Resources for Guides and Guide Services during the Coronavirus Pandemic
The AMGA has been closely tracking a series of stimulus packages that have been passed by Congress in March 2020 to combat the impacts of the Coronavirus pandemic. These packages provide significant financial assistance to employees, employers, and self-employed individuals who are facing health concerns and economic hardship. To help guides and guide services understand the benefits available under the new laws, the AMGA has compiled an array of resources. On this page you will find a general overview of the new laws, detailed guides to each law, resources for small business loans, and resources for unemployment. Please contact the AMGA Advocacy Department at 303-847-4482 if you have questions. We are available to discuss your unique situation, help you understand and access available benefits, and direct you toward additional resources.
What are Your Options?
Before diving into the details of the new laws, it may be helpful to have a big-picture understanding of the options available to you. Following is a high-level, general overview of the relief options available for employees, employers, and self-employed individuals.
Benefits for all Individuals
- Direct cash payments of $1200 per adult and $500 per child for individuals earning less than $75,000/year.
- 2019 tax filing can be delayed until July 15, 2020.
- Student loan payments can be deferred through September 30, 2020.
Employees and Self-Employed Individuals
- If you are sick or caring for others, you can receive 2 weeks of paid leave.
- If you are caring for a child out of school, you can receive an additional 10 weeks of paid leave.
- If you have been laid off or you are out of work, you can apply for unemployment (with expanded benefits).
Employers and Self-Employed Individuals
- If you pay for sick leave or family leave due to COVID-19, you will be reimbursed through quarterly tax credits (or accelerated payments for employers whose leave costs exceed the amount of tax credits available).
- You can apply for a Small Business Administration (SBA) Paycheck Protection Program (PPP) loan for up to 2.5 times the average monthly payroll costs of your business in 2019. The loan can be used for payroll costs, costs to continue health care benefits, interest payments on mortgages and debt obligations, rent, and utilities.
- The portion of a PPP loan attributable to payroll costs, interest payments on mortgages and debt obligations, rent, and utility payments for an 8-week period from the origination date of the loan can be forgiven in full.
- To receive full forgiveness, the employer must maintain the same number of FTE employees as the employer had during the same period the previous year.
- You can apply for an SBA 7(b) Economic Injury Disaster Loan for up to $2 million in assistance.
- Applicants for EIDL loans can receive an Emergency EIDL Grant for up to $10,000 within three days of the loan application being received. Emergency grant funds can be used for paying sick leave due to COVID-19, maintaining payroll, making rent or mortgage payments, and repaying obligations that cannot be met due to revenue losses.
- You will not be required to repay any amount of an Emergency EIDL Grant used for qualifying purposes even if you are subsequently denied an EIDL loan.
- Business losses incurred in 2020 can be carried back up to 5 years to reduce past tax liabilities.
- Payroll taxes due in 2020 can be deferred for the remainder of the year and paid back in 2 years.
How the Laws Affect Employees, Employers, and Self-Employed Individuals
For a Detailed Guide to Each Law, Click the Links Below
Overview of the Coronavirus Congressional Stimulus Packages
Read this guide for an overview of the three economic stimulus packages passed by Congress in March 2020. If you are unfamiliar with the stimulus bills, start here.
Get the Guide
Guide to the Coronavirus Preparedness and Response Supplemental Appropriations Act
Read this guide if you are a business owner and you want to learn about the rates, terms, and requirements for a Small Business Administration Economic Injury Disaster Loan.
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Guide to the Families First Coronavirus Response Act
Read this guide to learn about the benefits available for sick leave and family leave due to COVID-19. The information is applicable to employees, employers, and self-employed individuals. The guide describes how to calculate benefits for full-time and part-time employees, self-employed individuals, and those with irregular hours. It also describes the responsibilities of employers under the Act and how employers will be compensated for the paid sick and family leave that they pay.
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Guide to The Coronavirus Aid, Relief, and Economic Security Act
Read this guide to learn about direct cash payments to all Americans, expanded benefits available through unemployment assistance, the terms and requirements for forgiveness of small business loans, and tax benefits available to small businesses.
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PPP Loan Program Information
AMGA FAQ on PPP Loan Forgiveness
AMGA FAQ on the PPP Loan Program
AMGA FAQ on PPP Loans for Self-Employed Individuals
Information on Expanded Unemployment Under the New Laws and How to Apply
Read this guide to learn about the $600/week increase in weekly unemployment compensation, the increase in the length of time unemployment benefits can be received, the expanded availability of unemployment to self-employed individuals, and other improvements. The guide also includes general information on how to apply for unemployment insurance and links to unemployment websites for each state.
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Internal Revenue Service
Guidance on paid sick and family leave
Small Business Administration
Small Business Guidance and Loan Resources
Slide Deck from Federal Stimulus Webinar