security number, your driver’s license or state ID, and Social Security numbers of any dependents you are claiming.

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$2 Trillion Coronavirus Stimulus Package...What's in it???

The Senate Just Passed a $2 Trillion Coronavirus Stimulus Package. Here’s What's in It

BY ALANA ABRAMSON AND PHILIP ELLIOTT
UPDATED: MARCH 26, 2020 9:17 AM EDT | ORIGINALLY PUBLISHED: MARCH 25, 2020 8:31 PM EDAfter days of intense and dramatic negotiations, the Senate passed a landmark $2 trillion relief package for millions of Americans and businesses hurt by the coronavirus pandemic.
The bill includes direct $1,200 cash payments to many Americans; $150 billion to help the healthcare industry; $500 billion for state and local governments and companies; and $350 billion in loans and assistance for small businesses.
The measure passed unanimously, although only 96 Senators were present because four were in quarantine after exposure to the coronavirus. The measure must now pass the House of Representatives before heading to President Donald Trump’s desk. House Majority Leader Steny Hoyer said there will be a voice vote on Friday morning, which does not require in-person participation. While passage is not guaranteed, Senators on both sides of the aisle expressed confidence they had reached a deal that would pass the Democrat-majority House.
“Over the past few days, the Senate has stepped into the breach. We packed weeks or perhaps months of the legislative process into five days. Representatives from both sides of the aisle and both ends of Pennsylvania Avenue have forged a bipartisan agreement in highly partisan times, with very little time to spare,” Senate Minority Leader Chuck Schumer said on the floor in remarks preceding the vote. “It’s been a long, hard road, with a remarkable number of twists and turns, but for the sake of millions of Americans, it will be worth it.”

 

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Tax Aspects Of The CARES Act

A helpful article from Tony Nitti Senior Contributor at Forbes. 

Congress Reaches Agreement On A Coronavirus Relief Package: Tax Aspects Of The CARES Act

A nation desperate for any reason for optimism got just that on Wednesday evening, with word that Congress had finally agreed upon a stimulus package designed to reverse the devastating impact of the COVID-19 pandemic. The Senate overwhelmingly passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and the House is set to do the same on Friday, paving the way for the President to sign the bill into law.
In addition to providing a large cash infusion to hospitals and broader access to COVID-19 testing to individuals, the CARES Act aims to boost the economy with over $2 trillion in relief, ranging from individual rebates and small business loans to increased unemployment benefits and a wide variety of tax breaks.
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