COVID-19 Updates

At the Innovative CPA group, we want to make sure you have all the information you need to navigate these unprecedented times. Below are some links and updates regarding COVID-19 relief for businesses and individuals.

Check on status of Advanced Child Tax Credit payments or Opt-out of Advanced Payments:

Advanced child tax credit payments started in July 2021 and continue through December 2021.

Basic information on the Advanced Child Tax Payment can be found:

To check the status of your payments or opt out of advanced payments set up your individual access here:

Non-Filers can submit their information using this link:

If you are not sure if you are eligible for the advance payments you can check your eligibility at this link:

IRS Stimulus Payments for Individuals:

Check on the status of your payment and/or update your bank account of mailing address here:

Non Filers: enter payment info here:

General Information & FAQ’s:

Connecticut Unemployment Updates:

  • Additional $300/week extended to Labor Day
  • Aid may take until the middle of April or later depending on the state

The CT Dept of Labor is continuously updating the following FAQ’s:

Employee Retention Credit:

Employee retention credit can help alleviate payroll costs (note there are restrictions), the program has been extended through June 30, 2021

State Tax Filing Guidance for Coronavirus Pandemic:

Below is a link to a state chart that is continuously being updated as each state issues guidance and relief:

Link to Chart

High Deductible Health Plans:

High-deductible health plans can cover coronavirus costs.

Business Loan Resources

1. SBA Payroll Protection Program (PPP) Loan Second Draw

If you applied for the first PPP draw, you may be eligible to additional funds. The application process will be open until March 31, 2021. To qualify, businesses must

(a) Used the first draw for authorized purposes.

(b) Have 300 or less employees.

(c) Demonstrate at lease a 25% reduction in gross receipts for any calendar quarter in 2020 when compared to the same quarter in 2019.

Additional information can be found at

2. SBA Payroll Protection Program (PPP) Loan First Draw

In addition to the Second Draw, the First Draw has been re-opened for a business that either missed out on the program last year or who received funds but then paid them back to the SBA. The same entity criteria apply to qualify as the initial loan in 2020, and the deadline for applications is March 31, 2021. For additional details, please visit:

3. SBA Payroll Protection Program (PPP) Loan Forgiveness:

If you applied for the first PPP draw and the funds have been used in the business, it may be time to consider gathering information for the PPP Loan forgiveness process. Below are links to the separate application forms and FAQ’s on the forgiveness process. Please do not hesitate to reach out to your designated Innovative CPA Group accountant if you need assistance in applying for loan forgiveness or call the main office to be connected with one of our accountants.

The application process is done online with the lender (i.e. your bank).

Multiple forms available and which one is used depends on if underlying conditions are met. Links for the forms as below.

Instructions for all forms are available on the SBA’s website. Refer to these for what backup documents need to be submitted along with the application form.

Also available are FAQ’s regarding forgiveness on the SBA website.

Since the SBA announced that borrowers now have the option of choosing a 24-week covered period, (it originally was an 8-week period for loans obtained before June 5), most loans will be eligible for full forgiveness if payroll was maintained. Any part of the loan not forgiven will have to be repaid per the terms of the loan agreement:

Fixed Interest rate of 1%

Payment deferred until

(a) the date that the SBA remits the loan forgiveness amount to your lender, provided you submit your loan forgiveness application to your lender within 10 months following the last day of the applicable covered period, or

(b) that date that is 10 months following the last day of the applicable covered period if you do not timely submit a loan forgiveness application; interest accrual begins as of the date of disbursement.

Maturity for loans issued after June 5th is 5 years. Loans administered before June 5th, the original maturity date is 2 years but can be extended to 5 years if in mutual agreement with the lender.

No collateral or personal guarantees needed.

No prepayment penalty.

Interest accrues as of the date of loan disbursement.

4. SBA Economic Injury Disaster Loans (EIDL):

Available for all eligible small businesses until December 31, 2021. Apply online here:

For borrowers who have already received an EIDL loan prior to April 7, 2021, additional funding may be available to increase the loan up to $500,000.

The payment deferral period has been extended to 2022 (24 months from the date of the note). Voluntary payments can be made during the deferment period, as interest will continue to accrue on the outstanding loan balance.

EIDL Advance is no longer available. For companies that received an Advance less than $10,000 in 2020, the SBA will reach out with information to apply for the Targeted Advance, which will provide additional funds to true-up to $10,000.

5. SBA Express Bridge Loans – Up to $25,000:

For small businesses with an existing banking relationship with an SBA Express Lender.

$25,000 quick loan which will be repaid in full or in part by proceeds from the EIDL loan.

Additional information can be found here:

6. Main Street Lending Program

The Federal Reserve established this lending program to provide support to eligible small and medium-sized businesses and their employees during this period of financial strain. Available to all businesses that were unable to obtain funds via the PPP program or if they need additional funds.

Some things to note are:

a. As of now loans are available until December 31, 2020 and eligible borrowers can apply by contacting an eligible lender.

b. This program offers several loan options, with deferred principal and interest payments.

c. They are available to for profit and non-profit businesses.

d. Unlike the PPP, these are not forgivable loans and may require personal guarantees.

e. Eligible borrowers must certify that they are otherwise unable to secure adequate credit from other sources.

FAQ’s and details about all the various loan options and such are available via the following link: