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The Internal Revenue Service reported that the option is now available for dependent and independent workers and individual entrepreneurs to check if they meet the requirements to qualify for the State loan, of up to $ 650 thousand with a real interest rate of 0%.
The agency explained that, due to the publication of the October CPI, the Service was able to update the data to enable the benefit intended to support those who have faced a reduction in their income as a result of the health emergency.
In the case of independent workers, this is the last month in which they can access the benefit, which in their case was available since June of this year. To do this, they must have issued electronic fee tickets in at least 3 months between April 2019 and March 2020, or in at least 6 months between April 2018 and March 2020.
Requirements for the state loan
In addition, in the month before the benefit is requested, the income from electronic fee tickets must have been reduced by at least 30% compared to the average between April 2019 and March 2020.
In the case of dependent workers and individual entrepreneurs, to access the benefit they must register an average taxable income equal to or greater than $ 400 thousand during 2019, and have a decrease of -at least- 30% with respect to the average of the remuneration received in 2019.
For individual entrepreneurs, the PPM calculation base is considered, as indicated in the law, in the month prior to the one requesting the benefit.
The solidarity loan corresponds to 70% of the decrease in income that the taxpayer experienced, with a ceiling of $ 650 thousand, and can be requested for up to 3 months, continuous or discontinuous, between August and December 2020.
These amounts will not be subject to any tax or administrative withholding, except for the withholding of up to 50%, for alimony debt.
The SII warned that if the dependent, independent worker or individual entrepreneur has already requested the loan in the three previous periods, this means that they completed the maximum possible application for the benefit.
The repayment of the loan must be made as of 2022, in four installments.
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