Recently, the U.S. government approved a series of aid packages including the historic US$2 trillion stimulus act to support Americans and small business during the coronavirus (COVID-19) pandemic.

Tax Filing and Payment Deadline Extended

The Treasury Department and Internal Revenue Service (IRS) announced that the federal income tax filing and payment due date is extended from April 15, 2020, to July 15, 2020 in response to COVID-19 pandemic. Many states including New York State and California State also extended the state tax filing and payment due date to July 15, 2020.

Support for Businesses

1.	Paycheck Protection Program (PPP)
	Paycheck Protection Program (PPP)Banks allowed by Small Business Association (SBA) can make hassle-free loans for qualified small business to keep their workers on payroll. Small business with less than 500 employees including non-profit organizations, veterans organizations, sole proprietorships, independent contractors and self-employed persons affected by coronavirus are eligible for this loan. Lenders can use the loan to cover payroll cost, health insurance cost, interest on mortgages, rent, utilities and other operating expense. The lenders are entitled to borrow the lesser: their average monthly “payroll costs “multiplied by 2.5, or $10 million. Small Business Association (SBA) will forgive loans if all employees are kept on the payroll for eight weeks through February 15 to June 30, 2020, and the borrowed money is used for payroll cost, rent, mortgage interest, or utilities.
2.	Economic Injury Disaster Loan Advance (EIDL)
	In response to the Coronavirus (COVID-19) pandemic, Small Business Association (SBA) issued Economic Injury Disaster Loan Emergency Advance on March 2020. EIDL provides eligible businesses up to $2 million to help them that are currently experiencing a temporary loss of revenue. The loan can be used for payroll cost, rent, interest on mortgages and other operating expenses. The qualification requirements to apply EIDL and PPP are similar, but EIDL is applicable for more businesses. Applying for an EIDL is straightforward, businesses can go to the SBA website and apply online. Businesses can receive $10,000 loan advance, which will not have to be repaid, even if the loan application is declined by SBA. Emergency EIDL grants are available within three days for those that apply with the SBA. EIDL interest rates are 3.75% for small businesses and 2.75% for not-for-profits and can have maturities up to 30 years.

Support for Individuals

1.	Coronavirus $1,200 stimulus check
	Eligible US taxpayers could receive up to $1,200 from the federal government as part of a $2 trillion relief package intended to ease the economic blow caused by the COVID-19 pandemic. Roughly 125 million people will receive a check, or about 83 percent of tax filers. Recipients must be U.S. resident for taxable purpose, have Social Security Number (SSN) and meet certain adjusted gross income thresholds. Qualified adult can receive up to $1,200 per person. People who use Nonresident alien status to file tax return and are claimed as dependents on someone else's tax returns are not eligible for this stimulus check.
2.	Temporary Suspension of Student Loan Payments
	As part of $2 trillion aid package, federal student loan borrowers are automatically being placed in an administrative forbearance, which allows borrowers to temporarily stop making your monthly loan payment without interest from March 13 to September 30, 2020.
3.	Expanded Unemployment Benefits
	U.S. government also expanded unemployment benefits to support people who are affected by the pandemic: (1) No waiting period imposed; (2) Expect for state compensation, federal government issue an additional $600 a week of Federal Pandemic Unemployment Compensation; (3) Federal government would extend regular unemployment benefits to last an additional 13 weeks; (4) The Act extends benefits to people who are self-employed (including gig and contract workers), work part-time or who normally wouldn’t qualify for unemployment benefits because they lack sufficient work history.