Grant, Credit, Loan and Other Relief Comparison Chart
If the grant you are looking for is not specifically listed below, note the general rule for grants, is they are ordinarily to be included in gross income, unless specifically identified in legislation as being non-taxable.
EIDL Advance funds were calculated based on the number of employees indicated on an applicant’s EIDL loan (see below). The funds were calculated as $1,000 per employee, up to a maximum of $10,000. Recipients did not have to be approved for an EIDL loan to receive the EIDL Advance. The amount of the loan Advance was deducted from total loan eligibility. Businesses who received an EIDL Advance in addition to the PPP loan will no longer have to reduce the forgiveness amount of the PPP loan by the EIDL Advance amount.
For eligible applicants, loan amounts are equal to six months of working capital. Loan applications prior to ount of $150,000. For loan applications on or after the SBA increased the loan limit to up to 24 months with a maximum loan amount of $500,000. Applicants who applied prior to ount might be eligible for an increase based on this change.
Note EIDL loans under $25,000 are considered ‘unsecured’ and do not require collateral. EIDL loans over $25,000 will require collateral. The SBA secures collateral by filing a blanket UCC-1 lien on the business. A handling charge of $100 will be applied in order to file the lien with the appropriate government agencies.
Eligible businesses who received PPP loans can apply for forgiveness of up to the entire loan amount based on a formula. The amount not forgiven is subject to the following loan terms:
The forgiven portion is not taxable for California and there is an all or nothing test to determine if the expenses paid for with forgiven loan proceeds are deductible
First Draw PPP borrowers may be eligible for a Second Draw PPP loan and apply for a SVOG if they received a PPP loan prior to . They may also apply for an EIDL loan, but there can’t be any overlap in purpose, or qualifying costs.
$ 5,000 For annual gross revenue between $1,000 and $100,000$15,000 For annual gross revenue between $100,000 and $1 million$25,000 For annual gross revenue between $1 mil. and $2.5 million
Eligible applicants can qualify for a grant equal to 45% of gross earned revenue, up to a maximum amount of $10 million. To qualify for a SVO Grant, the business must be engaged in one of the following:* Live venue operator or promoter, theatrical producer, or live performing arts organization operator;* Relevant museum, zoo, or aquariums;* Motion picture theater operator;*Talent representative.
If the employer’s payroll tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS.
Established by the CARES Act, the first round of Economic Impact Payments resulted in $1,200 payments per qualifying individual plus $500 per qualifying child under age 17 as of . The amount the taxpayer is ultimately eligible for will be reconciled on the 2020 tax return.
Established by the Additional Coronavirus Response and Relief Act, the second round of Economic Impact Payments resulted in $600 per taxpayer ($1,200 for married individuals filing jointly) plus $600 per dependent under age 17 as of . The amount the taxpayer is ultimately eligible for will be reconciled on the 2020 tax return.
Taxpayers who received less than the amount they were eligible for will claim the additional credit on their 2020 tax return.
Eligible businesses can apply for grants up to a maximum of $5 million for restaurants and $10 million for restaurant groups, limited to the .
Eligible businesses can apply for both the PPP and RRF program, however the RRF grant amount will be reduced by the amount of PPP loans received (first and second rounds)
Established by the Lost Wages Assistance program through a Presidential memorandum, eligible individuals could received $300 per week in addition to their normal weekly benefit for up to 3 weeks.
Established by the Additional Coronavirus Response and Relief Act, eligible individuals were able to claim an additional $300 per week for a total of 11 weeks from .
No application process was needed to apply for these benefits. The additional amounts were automatically added to the federal unemployment compensation for eligible individuals.