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IRS Press Release On May 1 :
Key Financial News
1. White House officials said that the task force will be phased down around Memorial Day.
2. Governors across the country have allowed residents to return to some semblance of normalcy after weeks of shutdowns to stop the spread of the virus, but the country's death toll continues to rise.
3. Trump administration has an internal model projecting a rise up to about 3,000 daily US deaths from coronavirus by June 1. This is up from 1750 deaths a day right now. Also the forecast states that about there will be 200,000 new cases each day by the end of the month, up from about 25,000 cases a day currently.
4. Unemployment claims come out on Thursday and jobs report comes out on friday.
New Stimulus Check
1. Right now the democrats and republicans are not on the same page at all. Democrats want more stimulus money. They want additional support for Americans who have lost their jobs and for hundreds of billions of dollars in federal assistance to struggling state and local governments to prevent layoffs of teachers, police officers and other government workers. The Republicans are leaning towards tax breaks.
2. Trump proposed that a second stimulus package have a capital gains tax. He added this to his list of what he’d like to see which includes a payroll tax cut, provisions to protect businesses, and an expanded deduction for corporate spending on meals and entertainment.
3. The senate isn’t planned to meet this week to discuss any more coronavirus stimulus packages
4. There are a lot of bills begin talked about: The automatic BOOST To Communities Act, The Rent And Mortgage Cancellation Act, The Patriot Pay Plan, and The Emergency Money For The People Act.
PPP and EIDL
1. Over 175B of this money has been used
2. Only 13% small business who applied for the PPP were approved
3. Only 3% of all small business owners surveyed were approved for EIDL funding
Old Stimulus Check
1. The IRS updated it fact she and now they clarified this question. The question is If I owe tax, or have a Payment agreement with the IRS, or owe other federal or state debts, will my Payment be reduced as an offset? (updated May 4, 2020)
2. Some Americans have reported receiving a $1,200 check, but not the additional $500 per child payment. Unfortunately, the IRS has said those individuals may not receive the full payment allotted to them until next year, when they file their 2020 tax return.
3. Paper stimulus checks: they already started to mail out
Earning $10,000 or less - April 24th
Earning $20,000 or less - May 1st
Earning $30,000 or less - May 8th
4. Non filers- there is no timeline for non filers. The only timeline we have is for paper stimulus checks being mailed. Once your information is processed you should be eating sent out a stimulus check. According to the IR it updates its information every Saturday
5. Social Security Disability, Retirement, Survivor Benefits as well as Railroad retirement don’t have any new updates on dates. They have started to be sent out last week and are continuing to be sent out.
6. For those who receive SSI and VA, according to the IRS press release on May 1, you’re expected to receive your stimulus check in mid May.
#StimulusChecks #StimulusPackage #Stimulus
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⚠️⚠️⚠️⚠️DISCLAIMER⚠️⚠️⚠️⚠️
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