Senator Rick Scott FAQs
Help For Small Businesses
Details about The Coronavirus Aid, Relief, and Economic Security (CARES) Act.
- Paycheck Protection Program (PPP) - includes forgivable loans
- Employee retention credit - payroll tax credit for 50% of wages paid to employees during the crisis
- Increase tax-deductible amount of interest expense
- Allows immediate write-off of improvements
- Having bridge loan through the State of Florida does NOT affect PPP eligibility
Help For Individuals
- Direct cash payments - $1,200 each, plus $500 per child for every American making less than $75,000 a year ($150,000 for married couples); phases out up to $99,000 a year. Payment is not taxable income
- Pandemic Unemployment Insurance - expands to self-employed, independent contractors, etc. Provides additional $600 per week for up to four months.
- 401(k) and IRA Withdrawals - eliminated 10% early withdrawal penalty, up to $100,000.
- Federal Student Loans - payments, principal and interest deferred for six months without penalty.
LINK to see entire FAQ document
Help For Small Businesses
Details about The Coronavirus Aid, Relief, and Economic Security (CARES) Act.
- Paycheck Protection Program (PPP) - includes forgivable loans
- Employee retention credit - payroll tax credit for 50% of wages paid to employees during the crisis
- Increase tax-deductible amount of interest expense
- Allows immediate write-off of improvements
- Having bridge loan through the State of Florida does NOT affect PPP eligibility
Help For Individuals
- Direct cash payments - $1,200 each, plus $500 per child for every American making less than $75,000 a year ($150,000 for married couples); phases out up to $99,000 a year. Payment is not taxable income
- Pandemic Unemployment Insurance - expands to self-employed, independent contractors, etc. Provides additional $600 per week for up to four months.
- 401(k) and IRA Withdrawals - eliminated 10% early withdrawal penalty, up to $100,000.
- Federal Student Loans - payments, principal and interest deferred for six months without penalty.
LINK to see entire FAQ document
