• Closeup of cotton flower
  •  2018 Board Members

  • COVID-19 Information

  • Texas Re-Opens Retail Businesses Texas Re-Opens Retail Businesses

    On May 18, 2020

    Governor Abbott announces new openings


    On May 4, 2020

    Mayor Ray Smith announced the kickoff of the “We Prosper Together” campaign last night with his weekly Mayor’s Message on the Town’s social media channels. The Town has developed the attached flyer to promote the campaign. The PDF contains direct links to each of the recipient organizations so individuals can make direct donations to whatever organizations they choose.

    Thank you for supporting the “We Prosper Together” campaign through your charitable donations.

    Click on image to view the flyer


    On April 30, 2020

    A Message from Mayor Ray Smith - April 30, 2020

    During this week’s Regular meeting, Council members unanimously decided to extend the Town’s Disaster Declaration, putting Prosper in line with the latest order from Governor Abbott.
    While I know that there is some ambiguity and confusion in the flurry of orders and declarations from the state, the counties, and the Town, here is a summary of how we will proceed for the time being.
    • The Prosper Community Library and the Town of Prosper, Parks and Recreation 407 Rec Center will remain closed until May 18.
    • All Town programs, events, and activities are also suspended through May 18.
    • While some Municipal Court services are available, most proceedings have been postponed until June.
    • Town Hall is still open, and Town staff is still working hard to provide you with the same excellent level of service.
    • The Town will re-evaluate closures and cancellations on May 18 and take appropriate action.
    • We will closely monitor the spread of the virus over the next few weeks, and follow the guidance issued by Governor Abbott, to determine if and when Town facilities may open safely.
    Please be assured that we will always take a deliberate, and safety-conscience approach when making decisions to re-open Town services and facilities. I encourage all residents to continue to be vigilant in reducing the spread of the virus by continuing social distancing while you are around others, washing or disinfecting your hands often, and staying home if you are sick.
    We will all get through this, but we must work together in a thoughtful, deliberate way. After all, Prosper is a place where everyone matters, and that will never change.

    - Mayor Ray Smith

    The Governor's Please Report to Open Texas can be found at: https://www.prospertx.gov/wp-content/uploads/2020/04/20200427-OpenTexas-Report.pdf

    The Town of Prosper Disaster Declaration can be found at: https://www.prospertx.gov/wp-content/uploads/2020/04/Ordinances-2020-29-Extending-a-local-state-of-disaster-due-to-a-public-health-emergency.pdf

    For more information and resources about COVID-19, please visit prospertx.gov/coronavirus 


     

    On April 27, 2020

     

    Executive Order No. GA-18 relating to the expanded reopening of services as part of the safe, strategic plan to Open Texas in response to the COVID- 19 disaster.


    On April 17, 2020

     

    Governor Greg Abbott signed an Executive Order authorizing the re-opening of retail businesses effective April 24. Review the DSHS guidance on how to re-open safely for both employees and customers.

  • Restaurants Restaurants

    Prosper Restaurants - Drive Thru - Carry Out - Delivery Options

    This file is updated as we receive new information
    Last updated 4-9-2020

    Click to view PDF of Restaurants


  • Nonprofits Nonprofits

    Cornerstone Resales shop has gone Virtual

    Click on image to visit.

  • Health Care Health Care

    Texas Health’s Coronavirus Hotline

    Texas Health’s Coronavirus Hotline

    Staffed by nurses is available 24/7 to help answer your questions: 682-236-7601

    Call anytime to speak to a nurse.


    Resources and Assistance for Prosper Residents

    Click to view PDF of Resources and Assistance for Prosper Residents

  • Gov’t Programs Gov’t Programs

    SBA Disaster Loans

    March 17, 2020
    To the Small Business Owners of HD 106,
    As we enter the second week of the unprecedented COVID-19 global pandemic, we are just beginning to feel the economic impact that “social distancing” will have on our communities. Our small businesses are the heartbeat of Main Street, America, and are a formidable economic engine, but they also are the most susceptible to economic distress and market fluctuations.

    The Federal Reserve has taken bold action to slash the federal funds rate to 0% and to launch a massive $700 billion quantitative easing program to help shelter the economy from the effects of the virus. However, many small businesses may find themselves unable to qualify for such loans.

    For this reason, the Small Business Administration (SBA) has designated COVID-19 as a qualifying event for Economic Injury Disaster Loans (EIDL) for businesses and private non-profits in affected communities.

    Small businesses, small agricultural cooperatives, and some private nonprofit organizations that have suffered substantial economic injury due to COVID-19 may be eligible for an EIDL of up to $2 million, which will provide the necessary working capital to help businesses survive until normal operations resume after a disaster.

    EIDL assistance will be available to small businesses only when the SBA determines they are unable to obtain credit elsewhere.

    The State of Texas is asking for your help as community leaders to spread the word about the Economic Injury Disaster Loan Program. I thank you in advance for sharing this valuable program to your small business members.


    Please click here for access to the application process and relevant worksheets. If you have any questions or concerns, you can reach me at my Capitol office at (512) 463-0694 or our Frisco district office at (214) 494-6498.


    Sincerely,

    Jared Patterson
    State Representative,
    House District 106


     

    SBA Economic Injury Loan Program

    Good Morning,
    
    Please share your story of economic loss from the COVID-19 (coronavirus) with the Small Business Administration as soon as possible.
    
    In order for Texas businesses to become eligible for emergency, low-interest bridge loans from the SBA to help you pay immediate costs such as your mortgage and payroll, a business from each of Texas’ 254 counties needs to show the SBA it has been negatively affected by the COVID-19 (coronavirus).*
     
    Here is what you can do to help: please email this Economic Injury Worksheet to: TDEMPARecovery@tdem.texas.gov
     
    Additional information from the U.S. Small Business Administration about Economic Injury Disaster Loans can be found here.
     
    Sending in this form will not financially obligate your business in any way. When the declaration is granted for the SBA emergency loan program, applicants will receive information on how to apply for their loan.
     
    Sharing your story is the next step in this very long process. These are unprecedented times for all of us - information, questions, and uncertainty will continue to remain in our day to day routine on the road ahead. 
     
    *It is all based on how many businesses submit a declaration. If there is no declaration, there will be no funds available for the county.

     


     

    Collin County SBDC Location

    Businesses need to begin the process in preparation for requesting assistance. The more than can do on the front end, the sooner needs can be met.
    The Collin County SBDC is located at:
    4800 Preston Park Blvd, Plano, TX 75093

     

    COVID-19 Businesses econimically injured

     Nationwide, the Economic Development Community is establishing processes by which we may  assist small businesses. Our work is done in conjunction with the SBDC and EDA. There will be  an International Economic Development Council Board of Directors call Monday regarding the  topic; discussing challenges, solutions and strategies. As information is made available, we will  be sharing it with our members.   

    For now we ask you to please be patient. We assure you that both the Chamber and PEDC, are  doing everything possible to assist you in these times.    

    Next Steps: 

        Please share your story of economic loss from the COVID-19 (coronavirus) with the Small  Business Administration as soon as possible.   

    In order for Texas businesses to become eligible for emergency, low-interest bridge loans from  the SBA to help you pay immediate costs such as your mortgage and payroll, a business from  each of Texas’ 254 counties needs to show the SBA it has been negatively affected by the  COVID-19 (coronavirus).    

    Please email the Economic Injury Worksheet below to: ​TDEMPARecovery@tdem.texas.gov   

    Sending in this form will not financially obligate your business in any way. When the declaration  is granted for the SBA emergency loan program, applicants will receive information on how to  apply for their loan. The aid is contingent on how many businesses submit a declaration. If there  is no declaration, there will be no funds available for the county.   

    Sharing your story is the next step in this very long process. These are unprecedented times for  all of us - information, questions, and uncertainty will continue to remain in our day to day  routine on the road ahead.    

    RESOURCES: 
     
    Economic Injury Worksheet 
    https://bit.ly/2QH2LYr    

    U.S. Small Business Administration - Economic Injury Disaster Loans 
    https://bit.ly/2WkzN46   

    Coronavirus (COVID-19): Small Business Guidance & Loan Resources 


    SBA Updates Criteria

    SBA Updates Criteria on States for Requesting Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19).


    Disaster Declaration, Executive Order Denton PDF


    Amended Denton County Judge Order outlines new mandates


    Gov. Abbott Declares Disaster, Closes Schools, Bars, Gyms Statewide, Restaurants “To Go” Only

    Gov. Abbott Declares Disaster, Closes Schools, Bars, Gyms Statewide, Restaurants “To Go” Only
    Statewide declaration runs March 20 through April 3, may be extended

    https://www.nbcdfw.com/news/coronavirus/gov-greg-abbott-to-detail-latest-in-covid-19-fight-thursday-at-noon/2334290/


    President Trump Signs Families First Coronavirus Response Act

     

    Late on Wednesday evening, President Trump signed the Families First Coronavirus Response Act which, among other things, addresses federal emergency FMLA and paid sick leave. Below are the highlights.

     

    Emergency Family and Medical Leave Expansion Act

    Effective Dates: April 2, 2020 - December 31, 2020

    Covered Employers: Private employers with fewer than 500 employees and public agencies of any size (though employers with fewer than 50 employees are shielded from civil FMLA damages in an FMLA lawsuit, meaning reduced liability in terms of back pay or liquidated damages)

    Eligible Employees: Employees who have been employed for at least 30 calendar days by the employer

    Leave Entitlement: Up to 12 weeks

    Reasons for Leave: Eligible employees may take up to 12 weeks of leave for a qualifying need related to a public health emergency. Such qualifying need is limited to circumstances in which the employee is unable to work or telework due to a need to care for a minor child if the child’s school or place of child care has been closed or is unavailable due to a public health emergency.

    Financial Benefit: The first 10 days of emergency FMLA leave is unpaid unless an employee elects to utilize any accrued vacation leave, personal leave, or medical or sick leave (including emergency paid sick leave, discussed below) concurrently.

    After 10 days, employees are eligible for an amount that is not less than two-thirds of their regular rate of pay based on the number of hours the employee would otherwise be normally scheduled to work.

    In the case of an employee whose schedule varies from week to week to such an extent that an employer is unable to determine with certainty the number of hours the employee would have worked had the employee not taken leave, the employer should use: (1) a number equal to the average number of hours that the employee was scheduled per day over the immediately preceding 6-month period (including leave hours); or (2) if the employee did not work over the immediately preceding 6-month period, the reasonable expectation of the employee at the time of hiring of the average number of hours per day that the employee would normally be scheduled to work.

    Emergency FMLA leave pay need not exceed $200 per day or $10,000 in the aggregate.

    Notice: Employees with a need for leave must provide as much notice as is practicable.

    Reinstatement: Employees are eligible for reinstatement pursuant to default FMLA rules. An exception applies for employers with fewer than 25 employees if certain conditions are met (such as non-existence of previously held position due to economic conditions, etc.)

     

    Emergency Paid Sick Leave Act

    Effective Dates: April 2 - December 31, 2020.

    Covered Employers: Private employers with fewer than 500 employees and public agencies of any size

    Eligible Employees: All current employees, regardless of days of service.

    Leave Entitlement: 2 weeks of paid leave, meaning 80 hours for full-time employees. Part-time employees receive a number of hours equal to that worked on average over a 2-week period.

    Reasons for Leave:

    ·      Employee is subject to a federal, state, or local quarantine or isolation order related to COVID-19

    ·      Employee has been advised by a health care provider to self-quarantine because of COVID-19

    ·      Employee is caring for an individual ordered or advised to quarantine or isolate

    ·      Employee is experiencing symptoms of COVID-19 and is seeking a medical diagnosis

    ·      Employee is caring for a son or daughter whose school or place of care is closed, or child care provider is unavailable, due to COVID-19 precautions

    ·      Employee is experiencing substantially similar conditions as specified by the Secretary of Health and Human Services, in consultation with the Secretary of the Treasury and the Secretary of Labor

    Financial Benefit: Employees should receive their regular rate of pay for leave related to their own care, diagnosis, quarantine, or isolation. When employees use paid sick leave to care for a family member or for school or child care closures, they are entitled to two-thirds their regular rate of pay.

    In the case of an employee whose schedule varies from week to week to such an extent that an employer is unable to determine with certainty the number of hours the employee would have worked had the employee not taken leave, the employer should use: (1) a number equal to the average number of hours that the employee was scheduled per day over the immediately preceding 6-month period (including leave hours); or (2) if the employee did not work over the immediately preceding 6-month period, the reasonable expectation of the employee at the time of hiring of the average number of hours per day that the employee would normally be scheduled to work.

    Emergency sick leave pay may be limited to $511 per day and $5,110 in the aggregate where leave is taken for the employee’s own illness, diagnosis, quarantine, or isolation, and $200 per day and $2,000 in the aggregate for leave taken to care for others or for school or child care closures.

    Carryover: Paid sick time under the new law does not carryover after December 31, 2020.

    Existing Leave Policies: Paid sick leave under the new law is available to employees in addition to leave under an existing company policy. Employers may not require employees to first use accrued leave under existing company policy before using sick leave under the new law.

     

    Exemptions: Health care providers and emergency responders may be exempted

     

    Tax Credits

    The law provides for reimbursement for employers via payroll tax credits. Refundable tax credits equal to 100% of qualified family and sick leave wages an employer pays for each calendar quarter will be available. Tax credits against income taxes are also available to self-employed individuals (at a reduced, two-thirds rate when using emergency paid sick leave to care for family members or due to school or child care closures).

    This blog article is intended for general informational purposes only and should not be construed as legal advice or opinion. Contact myHRcounsel with questions concerning specific facts and circumstances.


    Tax Day Deadline Will Move to July 15

    The deadline for individuals and businesses to file their income taxes will shift from April 15 to July 15, Treasury Secretary Steven Mnuchin said on Twitter Friday.

    Full article here.


     

    Coronvirus Resources for Collin County

     

    Sunday, March 22, 2020

    Coronavirus Resources for Collin County
    Resources, Information, and Updates for those Impacted by COVID-19

     

     

    Friends,

    This is an unprecedented moment for Texas and for our nation - a threat unlike any we have experienced in our lifetimes. I know individuals, families, and businesses face mounting ambivalence about what their future may hold. However, one thing is clear - we are in this together.

    While the situation is constantly evolving, I want to make sure my constituents can easily access up-to-date and accurate information regarding the federal government's efforts to contain the spread of this virus. It's also important for you to have access to the tools and resources that may be available to you during these difficult times.

    While I encourage you to sign up for email alerts at the button below or by simply responding to this email, I will also post regular updates and resources online on my Coronavirus Resource Portal.

    Below, you will find links to resources for families, workers, businesses, seniors, and veterans. There are also specific sections dedicated to posting real-time updates on travel and health information.

    If you have any questions about these resources, please don't hesitate to contact me. My staff and I are here to assist you in any way possible during these uncertain times. You can reach my office by calling (972) 202-4150 or send me an email online.

     

     

    Semper Fidelis,

    Van Taylor
    Member of Congress

     

     

     
     

     


    Denton County Judge signs New Executive order March 22


     

    Small Business Administration Resources Webinar

     

    Over the past several weeks, I have been in communication with many local small businesses, discussing their ability to operate amidst the devastating effects coronavirus has taken on every facet of commerce. Please know, I remain engaged on this rapidly evolving issue and am working to provide needed resources to our local businesses during this critical time.

    With that in mind, I invite Collin County small businesses to take part in an important video conference webinar I am hosting this Wednesday, March 25, 2020 at 2:00 PM CST with our regional representative from the Small Business Administration. During this call the we will provide up-to-date information on the application process and take questions and feedback from participants.  To view or register for the webinar open the PDF below.

    Click to view Small Business Administration Resources Webinar PDF

     

    Semper Fidelis,

    Van Taylor
    Member of Congress


    Collin County Judge Issues Shelter-in-Place Order Published March 23, 2020


    Small Business Administration Fact Sheet


    Denton County has issued a stay-at-home order that will go into effect midnight Wednesday, March 25.


    SBA Disaster Assistance in Response to the Coronavirus


     

    Collin County Judge Issues ‘Stay Home, Work Safe’ Measures, Businesses to Remain Open

     

    Collin County Judge Issues ‘Stay Home, Work Safe’ Measures, Businesses to Remain Open https://www.nbcdfw.com/news/coronavirus/collin-county-expected-to-issue-shelter-in-place-on-tuesday/2337145/


     

    Protect Yourself From COVID-19 Scams

     

    Protect Yourself from Scams

    Related to COVID-19
    We are committed to your financial well-being, especially during times of uncertainty. Please be aware that scammers are trying to take advantage of fears surrounding the Coronavirus. The Federal Trade Commission has provided information about scams in several updates.
     
     
    We want to give you sensible, level-headed actions to take. But first, step back and take a big, deep breath. Now let’s look at some things you can do to keep you on your feet—even without a paycheck.
    Learn More
     
    Find your Local Branch
    List of Locations
    Contact Customer Service
    800-924-4427
     
     
    Health and safety of our Customers, Communities, and Employees
    Our number one priority is to protect the health and safety of our employees, customers and communities. As we continue to monitor and address the growing concern of COVID-19, we are taking precautionary action to protect others while continuing to serve the financial needs of our customers.
     
    Stay up to date and connected
     
     
     
     
    Banking
    Mortgage
    MEMBER FDIC Equal Housing Lender. NMLS# 400025.
    Insurance
    Investments
    Not FDIC Insured. No Bank Guarantee. May Lose Value.
    Privacy Policy | Security Statement | Assets for Sale | Terms of Use | Contact Us
    © 2020 FIRST UNITED BANK. ALL RIGHTS RESERVED

     

    Woman-owned Business Grant

     

    The purpose of this program is to assist Texas, woman-owned businesses that have been severely impacted by Coronavirus (COVID-19). A total of $1,000,000 (100 grant awards) is available.
    Grant Amount: $10,000
    https://twu.edu/center-women-entrepreneurs/assisther-emergency-relief-grant/?fbclid=IwAR1OGLTSkkziZV7uJTM7Ql-T8SR6lslVomFuT_au2S5HsmwROY4-4-XAfSs


    SBA Economic Injury Disaster Loan Information Collin SBDC


     

    Quick facts to apply for the SBA’s Disaster Loan

     


     

    Cares Act

     

    The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.  MORE ….


     

    Denton County has issued a stay-at-home order that will go into effect midnight Wednesday, March 25.

     

     


     

    We encourage ALL Prosper businesses regardless of size to apply for the Paycheck Protection Program (PPP) immediately!

    We encourage ALL Prosper businesses regardless of size to apply for the Paycheck Protection Program (PPP) immediately!  Included are Prosper lending institutions who are available to help with processing and questions. If you have not already done so, contact them at your EARLIEST convenience. The Federal government is allowing banks which have not previously been SBA approved to process PPP loans.  If you have a relationship with a bank, call a representative. Ask if they are available to help. If not, reach out to an approved SBA bank.
     

    REMINDER:  Economic Injury Disaster Loans (EIDLs) must be applied for on-line, see list.   The PPP Program  SBA Approved Banks for PPP  
    List of Banks and Financial places where people can apply for loans        Worksheet calculator for SBA loan for PPP  (this will allow you to download the Excel worksheet)

    Mary Ann Moon, CEcD, FM, HLM
    Executive Director
    Prosper Economic Development Corporation
    130 N. Preston Road, Suite 130 Prosper, TX 75078
    (972) 569-1171

    maryann@prosperedc.com


     

    Apply Tomorrow: Paycheck Protection Program Van Taylor - Member of Congress

     

    Tuesday, April 2, 2020
     

    Apply Tomorrow: Paycheck Protection Program
    Lenders May Begin Processing Applications April 3, 2020

     

     

    Friends,

    Yesterday, the Department of Treasury announced approved lenders may start processing local business applications for the Paycheck Protection Program beginning tomorrow, Friday, April 3, 2020 and I wanted to make sure you knew about this important program..

    H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act provided nearly $350 billion for a small business loan program called the Paycheck Protection Program. This program, administered by the Small Business Administration, is designed to provide direct incentives for small businesses to keep their workers on the payroll.

    There is no doubt Collin County businesses need support at this very moment. With less red-tape, this program will quickly deliver much-needed help directly to businesses impacted by coronavirus. In doing so, we can help these local job creators keep their employees on the payroll.

    Below I have include additional details regarding the Paycheck Protection Program. For even more information, I encourage you to review my Small Business Coronavirus Resource Guide.

    Beginning Friday, April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through approved SBA lenders.

    Businesses who wish to begin reviewing the application can download a sample form to see the information that will be required. Complete details about the Paycheck Protection Program can be found on the Small Business Administrations website.

    Independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders beginning next Friday, April 10, 2020.

     

     

    Loan Details

     

    Loan amounts will be forgiven as long as the loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the eight-week period after the loan is made and employee and compensation levels are maintained.

    Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

    Loan payments will be deferred for 6 months.

    As you consider the impact of these provisions on you and your business, please don't hesitate to reach out. My staff and I are here to assist you in any way possible during these uncertain times. You can reach my office by calling (972) 202-4150 or send me an email online.

     

    Semper Fidelis,


    Van Taylor
    Member of Congress

     

     

     

     


     

    Home  |  About  |  Services  |  Issues  |  Newsroom  |  Contact

     

    Tuesday, April 7, 2020
     

    Recording and Slides Available
    Small Business Resources Webinar with U.S. Chamber

     

     

    Thank you for your interest in the Small Business Resource Webinar I hosted this afternoon in conjunction with the United States Chamber of Commerce. 

    Allison Dembeck, Executive Director of Congressional and Public Affairs at the U.S. Chamber of Commerce, provided valuable information and answered questions from the online audience regarding the resources available for small businesses. For your convenience, a recording of the webinar can be viewed here and slides containing information from today's presentation can be found here.

    More information for businesses impacted by coronavirus can be found here and you can sign up for email alerts as resources become available here.

    My team and I stand ready to serve as a resource. If there are additional ways in which I can assist you, please reach out to my office at (972) 202-4150. 

     

     

    Semper Fidelis,

    Van Taylor
    Member of Congress

     
     
     

     

    Replay Available: Virtual Town Hall With TWC Commissioner Aaron Demerson

    REPLAY: Virtual Town Hall Meeting and Q&A Session

     

    The Coronavirus pandemic has brought an unprecedented impact on every aspect of our lives. Now, more than ever, we’re determined to bring you opportunities that can help you in this COVID-19 environment.

    We sincerely hope that our Virtual Town Hall and Q&A Meeting with the TWC Commissioner Representing Employers, Aaron Demerson, provided you with information and resources to help your business navigate through this changing landscape.

    We will share with you the compiled questions and answers once we receive that information. Meanwhile, we strongly encourage you to contact the Texas Workforce Commission through the dedicated Employer Hotline 800-832-9394 and email address employerinfo@twc.state.tx.us to follow-up with your specific question.

    If you would like to watch or share the replay of the Virtual Town Hall meeting, please click on the link below:

    WATCH THE VIRTUAL TOWN HALL REPLAY

    Lastly, we would like to once again thank Commission Demerson and his legal counsel team – Tommy Simmons, Velissa Chapa and Elsa Ramos; as well as Bridget Moon, the Small Business Administration’s Economic Development Specialist and Veterans Business Development Officer, for sharing their expertise during the call.

    On behalf of the entire Workforce Solutions for North Central Texas team, thank you for participating in the discussion, and voicing your questions and concerns. We value our partnership with you and hope we can continue to serve as a trusted resource as we move through this environment.

    Sincerely, 

    Workforce Solutions for North Central Texas 

     

     
     

    REPLAY: Virtual Town Hall Meeting and Q&A Session


     

     

    Your Weekly Tax Tip

    from

     

     

    Logo

     

     

    Facebook

    RSS Feed

    www.lynngrosscpa.com
    Phone: (972) 346-3100

     

     

     

    Key Coronavirus Tax Changes

    What every taxpayer should know

     
     

     

    What's New Category Image

     

     

    In addition to filing delays and stimulus payments, the IRS is implementing many changes in response to the coronavirus pandemic. Here are some of the major topics that could affect you and your family.

    Early distribution penalty waived

    The 10% early distribution penalty on up to $100,000 of retirement withdrawals for coronavirus-related reasons is waived during 2020. New provisions allow tax liabilities on these distributions to be paid over a three-year period. The new rules also allow individuals to return these distributions to the retirement account over a three-year period and not be subject to annual contribution limits.

    Action: This could be a great way to handle emergency payments until you receive a stimulus check, unemployment payments, or a pending small business loan.

    Required minimum distributions (RMDs) waived for 2020

    Required minimum distributions (RMDs) in the year 2020 for various retirement plans is suspended. The corresponding 50% penalty associated with not taking an RMD is also suspended in 2020.

    Action: Taking out distributions when the market takes a tumble can hurt retirement income for many years. This change allows you to wait to let the value in your retirement account rebound before you withdraw funds.

    IRS installment agreement suspension

    The IRS announced suspension of payments of all amounts due from April 1 through July 15, 2020 and will not be in default on any IRS installment agreement during this period. Interest will continue to accrue on these installment agreements.

    Action: Being on the bad side of the IRS is never fun. If you currently have an IRS installment agreement, look to take advantage of this delay.

    Offers-in-compromise

    The IRS will allow you until July 15, 2020 to provide additional requested information for any pending offers-in-compromise (OIC) and will not close out the OIC during this time without your consent. The IRS is also suspending any payments due under an OIC until July 15, 2020.

    Enforcement activities suspended? Not so fast...

    The filing and enforcement of liens and levies will generally be suspended. However, IRS Revenue Officers will continue to pursue high income non-filers and initiate other actions when warranted.

    No new audits

    The IRS will not initiate new audits during this time, but will act to protect the statute of limitations.

    Much is happening during this unique time in our country's history. Rest assured, as changes are made you will be informed. In the meantime, please keep yourself and your family safe.

     

     

    Category: What's New

    Published: 04/10/2020

     

     

     

    Recent Tips:

     

     

    COVID-19 Stimulus Payments. READ THIS NOW!

    04/03/2020

     

    New Law Requires Small Business to Provide Paid Leave
    Families First Coronavirus Response Act provides worker benefits

    03/27/2020

     

    Tax Deadlines Move from April to July
    What you need to know now!

    03/20/2020

     

    Kiddie Tax Rate Hike Rolled Back

    03/13/2020

     

       

     

     

    Read more tips

     
     

     

     

     

    Home  |  About  |  Services  |  Issues  |  Newsroom  |  Contact

     

    Friday, April 10, 2020
     

    Unemployment Resource Webinar
    Navigating Unemployment During Coronavirus

     

     

    During this critical time, I have spoken with countless individuals and families regarding the devastating effects coronavirus has had on their employment, family, health, and community.

    To help Collin County families recover from this generational pandemic, I have supported three significant legislative packages which provide historic for those impacted by COVID-19 while also addressing the healthcare infrastructure concerns facing our nation. With various programs available, its important Collin County workers have the most up-to-date information about the resources and tools available to assist them and their families during these uncertain times.

    To provide guidance to those who have been laid off, furloughed, ordered to self-quarantine, or are experiencing reduced working hours due to COVID-19, I will be hosting an online webinar with the Texas Workforce Commission and State Representative Matt Shaheen on Monday, April 13, 2020 at 12:00 PM.

    The Texas Workforce Commission (TWC) is the state agency charged with overseeing and providing workforce development services, such as administering unemployment insurance benefits, to employers and job seekers in Texas. TWC Executive Director, Ed Serna, Representative Shaheen, and I will provide an overview of programs available to Texans impacted by coronavirus and take questions from participants following the presentation.

    To participate in the event, simply register at the link below. Upon receiving your RSVP, we will email you instructions to access the webinar.

     

     
     

     

    Event Details

     

    Date: 

     

    Monday, April 13, 2020

    Time:

     

    12:00 PM CT

    What:

     

    Webinar with the Texas Workforce Commission

    Who:

     

    Collin County residents who have been laid off, furloughed, ordered to self-quarantine, or are experiencing reduced working hours due to COVID-19

    Panelist:

     

    U.S. Congressman Van Taylor (TX-03)
    State Representative Matt Shaheen (CD-66)
    Ed Serna; Texas Workforce Commission, Executive Director

    Instructions:

     

    Instructions will be provided via email before the event

    Questions:

     

    Contact my office at (972) 202-4150

    RSVP:

     

    On at VanTaylor.house.gov

     


    Please know my office stands ready to serve as a resource. If there are any other ways in which I can assist you, please reach out to my office at (972) 202-4150. 

     

     

    Semper Fidelis,

    Van Taylor
    Member of Congress

     
     
     

     

    Recording and Resource Guide Available Unemployment Webinar with Texas Workforce Commission

     

    Home  |  About  |  Services  |  Issues  |  Newsroom  |  Contact

     

    Monday, April 13, 2020
     

    Recording and Resource Guide Available
    Unemployment Webinar with Texas Workforce Commission

     

     

    Thank you for your interest in the unemployment resource webinar I hosted this morning in conjunction with the Texas Workforce Commission.

    Texas Workforce Commission Executive Director, Ed Serna, State Representative Matt Shaheen, and I provided an overview of programs available to Texans impacted by coronavirus and took questions from participants following the presentation. Ed also explained efforts being made by the state to process as many incoming applications and calls as possible.

    For your convenience, I have included Frequently Asked Questions about unemployment benefits below and have made the webinar recording available online here.

    I encourage you to review my detailed Unemployment Resource Guide about the programs and resources available to those who have been laid off, furloughed, ordered to self-quarantine, or are experiencing reduced working hours due to COVID-19.

    More information for individuals impacted by coronavirus can be found here and you can sign up for email alerts as resources become available here.

    Please remember, my team and I stand ready to serve as a resource. If there are additional ways in which I can assist you, please reach out to my office at (972) 202-4150. 

     

     

    Semper Fidelis,

    Van Taylor
    Member of Congress

     

     

    Frequently Asked Questions from Collin County Workers

     


    What were the changes made to unemployment coverage?
    Congress has provided $1 billion in emergency administrative grants to increase state capacity to process unemployment applications, make payments, and provide a federally funded extra week of benefits. Additionally, H.R. 748, the CARES Act created a new Pandemic Unemployment Assistance Program that will cover individuals who wouldn't normally be eligible for traditional Unemployment Insurance benefits and added an additional $600 per week for beneficiaries top of the amount provided by state programs, and extends the length of time benefits can be paid out.

    All unemployment benefits are administered by each individual state and eligibility, duration, and amount are all determined under each state's laws. The United States Department of Labor Employment and Training Administration guidance on flexibility provided under federal law for states to amend their laws to provide unemployment insurance benefits in multiple scenarios related to COVID-19.

    At the request of Governor Abbott, TWC has waived the Work Search Requirement and eliminated the waiting week for unemployment benefits.

    Who is eligible for unemployment benefits?
    Congress has extended unemployment insurance to workers who usually aren't eligible for such benefits at the state level - as long as their unemployment is connected to the coronavirus outbreak. Those who will now be eligible include part-time employees, freelancers, independent contractors, gig workers, and the self-employed.

    How much are the unemployment benefits worth?
    Under the CARES Act, the federal government will provide $600 a week to individuals who are eligible for unemployment insurance. The federal assistance will complement existing state unemployment benefits, which typically cover a percentage of an unemployed individual's previous salary. In Texas, weekly unemployment benefits previously ranged between $69 to $521 per week.

    How long do these unemployment benefits last?
    The federal government's $600 benefit to unemployed workers will last for a period of up to four months through July 31, 2020. Additionally, legislation passed by Congress will extend state-level unemployment insurance by an additional 13 weeks. In Texas, unemployment beneficiaries were previously limited to 26 weeks of benefits, this will now bring the total to 39 weeks. Lastly, under this bill, retroactive benefits can be applied for back to January 27, 2020.

    What if the job I lost because of the coronavirus is a recently started one?
    For those who lost their job as a result of coronavirus and wouldn't usually qualify for unemployment benefits because of insufficient work history, the CARES Act effectively waives such work history requirements and allows those workers to receive unemployment benefits.

    Where do I apply for unemployment benefits?
    Texans can submit an application for unemployment benefits through the Texas Workforce Commission Website or call (800) 939-6631 and speak to a customer service representative.
    For more information, you can watch a tutorial on how to apply for benefits here.
    For up-to-date news and announcements from TWC please visit their website here.

    Do unemployment benefits for those impacted by coronavirus apply to self-employed individuals and independent contractors?
    Yes. Legislation recently signed into law, the CARES Act, created a new Pandemic Unemployment Assistance Program to cover individuals who wouldn't normally be eligible for traditional unemployment insurance benefits. This program particularly helps self-employed individuals, independent contractors, and those who are simply unable to work due to the coronavirus outbreak.

    The Texas Workforce Commission website keeps crashing, what do I do?
    The TWC Unemployment Benefit Application System is experiencing a high volume of users. They ask that if you are experiencing issues with the site, to please try back later.

    To help prevent website outages and ensure every applicant is able to file their unemployment benefits claims, TWC is asking Texans to apply during designated times and days, based on the number their area code begins with.

    • Area code begins with 9, file on: Monday, Wednesday, and Friday 8:00 AM - 12:00 PM
    • Area code begins with 3, 4, 5, 6, file on: Monday, Wednesday, and Friday 1:00 PM - 5:00 PM
    • Area code begins with 7 or 8, file on: Tuesday, Thursday, Saturday 8:00 AM - 12:00 PM
    • Area code begins with 2, file on: Tuesday, Thursday, Saturday 1:00 PM - 5:00 PM

    What other resources are available?
    In addition to expanded unemployment benefits, Congress has created a Recovery Rebate Check Program, pushed back the 2020 tax filing deadline, and ensured working Americans have access to paid sick and family medical leave should they be impacted by coronavirus. Please review my Resource Guide for Workers for more information.

     
     
  • Local Local

    How to Survive COVID 19

    HOW CAN SMALL BUSINESSES SURVIVE THE EFFECTS OF COVID-19?


    Prosper Chamber Facebook Post

    Facebook: We can’t control everything, but we can control how we look after our local community! We’ve pulled together a list of all the chamber members that are still open or offering services during this unprecedented time. See below and don’t forget to #supportlocal!
     
    Restaurants:
    Jersey Mikes: Open for to-go orders and delivery through the Jersey Mike’s app, GrubHub, DoorDash and Uber Eats.
     
    Triple G Catering: Catering side is still open for business and their non-profit is offering food to those in need. 
     
    EJ Wills Pub: Open for curbside take out and pick-up AND a 15% discount now through Friday! Also available to order via UberEats and Door Dash and 10% off all catering orders. 
     
     
    Entertainment/Services:
    AAI Trophies and Awards: Open for business during normal business hours from 9am – 5pm, Monday thru Friday. 
     
    A Joyful Mess: Do art at home with supplies laying around the house! Check out their Youtube channel here: https://youtu.be/grvT_3JZ0Rw 
     
    Carpet Tech: Open and offering Carpet Tech’s exclusive disinfecting process kills bacteria, molds, and viruses, including COVID-19. 
     
    Children’s Health Hospital: Open 24/7 and if you suspect your child has been exposed to, or is exhibiting signs of COVID-19, please contact your primary care provider who will confirm next steps if testing is needed. 
     
    Edit Learning Design: Taking appointments remotely via Zoom meeting or video (includes design clients). 
     
    Lynn Gross CPA: Open for regular business hours, but for any clients that are scheduled with an appointment, we will be meeting by teleconference. 
     
    Solis Mammagraphy: Open during normal business hours. 
     
    Texas Amp & Axes: All music lessons will be online until further notice. Check the store’s website for updates on store hours.
     
    Texas Farm Bureau: Open for regular hours for quotes on home, auto, life and commercial.


     

  • PISD PISD

    PISD COVID-19 update March 31

    Prosper ISD School Closure Update

    Dear Prosper ISD Community,
     

    We have been hoping that we would be able to reopen our doors to our students April 6th, but that is not our current reality as we continue to deal with Covid-19. The Prosper ISD school closure, along with all Texas school districts, will be extended through Friday, May 1, 2020.

     

    This will no doubt fuel a variety of questions surrounding any of the end-of-year events (ie. prom, graduation, field day, the upcoming bad weather day, etc.). The best answer that we can give at this time is that we will hold off cancelling any events scheduled in May until absolutely necessary. An event like prom that involves securing dresses, tuxedos, and the like will force our decision sooner rather than later. As I have mentioned numerous times before - this stinks! Thankfully, we have an amazing staff that is prepared to continue learning for your child. We also recognize that this closure possibly adds to your stress as a parent, but we will work to do everything that we can to minimize that on your end.

     

    As mentioned before, WE will get through this as a community. Please don't forget to access our Covid-19 webpage (www.prosper-isd.net/pisdcovid19) for any guidance you need or questions you might have during this time.

     

    https://www.youtube.com/watch?v=aDFIooMcmeE 

  • Private Schools Private Schools

    Ace Montessori School Closures

    Ace Montessori will be closing as of Monday, March 23, 2020 until Friday, March 27th. The decision was made to protect the health and safety of their students, families and staff. During this time, they will provide updates and will re-evaluate the situation at the end of the week. 



  • Local Aid Local Aid

    CoServ Relief Fund

    CoServ sets up relief fund to help Members and Customers
    Click to view