Your Finances

The information and links provided on this page are designed to provide helpful information and resources to our membership on the many financial issues surrounding the COVID-19 pandemic. IKYTA is providing this information, but does not have the expertise to endorse all material contained on this page. The references are provided for informational purposes only and do not constitute an endorsement of any website or other sources. We are all in this uncharted territory together, virtually learning new information on an hourly basis. It is our hope that sharing this information will serve our yoga teacher community during this challenging time. This page will continually be updated, as new information becomes available.

Be the wisdom your support. Be the compassion your guide. And listen to the Divine Music that beats in every heart.

– Guru Nanak –

More information coming soon!

More information coming soon!

$2.2 Trillion Stimulus: What It Means for You

General Information from the Federal Government

Coronavirus Resources from the U.S. Department of Labor

Coronavirus Tax Relief from the Internal Revenue Service

Initial Analysis of the Coronavirus Aid, Relief and Economic Security Act (CARES Act) from the National Council of Nonprofits

Economic Impact Payments

As part of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act, the U.S. Federal Government began delivering “Economic Impact Payments” to eligible Americans during the week of April 13, 2020. These direct cash payments to individuals and families are for financial relief during the coronavirus pandemic, and are sometimes referred to as “stimulus checks.”

Here are a few things to keep in mind:

  • The Internal Revenue Service (IRS) is responsible for the timing, amount and distribution of these payments, and has stated that payments will be sent in waves over the course of multiple weeks into July 2020.
  • The IRS will distribute payments using the information that the IRS has on file for each eligible individual or family.
  • For most of the recipients, payments will be deposited directly into the same bank account that they have most recently used to receive a tax refund or monthly Social Security payment.
  • Others will receive paper checks in the mail, at the address that the IRS has on file for that individual.
  • Banks cannot and do not provide personal account or address information to the IRS.
  • Direct deposits are posted for open accounts on the effective date set by the Treasury.

Here are answers to some additional questions you may have:

Am I eligible, and when will my payment arrive?

Contact the IRS. The IRS Economic Impact Payment Information Center website has detailed information on eligibility, requesting, calculating and receiving payments. The IRS Get My Payment website can provide you information about the status of your payment, payment type (direct deposit or paper check) and how to set up a direct deposit if available.

I have questions about the amount of my payment. Who can help me?

Visit the IRS website for information regarding eligibility, requesting, calculating and receiving payments.

You can check status of your payment, payment type (direct deposit or paper check) and how to set up a direct deposit if available at the IRS Get My Payment website.

Small Business Owners

What new federal programs are available to help my small business during COVID19? 

There are two programs that are most likely to be a good fit:

SBA Paycheck Protection Program (PPP) 

The Paycheck Protection Program (PPP) provides small businesses with zero-fee loans of up to $10 million to cover payroll and other operating expenses. Up to 8 weeks of payroll, mortgage interest, rent, and utility costs can be forgiven. Payments on principal and interest are deferred for six months.

SBA Economic Injury Disaster Loans (EIDL) + $10,000 disaster grant

EIDLs are loans up to $2 million with interest rates of 3.75% for businesses and 2.75% for nonprofits, and principal and interest payments deferred at the SBA’s discretion—currently 12 months. The SBA is also offering to advance businesses a $10,000 grant that does not need to be paid back. You can apply for this $10,000 grant as part of the Economic Injury Disaster Loan process.

Which loan works for my business? Check your eligibility:

PPP Loan Eligibility:

You are eligible if:

  • Your business or entity was in operation on February 15, 2020;
  • Your entity is not included in this list of ineligible businesses (nonprofits aside); and
  • You are :
    • A small business, a 501(c)(3) nonprofit organization, a 501(c)(19) veterans organization, tribal business concern, or other business that has fewer than 500 employees, or the applicable size standard in number of employees for the North American Industry Classification System (NAICS) industry as provided by SBA, if higher;
    • A sole proprietorship, an independent contractor, or self-employed; or
    • Certain businesses with less than 500 employees per location, certain franchises, and certain companies that receive funding through a Small Business Investment Company.

EIDL Eligibility:

In addition to the entities that are already eligible for SBA disaster loans (small businesses, private non-profits, and small agriculture cooperatives), eligibility is temporarily expanded to include:

  • Business entities with 500 or fewer employees
  • Sole proprietorships, with or without employees
  • Independent contractors
  • Cooperatives and employee-owned businesses
  • Tribal small businesses
  • Private non-profits of any size.

Additionally, you must have been in business as of January 31, 2020. Expanded eligibility criteria and the emergency grants are only available between January 31, 2020 and December 31, 2020.

Do I have to pay these loans back?

It depends:

PPP Loan: All or some of the PPP loan may be forgiven, meaning the loan converts to a grant. There are specific requirements on how you may spend the money if you want the loan to be forgiven (details here).

EIDL: You must repay the EIDL, but payments are generally deferred for one year. If you receive an EIDL advance grant, you do not need to repay that amount (details here).

How do I get these loans?

You must apply:

PPP Loan: You must apply for this loan with a lender that is partnering with SBA. You should inquire at your local bank or credit union. If your local financial institution is not participating, you should consider contacting an institution from this list. The loan application details are here. Small businesses and sole proprietorships can apply starting April 3. Independent contractors and self-employed individuals can apply starting April 10.

EIDL: You must apply directly with the SBA, online here.

How much can I borrow?

PPP Loan: Can be up to 2.5 times average monthly payroll, capped at $10 million.

EIDL: Capped at $2 million.

Can I apply for both loans?

Yes, but there are conditions. Please consult with your financial institution.

What if I’ve already had to lay off employees? Is it too late to apply for the PPP loan?

Your loan may be forgiven if you restore, no later than June 30, 2020, your full-time employment and salary levels to undo any reductions made between February 15, 2020 and April 26, 2020, compared to the levels that existed on February 15, 2020.

What if I’m self-employed and none of these programs work for me? Can I file for unemployment?

Your State Department of Labor would administer the Unemployment Compensation program, which, in many states, has been expanded to include self employed people and provides additional funding for a limited time period. Please check with your Department of Labor for more details.

Other Helpful Links:

CARES Act for Small Businesses

The Small Business Association’s Coronavirus (COVID-19):  Small Business Guidance & Loan Resources

Small Business Owner Guide: COVID-19 Resources and Relief Options

US Chamber of Commerce: Coronavirus Aid, Relief, and Economic Security: What Small Businesses Need to Know

Coronavirus (COVID-19) Financial Relief and Loan Information: Resources for Event Organizers

Government Financing Options for Companies Impacted by COVID-19


The following links are places that one might go to find funding. Also, if you are in a position to donate to others, Giving Compass can point you in the direction of vetted charities in your area.

Giving Sat Nam – From the Sat Nam Foundation: They are a community of yogis and seekers who want to help each other. During this challenging time, they believe no one in the community should go without due to COVID-19 job loss, business collapse, healthcare bills, or other hardship.

If you are in need of groceries, please post the necessities you would like to receive on their Facebook Group wall. They recommend using Amazon Wishlist or Walmart Wishlist so that helpers can support you without needing to ask for your address. Please post your request beginning with #ASK and your city/state.

If you are in need of money to help with other qualifying bills, please fill out their request form and they will crowdfund to support you.

Yoga Support Fund

Small Business Relief Fund

Giving Compass and the National Center for Family Philanthropy (NCFP)

Facebook Small Business Grants: Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses to keep workforces going strong, help with your rent costs, connect with more customers and cover operational costs.