Workforce decisions, your business, and the CARES Act

The Federal Government has approved a $2 trillion economic relief plan, known as the CARES Act, to offer assistance to the many U.S. citizens affected by the COVID-19 pandemic. The plan makes funds available to help individuals and businesses alike with expanded unemployment coverage, changes to paid sick and family leave, modifications to federal student loan payback, and assistance with mortgage, rents and utilities.

Answers to common questions and helpful resources for Twin Falls citizens are listed below. We’ll update this blog post as we receive more details about the full rollout and implementation of the CARES Act.

Additional resources can also be found at the Twin Falls Chamber of Commerce COVID-19 Response and Resources page:

Still not finding answers to your questions? Contact us directly.

For Individuals:

Who is eligible for economic impact payments?

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples, and up to $500 for each qualifying child.

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment of $1200/$2400. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.

How will the IRS know where to send my payment?

The vast majority of people do not need to take any action. The IRS will calculate and automatically send  economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

The IRS does not have my direct deposit information. What can I do?

In the coming weeks, the Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

I am not typically required to file a tax return. Can I still receive my payment?

Yes. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.

Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time.

I have a tax filing obligation but have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?

Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.

I need to file a tax return. How long are the economic impact payments available?

For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.

 How many payments will there be?

Just one. However, future bills could be considered by Congress.

 Do college students get anything?

College students will not receive a payment if someone claims them as a dependent on a tax return. Usually, students under the age of 24 are dependents in the eyes of the taxing authorities if a parent pays for at least half of their expenses.

 When will the payment arrive?

Treasury Secretary Steven Mnuchin has said he expected most people to get their payments by April 17. Presumably those people using the new portal would not get money until a few weeks after they are first able to provide their information. The I.R.S. has not said when those receiving paper checks would get them.

 Will most people who are receiving Social Security retirement and disability payments each month also get a stimulus payment?


 Will eligible unemployed people get these stimulus payments? Veterans?

Yes and yes.

 If my payment doesn’t come soon, how can I be sure that it wasn’t misdirected?

According to the bill, you will get a paper notice in the mail no later than a few weeks after your payment has been disbursed. That notice will contain information about where the payment ended up and in what form it was made. If you couldn’t locate the payment at that point, it would be time to contact the IRS using the information on the notice.

 Do I have to pay income taxes on the amount of my payment?


Where can I get more information?

The IRS will post all key information on as soon as it becomes available.

Paycheck Protection Program (PPP) For Businesses:

Who is Eligible?

  • Businesses (including sole proprietors & self-employed) & nonprofits except those with Medicaid funds and with fewer than 500 employees
  • Must have been “substantially affected by COVID-19,” which are described as:
  • supply chain disruptions
  • staffing challenges;
  • a decrease in sales or customers; or
  • shuttered businesses

What are the Eligible Expenses?

  • Payroll support for employees for whom it paid salaries and payroll taxes or a paid independent contractor
  • Mortgage payments (interest only);
  • Rent (including rent under a lease agreement);
  • Utilities;
  • Any other debt obligations that were incurred before the covered period

How Much Can I Apply For?

  • The amount to be the lesser of (a) $10 million or (b) 2.5 multiplied by the average total monthly payments by the applicant for payroll, mortgage payments, rent payments, and payments on any other debt obligations incurred during the 1 year period before the date on which the loan is made.
  • Note (b) above is different for newer companies or those with seasonal employees

How Long Do I Have to Repay and What is the Interest Rate?

  • The maximum Maturity is 10 years
  • The maximum interest rate will be 4%

Is This Loan Forgivable?

  • An eligible recipient shall be eligible for forgiveness of indebtedness in an amount equal to the cost of maintaining payroll continuity and other allowable costs during the covered period (8 weeks from loan origination). The borrower shall submit to the lender an application, which shall include documentation verifying the number of full-time equivalent employees on payroll and the other costs included in “Allowable Use:”
  • payroll tax filings reported to the Internal Revenue Service;
  • state income, payroll, and unemployment insurance filings;
  • financial statements verifying payment on debt obligations incurred before the covered period; and
  • any other necessary documentation to be determined
  • The amount of any loan forgiveness will be reduced by any reductions in employee wages (in excess of 25% for any employee) or a reduction in the number of employees during the covered period

How Do I Apply?

  • These loans will be issued by SBA 7(a) Lenders

Link to SBA lenders in Idaho (If you don’t see your bank, ask them!)

Economic Injury Disaster Loan Program (EIDL) For Businesses

Who is Eligible?

  • Small businesses, including ESOPs, and non-profits affected by the coronavirus in presidential and SBA declared disaster areas (Blaine County is included)

 What are the Eligible Expenses?

  • Accounts payable, fixed debts, payroll, and other bills due to the virus

 How Much Can I Apply For?

  • Up to $2,000,000

How Long Do I Have to Repay and What is the Interest Rate?

  • The maximum Maturity is 30 years
  • 75% for nonprofits
  • 75% for small businesses

Is This Loan Forgivable?

How Do I Apply?

Apply directly at the SBA Website

Additional Grants-

Microgrants for Bars and Restaurants

The purpose of the James Beard Foundation Food and Beverage Industry Relief Fund is to provide critical financial assistance to small, independent restaurants that, due to the COVID-19 national disaster, have an immediate need for funds to pay set operating expenses and keep from going out of business.

Grants for Displaced Restaurant Workers

Restaurant employees who suffer a financial hit from the COVID-19 pandemic can request a one-time payment of $500 from a relief fund being set up by the National Restaurant Association Educational Foundation. The funds will be provided on a first come, first served basis to help impacted workers pay for rent, groceries, medical care, utilities, transportation, child care and other fundamental expenses.