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After the CPI of 0.6% in September, the Internal Revenue Service (SII) updated the data so that dependent and independent workers and individual entrepreneurs can check if they meet the requirements this month to qualify for the State loan of up to $ 650,000, with a real interest rate of 0%, intended to support those who have faced a reduction in their income due to the health emergency.
How can I get the benefit?
To access this benefit, explained the SII, dependent workers and individual entrepreneurs must register an average taxable income equal to or greater than $ 400 thousand during 2019, and have a decrease in income of at least 30%, in the month prior to the one requesting the benefit. In other words, to apply in October, the September income must be considered.
In addition, the SII indicated that 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.
For their part, independent workers can also access up to three times, between June and November, a similar, repayable loan, with a real rate of 0%, readjusted according to the CPI. That is, if they asked for the loan in June, July and August, they have already completed the maximum possible application for the benefit.
For it, 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. Additionally, in the month of August 2020, revenue from electronic fee tickets must have decreased by at least 30% from the average between April 2019 and March 2020.
These amounts will not be subject to any tax or administrative withholding, except the withholding of up to 50%, for the concept of alimony debt.
Credit payment
Likewise, the SII indicated that the reimbursement of this benefit must be made from 2022, in 4 installments, according to the following detail:
– First installment equivalent to 10% of the benefit delivered, to be paid in 2022.
– Second installment equivalent to 30% of the benefit delivered, to be paid in 2023.
– Third installment equivalent to 30% of the benefit delivered, to be paid in 2024.
– Fourth installment equivalent to 30% of the benefit delivered, to be paid in 2025.
The taxpayer may make advance payments, if he prefers. The mechanism for this will be informed in due course.
The annual reimbursement fee should not exceed 5% of the total income reported in your Income Statement. If, due to the application of the indicated cap, after the last payment a balance of the debt is maintained, it will be forgiven.
The facilities
To support facilitating this reimbursement, as of September 1, 2021, dependent workers will have a withholding of 3% in addition to the one that normally corresponds.
In the case of individual entrepreneurs, they must also increase the PPM rate by 3%.
Finally, freelancers must make an additional monthly provisional payment, or an additional withholding of 3%.
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